Direct investment positions for 2013: country and industry detail.

Ibarra-Caton, Marilyn ; Mataloni, Raymond J., Jr.

BOTH OUTBOUND and inbound U.S. foreign direct investment continued to grow in 2013. The U.S. direct investment position abroad valued at historical cost grew 6.3 percent to $4,660.9 billion after average annual growth of 10.5 percent in 2002-2012 (table A and chart 1). The foreign direct investment position in the United States valued at historical cost grew 6.1 percent to $2,764.0 billion after average annual growth of 7.0 percent in 2002-2012.

This article presents details on the U.S. direct investment positions valued at historical cost 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. On this basis, 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.

In this article, the positions are presented 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 the prices of the current period. This valuation is derived principally from the accounting records of affiliates that are maintained according to the accounting principles used by the affiliates, which are primarily U.S. Generally Accepted Accounting Principles or International Financial Reporting Standards. (1)

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The year-to-year changes in the positions reflect financial transactions--investment in equity and debt instruments--and valuation adjustments. The directional measure of direct investment financial transactions presented in this article differs from the measure of direct investment financial transactions featured in the U.S. international transactions accounts (ITAs) because the reinvestment of earnings component of financial transactions discussed in this article excludes a current-cost adjustment that is included in the ITA financial transactions. (2) "Financial transactions" is used throughout this article for "financial transactions without current-cost adjustment," "reinvestment of earnings" is used for "reinvestment of earnings without current-cost adjustment," and "earnings" is used for "earnings without current-cost adjustment." In addition, "outward direct investment" and "outward" are shorthand for "U.S. direct investment abroad," and "inward direct investment" and "inward" are shorthand for "foreign direct investment in the United States."

This article presents the details on the change in the direct investment positions by type of direct investment flow, such as equity or debt. It also presents details for outward investment cross-classified by country of the foreign affiliate and by primary industry of the affiliate and for inward investment cross-classified by country of foreign parent and by primary industry of the U.S. affiliate. 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, and the inward direct investment position and related financial transactions statistics are classified by country of the foreign parent or of other members of the foreign parent group that have direct transactions and positions with the U.S. affiliate, and by country of ultimate beneficial owner. Revisions to previously released statistics are also discussed.

U.S. Direct Investment Abroad

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 $4,660.9 billion at the end of 2013. It grew $276.2 billion, or 6.3 percent after growing 8.3 percent in 2012, which is below the average annual growth rate of 10.5 percent from 2002 to 2012. The slower growth in 2013 reflected a shift in valuation adjustments from positive to negative, a shift to debt instruments inflows, and smaller equity outflows other than reinvestment of earnings. In contrast, reinvestment of earnings grew 17.8 percent and contributed the most to the growth in the outward position.

Five host countries--the Netherlands, the United Kingdom, Luxembourg, Canada, and Bermuda--accounted for more than half of the total position at the end of 2013 (charts 2 and 3 and table 1.2). For the fifth consecutive year, the position in the Netherlands was the largest--at $722.8 billion, or 15.5 percent of the total position. 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 7). The position in the United Kingdom was $571.0 billion, or 12.3 percent of the total. In Luxembourg, the position was $416.3 billion, or 8.9 percent of the total; in Canada, it was $368.3 billion, or 7.9 percent of the total, and in Bermuda, it was $287.0 billion, or 6.2 percent of the total. Holding companies accounted for most of the positions in Luxembourg and Bermuda.

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Changes by component

The $276.2 billion increase in the outward direct investment position resulted from financial transactions outflows of $328.3 billion and valuation adjustments of -$52.1 billion (table B and chart 4).

Financial transactions

Outward financial transactions were $328.3 billion in 2013, slightly above the $311.3 billion in 2012. The outflows in 2013 consisted of $330.9 billion of net equity outflows and $2.6 billion of net debt instruments inflows.

Equity investment. Equity investment was $330.9 billion in 2013, up from $297.4 billion in 2012. The transactions in 2013 consisted of $316.6 billion of reinvestment of earnings and $14.4 billion of equity outflows other than reinvestment of earnings.

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 17.8 percent to $316.6 billion in 2013, compared with $268.7 billion in 2012. Reinvestment of earnings accounted for 96.4 percent of the financial outflows and more than the total net increase in the outward position.

The strong growth in reinvestment of earnings resulted from relatively modest growth in foreign affiliate earnings and sharply reduced distributed earnings. Foreign affiliate earnings increased 1.7 percent to $431.1 billion in 2013 from $424.0 billion in 2012 after decreasing 3.9 percent in 2012. The stability in earnings reflected modest improvements in the weak economic conditions in most countries in the Organisation for Economic Co-operation and Development (OECD). (3) The reinvestment of earnings ratio--the share of current-year earnings that were reinvested--rose to 73.4 percent in 2013 from 63.4 percent in 2012. (4)

Equity other than reinvestment of earnings. U.S. parent net equity outflows other than reinvestment of earnings were $14.4 billion in 2013, down from $28.6 billion in 2012. These outflows in 2013 resulted from increases of $72.0 billion that were partly offset by decreases of $57.7 billion. The increases reflected $28.1 billion in equity for the acquisition or establishment of new foreign affiliates and $43.9 billion in capital contributions to existing foreign affiliates. Equity increases were down 31.3 percent in 2013, and the decrease coincided with a 6 percent decrease in the value of global merger acquisition activity. (5)

The $57.7 billion in equity decreases reflected $23.8 billion in liquidations or sales of affiliates and $33.9 billion in repatriations of capital from foreign affiliates to their U.S. parents. In 2013, equity decreases were down 24.4 percent from those in 2012.

Debt instruments investment. In 2013, U.S. parents' borrowing and lending transactions with their foreign affiliates decreased their net debt instruments position in these affiliates by $2.6 billion, compared with an increase of $14.0 billion in 2012. Net investment through debt instruments in 2013 resulted from a $25.9 billion increase in U.S. parent debt obligations to their foreign affiliates combined with a $23.3 billion increase in foreign affiliate debt obligations to their U.S. parents.

Valuation adjustments

Valuation adjustments totaled -$52.1 billion in 2013, compared with $23.3 billion in 2012. Valuation adjustments in 2013 consisted of currency-translation adjustments of -$24.2 billion, capital gains and losses of -$1.1 billion, and "other" valuation adjustments of -$26.8 billion. Currency-translation adjustments reflected the change in the U.S. dollar value of investments in foreign affiliates caused by the dollar's strengthening against currencies such as the Japanese yen, the Australian dollar, the Mexican peso, the Canadian dollar, and the Brazilian real, and its weakening against the euro and the British pound. The main sources of the capital losses were restructuring costs and in finance (except banks) and insurance, the trading losses on derivatives. "Other" valuation adjustments largely reflected differences between affiliates' current sale or purchase price and their book value.

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Changes by area and by country

In 2013, the outward direct investment position increased in each of the major geographic areas (table C). U.S. parents' investment in their European affiliates had the largest dollar increase, accounting for 59.3 percent of the increase in the total outward direct investment position. The next largest increases were in Asia and Pacific and in Latin America and Other Western Hemisphere, which together accounted for 30.0 percent of the total increase.

Europe. The U.S. direct investment position in Europe increased $163.9 billion in 2013, which largely reflected reinvestment of earnings. By industry, the largest dollar increase in the position was in holding companies, where increases were largest for affiliates owned by U.S. parents in pharmaceutical manufacturing and in computer manufacturing.

By country, the largest dollar increases in the position were attributable to the Netherlands, the United Kingdom, and Ireland, which together accounted for nearly three-fourths of the increase in the area. In the Netherlands, the increase was concentrated in holding companies and was mainly due to reinvestment of earnings. In the United Kingdom, the increase was accounted for by holding companies, finance (except banks) and insurance, and manufacturing. In holding companies and in manufacturing, the increases reflected reinvestment of earnings. In finance (except banks) and insurance, the increase reflected equity increases related to capital contributions to existing foreign affiliates. In Ireland, the increase was due to an increase in holding companies, and to a lesser extent increases in "other industries" (notably software publishers) and in finance (except banks) and insurance. In holding companies and in "other industries," the increases reflected reinvestment of earnings, and in finance (except banks) and insurance, the increase was in debt instruments.

Asia and Pacific. The U.S. investment position increased $43.7 billion in 2013. The largest increases were in Australia, Singapore, and China. In Australia, the increase was concentrated in holding companies, where the largest increases were for affiliates owned by U.S. parents in petroleum-related manufacturing, and reflected investments of debt instruments. In China, nearly half of the increase was in manufacturing and reflected reinvestment of earnings.

Latin America and Other Western Hemisphere. The U.S. investment position rose $39.2 billion, with the United Kingdom Islands in the Caribbean accounting for over half of the increase. The position in the United Kingdom Islands in the Caribbean increased $20.9 billion, primarily in holding companies and finance (except banks) and insurance. The next largest increases were in Bermuda, Chile, and Mexico. In Bermuda and in Mexico, the increases were concentrated in holding companies, where the largest increases were for affiliates owned by U.S. parents in agricultural manufacturing and in retail trade. In Chile, the increases in mining and in holding companies were the most significant.

Canada. In 2013, the U.S. investment position increased $22.2 billion, largely attributable to holding companies and manufacturing, particularly in petroleum-related manufacturing.

Middle East. The U.S. investment position increased $5.4 billion. The increase, though relatively small in dollar terms, represented the largest percentage increase (13.5 percent) of the major regions. By country, the United Arab Emirates, Saudi Arabia, and Israel had the largest dollar increases. By industry, half of the increase was in mining, followed by increases in holding companies and in manufacturing.

Africa. The U.S. investment position increased $1.8 billion. The largest increase was in Egypt, mainly in mining.

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. 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 2013, foreign affiliates classified as holding companies accounted for 46.2 percent of the outward direct investment position; in 1982, holding company affiliates accounted for 9.4 percent of the outward position (chart 5).

One result of the rising prevalence of holding companies is that outward investment statistics on positions and related flows indicate industry and country patterns that imperfectly reflect where the goods and services produced by foreign affiliates are actually produced and sold. (6) Statistics on the outward position and related flows 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 (AMNE) 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 these affiliates are classified in the country where the affiliate's physical assets are located or where its primary activity is carried out, and they are classified in the industry that reflects the affiliate's primary activity. Thus, these 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.

Indirect ownership of affiliates, especially through holding companies, appears to be the most important factor accounting for differences between the position statistics and the AMNE statistics in the patterns of investment by country or by industry. According to the AMNE statistics, in 2011, more than three-fourths of foreign affiliate equity investment in other foreign affiliates was by holding companies, but holdings by affiliates in finance (except banks) and insurance and in manufacturing were also sizable. 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 in 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. Therefore, affiliate A's investment in affiliate B is essentially double-counted in the total assets measure of the AMNE statistics.

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A comparison of the statistics on the outward investment position with the statistics on the assets and the net property, plant, and equipment (PP&E) of foreign affiliates for 2011 (the latest year for which detailed AMNE statistics are available) illustrates the differences in distribution between the position statistics and the AMNE statistics. For example, in 2011, manufacturing's share of the outward position, 13.2 percent, was similar to its share of the assets, 11.0 percent, but these shares were much less than its share of the PP&E of foreign affiliates, 33.1 percent. Examining the statistics by country, the Netherlands' share of the outward position was 14.7 percent, compared with its 8.6 percent share of assets and its 1.6 percent share of PP&E, based on data from majority-owned foreign affiliates. These differences strongly suggest that position statistics for certain countries do not accurately represent the level of AMNE in those countries.

Foreign Direct Investment in the United States

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 $2,764.0 billion at the end of 2013. The position grew 6.1 percent, or $158.2 billion, reflecting $230.7 of direct investment financial transactions inflows that were partly offset by a negative valuation adjustment of $72.5 billion. Net inflows occurred for all three components of direct investment flows--equity investment, debt instruments investment, and valuation adjustments.

The equity position grew 7.3 percent, to $2,240.0 billion, and the debt position grew 0.9 percent, to $523.9 billion. The equity position in six major U.S. industry groups (manufacturing, mining, wholesale trade, retail trade, information, and professional and technical services) grew 12.8 percent, compared with a 10.2 percent increase in total owners' equity in these groups, based on data from the Census Bureau's Quarterly Financial Report. (8) The equity position, which represents U.S. business equity controlled by foreign direct investors, can grow faster than total U.S. business equity as existing U.S. businesses become 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 $518.6 billion, or 18.8 percent of the total position (charts 6 and 7 and table 2.2). Japan was the second largest with a position of $342.3 billion, or 12.4 percent of the total. The Netherlands was the third largest with a position of $273.9 billion, or 9.9 percent of the total. Canada was the fourth largest with a position of $237.9 billion, or 8.6 percent of the total. France was the fifth largest with a position of $226.1 billion, or 8.2 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 the ultimate investing country, see the section "Indirect Ownership" on page 11.

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Changes by component

The $158.2 billion increase in the inward direct investment position resulted from financial transactions of $230.7 billion and valuation adjustments of -$72.5 billion (table D and chart 8).

Financial transactions

Foreign direct investment in the United States financial transactions inflows were $230.7 billion in 2013, up from $169.7 billion in 2012. The transactions in 2013 consisted of $221.3 billion of net equity inflows and $9.4 billion of net debt instruments inflows.

Equity investment. In 2013, net equity investment inflows reflected $94.4 billion of reinvestment of earnings and $126.9 billion of equity inflows 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 $94.4 billion to the inward direct investment position in 2013, compared with $92.0 billion in 2012. While total earnings declined 0.7 percent, the share of current-year earnings that was reinvested (the reinvestment ratio) rose from 65.7 percent in 2012 to 67.9 percent in 2013. (9)

Equity other than reinvestment of earnings. Net equity inflows other than reinvestment of earnings were $126.9 billion in 2013, compared with $93.9 billion in 2012. These net inflows reflected increases of $162.3 billion that were partly offset by decreases of $35.4 billion. The $162.3 billion in equity increases reflected $91.5 billion in equity for the acquisition or establishment of new affiliates and $70.8 billion in capital contributions to existing affiliates. Roughly three-quarters of the equity investments for new affiliates occurred in manufacturing and in information.

The $35.4 billion in equity decreases reflected $6.1 billion in equity for the sale or liquidation of affiliates and $29.3 billion for the return of capital to the foreign parent.

Debt instruments investment. Foreign parent groups' borrowing and lending transactions with their U.S. affiliates increased the direct investment position $9.4 billion in 2013 after decreasing it $16.2 billion in 2012. Net debt investment in 2013 resulted from a $42.3 billion increase in U.S. affiliate debt obligations to members of their foreign parent groups combined with a $32.8 billion increase in U.S. affiliate debt claims on members of their foreign parent groups.

Valuation adjustments

valuation adjustments decreased the inward position $72.5 billion in 2013 after increasing it $2.2 billion in 2012. valuation adjustments reflect capital gains and losses, currency-translation adjustments, and "other" valuation adjustments. Capital gains and losses decreased the position $40.4 billion in 2013. The main sources of the capital losses were asset impairments and trading losses on derivatives in finance and insurance. (10) Currency-translation adjustments decreased the position $0.1 billion in 2013. Currency-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.

"Other" valuation adjustments, which reflect all other changes in the values of U.S. affiliates' assets and liabilities, decreased the position $32.0 billion. The negative "other" valuation adjustments in 2013 mostly resulted from the acquisition of several large U.S. businesses by foreign direct investors. In these cases, large negative valuation adjustments were required to reconcile the financial inflows, which are at market value, and the direct investment position, which is measured at book value (or historical cost).

Changes by area and by country

In 2013, the inward direct investment position increased in each of the major geographic areas except Africa (table E). Foreign direct investors from Europe accounted for 48.2 percent of the total increase in the inward direct investment position. Investors from Asia and Pacific accounted for the next largest share, 29.9 percent.

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Europe. The inward direct investment position increased $76.3 billion in 2013. The three largest increases were from the United Kingdom, Switzerland, and Luxembourg, which together accounted for 92.3 percent of the increase from the area. For the United Kingdom, the change in the position was roughly evenly split between reinvestment of earnings in existing affiliates and equity inflows other than reinvestment of earnings to acquire or establish new affiliates. For Switzerland, the increase mainly reflected inflows of debt instruments and reinvestment of earnings in existing affiliates. For Luxembourg, the increase mainly reflected inflows of debt instruments and equity capital contributions to existing affiliates.

Asia and Pacific. The inward direct investment position increased $47.3 billion in 2013. 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 other than reinvestment of earnings 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 $20.1 billion in 2013. The change in the position was roughly evenly split between inflows of debt instruments and reinvestment of earnings in existing affiliates, and equity inflows other than reinvestment of earnings to acquire or establish new affiliates.

Latin America and Other Western Hemisphere. The inward direct investment position increased $15.3 billion in 2013. The two largest increases were from the United Kingdom Islands in the Caribbean and from Mexico. For the United Kingdom Islands in the Caribbean, the change in the position mainly reflected inflows of debt instruments and valuation adjustments. For Mexico, the increase mainly reflected inflows of debt instruments and reinvestment of earnings in existing affiliates.

Middle East and Africa. The inward direct investment position from the Middle East increased $1.0 billion. Most of the increase reflected equity inflows other than reinvestment of earnings to acquire or establish new affiliates. The inward direct investment position from Africa decreased $1.8 billion, mainly reflecting negative valuation adjustments.

Indirect Ownership

Foreign multinational companies (MNCs) may own their U.S. affiliates indirectly through ownership chains that extend across multiple foreign countries. The statistics on the inward direct investment position 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. (11) 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 ultimate beneficial owner (UBO) of the U.S. affiliate. (12) 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. (13)

For most affiliates, the country of the UBO is also the country of the foreign parent. Of the U.S. affiliates required to report on the 2007 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 81 percent of the affiliates. Together, these affiliates accounted for more than four-fifths of the total assets, sales, and employment of all affiliates. However, for some countries, especially financial centers through which MNCs may channel their investments, the position classified by country of UBO can differ significantly from that classified by country of foreign parent (see table F).

For some countries--most notably, Luxembourg, Switzerland, 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 and Bermuda are examples of countries that use tax and regulatory policies to attract the corporate headquarters of multinational firms. (14) For these countries, the higher position by country of UBO represents investments by MNCs that are organized with entities in Ireland and Bermuda 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.

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 2013 presented in this article are preliminary. Revised statistics on positions and related financial transactions for 2011-2012 incorporate new survey data collected (1) on BEA's quarterly surveys of transactions between parents and their affiliates and (2) on BEA's annual and benchmark surveys of the financial and operating data of multinational companies.

The historical-cost outward direct investment position for 2011 is revised downward $34.6 billion to $4,050.0 billion. The downward revision is attributable to a $44.5 billion downward revision to valuation adjustments and a $9.8 billion upward revision to financial transactions outflows. The outward position for 2012 is revised downward $68.6 billion to $4,384.7 billion. The downward revision is the result of a $34.6 billion downward revision to the 2011 position, a $55.6 billion downward revision to 2012 financial transactions outflows, and a $21.6 billion upward revision to the 2012 valuation adjustments.

The historical-cost inward direct investment position for 2011 is revised downward $68.8 billion, to $2,433.8 billion. The revision reflects a downward revision of $74.9 billion to valuation adjustments that is partly offset by an upward revision of $5.8 billion to financial transactions inflows. The inward position for 2012 is revised downward $45.0 billion to $2,605.8 billion. The revision reflects the $68.8 billion downward revision to the 2011 position, which is partly offset by an upward revision of $14.6 billion to valuation adjustments and an upward revision of $9.1 billion to financial transactions inflows.

Data Availability

Detailed statistics on the outward direct investment position and related financial transactions and income for 1982-2013 and statistics on the inward direct investment position and related financial transactions and income for 1980-2013 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 on BEA's Web site and will be published in the September 2014 SURVEY OF CURRENT BUSINESS.

Acknowledgments

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

The statistics on the U.S. direct investment position abroad are based largely on data from the quarterly survey of transactions between U.S. parent companies and their foreign affiliates that are conducted by the Bureau of Economic Analysis (BEA). The survey was conducted under the supervision of Jessica M. Hanson, who was assisted by Iris Branscome, Louis C. Luu, Leila C. Morrison, Elizabeth A. Ocalan, 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 of foreign companies and their foreign parents. The survey was conducted under the supervision of Peter J. Fox, who was assisted by Akeeia P. Griffin, Susan M. LaPorte, Gazala I. Merchant, Robert L. Rosholt, and Helen P. Yiu. Computer programming for data estimation and tabulation was provided by Karen E. Poffel and Paula D. Brown.

RELATED ARTICLE: Comprehensive restructuring of the U.S. international economic accounts.

Some of the terms used in this article to describe the direct investment positions and changes in the positions are new and the changes reflect BEA's recent restructuring of its international economic accounts. (1) This restructuring represents the most significant change to the international accounts since 1976. It is the culmination of a multiyear process to modernize the accounts by introducing changes that bring BEA's statistics into closer alignment with new international statistical guidelines for compiling balance of payments and international investment position statistics, including the International Monetary Fund's Balance of Payments and International Investment Position Manual, 6th edition (BPM6). (2) A summary of the direct investment terms used before and after the comprehensive restructuring of the international economic accounts is presented in table I.

In addition to these changes in terms, direct investment is now featured on an asset/liability basis in the international economic accounts, including the international investment position of the United States. (3) On the asset/liability basis, direct investment claims and liabilities are classified according to whether the direct investment enterprise that provides or receives the funds is a resident in the United States or abroad. Direct investment assets are created when a resident direct investment enterprise (a U.S. parent or a U.S. affiliate) establishes a claim on a related foreign person. Similarly, direct investment liabilities are created when a foreign person establishes a claim on a related direct investment enterprise in the United States. In each case, the position measures the gross financial claims held by direct investment enterprises. Table II shows the conversion from the asset/liability basis to the directional basis. The statistics on an asset/ liability basis are useful for macroeconomic analysis because these direct investment statistics are consistent with the statistics for the other functional categories as well as other macroeconomic statistics. The statistics on a directional basis are useful for analyzing the motivation for direct investment, such as identifying the foreign countries in which U.S. multinational companies are investing or the U.S. industries in which foreign direct investors are investing.

(1.) See Maria Borga and Kristy L. Howell, "The Comprehensive Restructuring of the International Economic Accounts," Survey of Current Business 94 (March 2014).

(2.) Balance of Payments and International Investment Position Manual, 6th ed., (Washington, DC: International Monetary Fund, 2009).

(3.) Elena L. Nguyen, "The International Investment Position of the United States at the End of the First Quarter of 2014 and Year 2013," Survey 94 (July 2014).

Table I. Terms for Direct Investment Components Before and After the
Restructuring of the International Transactions Accounts

Before restructuring                 After restructuring

Direct investment income             Direct investment income
  Earnings                             Income on equity
    Distributed earnings                 Dividends and withdrawals
    Reinvested earnings                  Reinvested earnings
  Interest                             Interest
Direct investment financial flows    Direct investment financial
                                         transactions
  Equity capital                       Equity other than reinvestment
                                         of earnings
  Reinvested earnings                  Reinvestment of earnings
  Intercompany debt                    Debt instruments

Table II. Direct Investment Positions at Historical Cost on an
Asset/Liability Basis and a Directional Basis, 2012 and 2013
(Billions of dollars)

                                                      2012       2013

U.S. direct investment assets                      5,126.5    5,465.6
  Equity                                           4,169.2    4,455.5
  Debt instruments                                   957.3     1010.1
    U.S. parent receivables                          644.3      664.3
    U.S. affiliate receivables                       313.0      345.8
Less: Adjustments to convert to a directional
    basis                                            741.8      804.6
  U.S. parent payables                               428.8      458.8
  U.S. affiliate receivables                         313.0      345.8
Equals: U.S. direct investment position abroad     4,384.7    4,660.9
  Equity                                            4169.2     4455.5
  Debt instruments                                   215.5      205.4
    U.S. parent receivables                          644.3      664.3
    U.S. parent payables                             428.8      458.8

U.S. direct investment liabilities                 3,347.6    3,568.5
  Equity                                           2,086.6    2,240.0
  Debt instruments                                 1,261.0    1,328.5
    U.S. parent payables                             428.8      458.8
    U.S. affiliate payables                          832.2      869.7
Less: Adjustments to convert to a directional
    basis                                            741.8      804.6
  U.S. parent payables.                              428.8      458.8
  U.S. affiliate receivables                         313.0      345.8
Equals: Foreign direct investment position in
    the United States                              2,605.8    2,764.0
  Equity                                           2,086.6    2,240.0
  Debt instruments                                   519.2      523.9
    U.S. affiliate receivables                       313.0      345.8
    U.S. affiliate payables                          832.2      869.7

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

Historical-cost statistics are not usually 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 International Investment Position of the United States at End of the First Quarter of 2014 and Year 2013" in this issue.

Table III. Alternative Direct Investment Position Estimates, 2012 and
2013
[Millions of dollars]

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

     Outward

Historical cost      4,384,671      276,235         328,342
Current cost         4,972,925      311,121         349,531
Market value         5,196,457    1,078,976         349,531

     Inward

Historical cost      2,605,755      158,201         230,768
Current cost         2,994,341      182,536         236,260
Market value         3,929,073    1,056,853         236,260

                       Changes
Valuation method       in 2013       Position
                                    at yearend
                      Valuation      2013 (p)
                     adjustments

     Outward

Historical cost          -52,108     4,660,906
Current cost             -38,410     5,284,046
Market value             729,445     6,275,433

     Inward

Historical cost          -72,567     2,763,956
Current cost             -53,724     3,176,877
Market value             820,593     4,985,926

(p) Preliminary

(r) Revised

Note. Preliminary historic-cost position by country and industry are
presented in this article, but earlier estimates of the aggregate
position for 2013 were published in the April Survey of Current
Business.

(1.) For a discussion of these accounting principles and their implications for the measurement of the direct investment position at historical cost, see the box "Accounting Standards and the Direct Investment Positions" in Kevin B. Barefoot and Marilyn Ibarra-Caton, "Direct Investment Positions for 2010: Country and Industry Detail," Survey of Current Business 91 (July 2011): 127.

(2.) For an explanation of the current-cost adjustment, see the glossary to U.S. International Economic Accounts: Concepts and Methods, which is available on BEA's Web site at www.bea.gov. The Web site also has information about the international transactions accounts.

(3.) See "Quarterly National Accounts" at stats.oecd.org.

(4.) It should be emphasized that the estimates for 2013 are the second in a series of four estimates. Recent experience has shown that subsequent estimates of reinvestment of earnings may be significantly lower; for example, the third estimate for 2012 was 13.7 percent lower than the second estimate, and the third estimate for 2011 was 6.7 percent lower than the second estimate. Revisions from the second estimate to the third estimate result largely from identifying unreported dividends on BEA's quarterly direct investment surveys based on more complete data from BEA's annual surveys.

(5.) See Andrew Winning, "Mergers and Acquisitions Review: Financial Advisors, Full Year 2013," Thomson Reuters Report (2014).

(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, 6th ed. (Washington, DC: International Monetary Fund, 2009).

(8.) At yearend 2013, these six industry groups accounted for 59.0 percent of the equity position on foreign direct investment in the United States. The Census Bureau's Quarterly Financial Report presents balance sheet and income statement data for all U.S. businesses in these six groups.

(9.) It should be emphasized that the estimates for 2013 are the second in a series of four estimates. Recent experience has shown that subsequent estimates of reinvestment of earnings could be revised lower; for example, the third estimate of reinvestment of earnings in 2012 was 7.9 percent lower than the second estimate, and the third estimate for 2011 was 7.4 percent lower than the second estimate. Revisions from the second estimates to the third estimates result largely from identifying unreported dividends on BEA's quarterly direct investment surveys based on more complete data from BEA's annual surveys.

(10.) Companies assign asset impairment charges against earnings when the market value of an asset is less than its book value.

(11.) This convention follows guidelines in the Balance of Payments and International Investment Position Manual, 6th ed. (Washington, DC: International Monetary Fund, 2009).

(12.) For a definition of a UBO, see the glossary to U.S. International Economic Accounts: Concepts and Methods on the BEA's Web site.

(13.) 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 2013 and revised statistics for 2011 and 2012 will be published. Table 16 will also be available in late July on BEA's Web site.

(14.) 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.

Table A. Direct Investment Positions
on a Historical-Cost Basis, 1982-2013

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

1982             207.8           124.7             ...             ...
1983             212.2           137.1             2.1             9.9
1984             218.1           164.6             2.8            20.1
1985             238.4           184.6             9.3            12.2
1986             270.5           220.4            13.5            19.4
1987             326.3           263.4            20.6            19.5
1988             347.2           314.8             6.4            19.5
1989             381.8           368.9            10.0            17.2
1990             430.5           394.9            12.8             7.0
1991             467.8           419.1             8.7             6.1
1992             502.1           423.1             7.3             1.0
1993             564.3           467.4            12.4            10.5
1994             612.9           480.7             (3)             (3)
1995             699.0           535.6            14.1            11.4
1996             795.2           598.0            13.8            11.7
1997             871.3           681.8             9.6            14.0
1998           1,000.7           778.4            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 (r)         2,069.4            10.3             1.1
2010       3,741.9 (r)     2,280.0 (r)             5.0            10.2
2011       4,050.0 (r)     2,433.8 (r)             8.2             6.7
2012       4,384.7 (r)     2,605.8 (r)             8.3             7.1
2013       4,660.9 (p)     2,764.0 (p)             6.3             6.1

(p) Preliminary

(r) Revised

(1.) U.S. direct investment position abroad.

(2.) Foreign direct investment position in the United States.

(3.) The direct investment positions reflect a discontinuity between
1993 and 1994 because of the reclassification of debt instruments
between parent companies and affiliates that are nondepository
financial intermediaries from direct investment to other investment
accounts.

(4.) The direct investment positions reflect a discontinuity between
2006 and 2007 because of the reclassification of permanent debt
between affiliated depository institutions from direct investment to
other investment accounts.

Table B. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Component

[Billions of dollars]

                                                        2012     2013

Total                                                  334.6    276.2
  Financial transactions without current-cost
    adjustment                                         311.3    328.3
  Equity                                               297.4    330.9
    Reinvestment of earnings without current-cost
      adjustment                                       268.7    316.6
    Equity other than reinvestment of earnings          28.6     14.4
      Increases                                        104.9     72.0
      Decreases                                         76.2     57.7
    Debt Instruments                                    14.0     -2.6
  Valuation adjustments                                 23.3    -52.1
    Capital gains and losses                            15.1     -1.1
    Currency translation                                 7.8    -24.2
    Other                                                0.5    -26.8

Table C. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Country of Foreign Affiliate, 2013

                                                       Change

                                                 Billions     Percent
                                                of dollars

All countries                                        276.2          6
  Canada                                              22.2          6
  Europe                                             163.9          7
    Of which:
      Netherlands                                     53.5          8
      United Kingdom                                  35.3          7
      Ireland                                         32.4         16
      Luxembourg                                      24.9          6
      Switzerland                                      6.6          5
      Gibraltar                                        3.0          8
      Austria                                          2.4         16
      Sweden                                           2.0          6
  Latin America and Other Western Hemisphere          39.2          5
    Of which:
      United Kingdom Islands, Caribbean               20.9         10
      Bermuda                                          4.7          2
      Chile                                            3.3          9
      Mexico                                           3.1          3
  Africa                                               1.8          3
    Of which:
      Egypt                                            2.0         11
  Middle East                                          5.4         14
  Asia and Pacific                                    43.7          7
    Of which:
      Australia                                       15.7         11
      Singapore                                       14.7         11
      China                                            7.8         15
      Hong Kong                                        3.9          7
      Malaysia                                         2.3         17
      Korea, Republic of                               1.9          6
      India                                            1.5          7

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

                                                        2012     2013

Total                                                  172.0    158.2
  Financial transactions without current-cost
    adjustment                                         169.7    230.8
  Equity                                               185.9    221.3
    Reinvestment of earnings without current-cost
      adjustment                                        92.0     94.4
    Equity other than reinvestment of earnings          93.9    126.9
      Increases                                        127.8    162.3
      Decreases                                        -33.9    -35.4
    Debt Instruments                                   -16.2      9.4
  Valuation adjustments                                  2.2    -72.6
    Capital gains and losses                            -4.7    -40.4
    Currency translation                                 2.2     -0.1
    Other                                                4.7    -32.1

Table E. Change in the Inward Direct Investment Position on a
Historical-Cost Basis by Country of Each Member
of the Foreign Parent Group, 2013

                                                     Change

                                                Billions    Percent
                                               of dollars

All countries                                      158.2         6
  Canada                                            20.1         9
  Europe                                            76.3         4
    Of which:
      United Kingdom                                46.1        10
      Switzerland                                   13.7         7
      Luxembourg                                    10.6         6
      Germany                                        7.7         4
      Ireland                                        5.1        24
      Italy                                          3.3        15
      Spain                                          1.4         3
      Sweden                                         0.5         1
      Netherlands                                   -1.0       (*)
      France                                        -4.1        -2
      Belgium                                      -22.0       -25
 Latin America and Other Western Hemisphere         15.3        18
    Of which:
    United Kingdom Islands, Caribbean               13.9        21
    Mexico                                           3.2        22
  Africa                                            -1.8       -48
  Middle East                                        1.0         5
  Asia and Pacific                                  47.3        11
    Of which:
      Japan                                         43.2        14
      Korea                                          7.0        27
      Singapore                                      1.5         8
      China                                          1.1        16
      Taiwan                                         1.0        19
      India                                          0.8        12
      Australia                                     -3.7        -8

* Less than + or -0.5 percent

Table F. Historical-Cost Foreign Direct Investment Position by
Country of Foreign-Parent-Group-Member and the UBO, 20131
[Billions of dollars]

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

All countries                                     2,764.0     2,764.0
  Canada                                            237.9       280.5
  Europe                                          1,933.6     1,731.7
    Of which:
      France                                        226.1       239.0
      Germany                                       208.8       278.3
      Ireland                                        26.2       117.1
      Luxembourg                                    201.6        23.8
      Netherlands                                   273.9       137.3
      Switzerland                                   209.4       140.1
      United Kingdom                                518.6       540.5
  Latin America and Other Western
      Hemisphere                                     99.7       103.7
    Of which:
      Bermuda (2)                                   -11.8        19.0
      Mexico                                         17.6        32.9
      United Kingdom Islands, Caribbean              80.1         (D)
  Africa                                              2.0         3.9
  Middle East                                        21.2        66.9
  Asia and Pacific                                  469.6       489.1
    Of which:
      Japan                                         342.3       344.1
      China                                           8.1         8.0
      Hong Kong                                       5.9        13.9
  United States                                       ...        88.2

(1) The ultimate beneficial owner (UBO) is that person, proceeding up
a U.S. affiliate's ownership chain, beginning with and including the
foreign parent, that is not owned more than 50 percent by another
person. The country of UBO is often the same as that of the foreign
parent, but it may be a different foreign country or the United
States.

(2.) A negative direct investment position may result when affiliates'
financial claims on direct investors exceed direct investors' claims
on their affiliates. Typically, a negative position will result from
debt transactions in which affiliates act as net lenders to their
foreign parents.

Table 1.1. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2012
[Millions of dollars]

                                                    Manufacturing

                                All
                             industries   Mining     Total     Food

  All countries              4,384,671   218,695   577,717   55,064
Canada                         346,080    31,518    72,310    8,599
Europe (1)                   2,443,287    31,562   274,081   25,597
  Austria                       14,367         8     3,536       16
  Belgium                       46,137        99    22,801    1,575
  Czech Republic                 5,956         0     2,713      (D)
  Denmark                       13,627       202     3,475      (D)
  Finland                        2,008         0     1,051      (D)
  France                        76,874        70    21,486    1,360
  Germany                      118,168       380    30,020    1,067
  Greece                         1,024         0     1,138       14
  Hungary                        7,493       (D)       634      (D)
  Ireland                      207,263       (D)    25,773      371
  Italy                         27,530       205     7,243      (D)
  Luxembourg                   391,359       (D)     9,112        0
  Netherlands                  669,331     2,535    47,331    2,201
  Norway                        44,938     6,294     4,691      (D)
  Poland                        13,342         6     4,384    1,557
  Portugal                       2,058       (*)       531        1
  Russia                        14,834     2,843     5,352    3,429
  Spain                         29,890       116    12,282    1,624
  Sweden                        34,485         0     3,559      (D)
  Switzerland                  123,131       (D)    20,438      216
  Turkey                         5,430       (D)     2,053      (D)
  United Kingdom               535,671     9,275    42,297    7,870
  Other                         58,369     1,031     2,178      597
Latin America and Other
Western Hemisphere             845,186    62,479    83,967    8,033
  South America                163,765    38,365    47,449    3,790
  Argentina                     14,596     1,178     4,220      352
  Brazil                        79,054     5,499    28,815    2,026
  Chile                         37,827       (D)     4,688       59
  Colombia                       7,371       (D)     1,837      (D)
  Ecuador                          449       159       241       44
  Peru                           8,667     5,734     1,053      (D)
  Venezuela                     13,458       490     5,964    1,028
  Other                          2,343       503       630       18
  Central America              109,441     9,306    34,170    4,079
  Costa Rica                     1,024         0     1,111       22
  Honduras                         849         0       477      (D)
  Mexico                        98,377     9,232    31,434    3,894
  Panama                         5,194        56       250      (D)
  Other                          3,996        18       898       60
  Other Western
  Hemisphere                   571,981    14,808     2,348      164
  Barbados                      12,438        29        44       44
  Bermuda                      282,353       223       345        0
  Dominican Republic             1,244         0       643       63
  United Kingdom Islands,
  Caribbean                    213,269     7,785       178      (D)
  Other                         62,676     6,771     1,138      (D)
Africa                          58,639    33,365     3,926      365
  Egypt                         17,341       (D)       208      (D)
  Nigeria                        8,402     3,955       173       19
  South Africa                   5,510        79     2,348      (D)
  Other                         27,386       (D)     1,197      (D)
Middle East                     39,911    12,466     8,797      225
  Israel                         8,676        -1     6,277      213
  Saudi Arabia                   9,488       729       859        3
  United Arab Emirates           8,335     3,603       874        0
  Other                         13,413     8,136       787        9
Asia and Pacific               651,569    47,305    134,637   12,246
  Australia                    143,253    28,079    16,175    4,095
  China                         53,740     2,649    28,696    4,298
  Hong Kong                     54,899         1     4,572       41
  India                         22,822       457     5,048      108
  Indonesia                     13,556     9,174       982      208
  Japan                        125,286         4    17,082      675
  Korea, Republic of            30,929        12    10,527      785
  Malaysia                      14,080     4,431     6,218      (D)
  New Zealand                    9,457        89     1,791      (D)
  Philippines                    4,097        33     1,349      (D)
  Singapore                    139,708     1,185    25,497      128
  Taiwan                        17,683         1     7,342      (D)
  Thailand                      14,320       143     9,087      (D)
  Other                          7,737     1,047       273      (D)
Addenda:
  European Union (27)  (2)   2,203,069    21,574   240,973   21,036
  OPEC (3)                      57,921    18,810     8,875    1,094

                                      Manufacturing

                                          Primary
                                            and
                                         fabricated
                             Chemicals     metals     Machinery

  All countries               131,798       23,262      54,486
Canada                         13,315        6,423       6,400
Europe (1)                     75,055        9,488      31,849
  Austria                         405          (D)         200
  Belgium                      14,132           75         779
  Czech Republic                  219          210         (D)
  Denmark                          86          (D)         473
  Finland                          82            3         465
  France                        2,346        2,771       2,031
  Germany                       4,795        1,782       6,841
  Greece                          (D)            0          10
  Hungary                          87           -1         -84
  Ireland                      17,384          141         141
  Italy                         1,214          219       1,628
  Luxembourg                      (D)          (*)         (D)
  Netherlands                  14,617        1,018       4,688
  Norway                          106          (D)       4,228
  Poland                          709          312         121
  Portugal                        100           -3         (D)
  Russia                          214           37         416
  Spain                         4,767          -14         150
  Sweden                           37           37         239
  Switzerland                   7,319         -163       1,660
  Turkey                          610            1         177
  United Kingdom                5,459        2,558       5,212
  Other                           (D)          274         200
Latin America and Other
Western Hemisphere             19,037        2,670       4,404
  South America                13,446          774       2,461
  Argentina                     1,722           23         214
  Brazil                        7,205        (D) 1       1,902
  Chile                           (D)                      156
  Colombia                        624          (D)          16
  Ecuador                          62          (*)         (*)
  Peru                            (D)           -1          16
  Venezuela                     1,814            9         123
  Other                           (D)           -6          34
  Central America               5,541        (D) 8       1,866
  Costa Rica                      192                        0
  Honduras                        (D)            0           0
  Mexico                        5,125          (D)       1,862
  Panama                          127            0           1
  Other                           (D)            0           3
  Other Western
  Hemisphere                       50          (D)          77
  Barbados                        (*)            0           0
  Bermuda                          -2            0         (D)
  Dominican Republic               24          (D)         (*)
  United Kingdom Islands,
  Caribbean                         0            0           0
  Other                            29          (D)         (D)
Africa                            851          193         675
  Egypt                            77            0         111
  Nigeria                          22            0         130
  South Africa                    679          128         381
  Other                            73           65          52
Middle East                     1,866          166         669
  Israel                          762            0         339
  Saudi Arabia                     64          (D)         (D)
  United Arab Emirates            (D)          (D)         (D)
  Other                           (D)          (D)           5
Asia and Pacific               21,674        4,323      10,488
  Australia                     3,228          340       1,518
  China                         5,975        2,126       2,760
  Hong Kong                       688          164         173
  India                           956           98         977
  Indonesia                       554            2          13
  Japan                         1,139          360       1,551
  Korea, Republic of              995          305         295
  Malaysia                        700           53         286
  New Zealand                     135            7          75
  Philippines                     335          (*)          29
  Singapore                     3,096          483       2,226
  Taiwan                        1,818          (D)         131
  Thailand                      1,899          209         446
  Other                           156          (D)           9
Addenda:
  European Union (27)  (2)     66,730        9,578      25,208
  OPEC (3)                      2,991          169         601

                                          Manufacturing

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

  All countries                 90,414        11,305           48,037
Canada                           6,373         2,185            5,809
Europe (1)                      32,305         4,291           15,204
  Austria                        1,530           (D)              533
  Belgium                          949             3              226
  Czech Republic                    69             5              776
  Denmark                        1,485            20                3
  Finland                          141             6              (D)
  France                         1,226            87            1,213
  Germany                        3,557         1,135            3,534
  Greece                             5             0                0
  Hungary                          148           -14              411
  Ireland                        4,194           (D)              137
  Italy                          1,134           -31              759
  Luxembourg                       (D)           (D)              (D)
  Netherlands                    6,539           476              148
  Norway                            35           (D)               -3
  Poland                           224           (D)            1,058
  Portugal                         149            -1              116
  Russia                           103            20              232
  Spain                          2,195           190            2,334
  Sweden                           778           198              291
  Switzerland                    1,679         1,330              (D)
  Turkey                            59           124              223
  United Kingdom                 6,084         1,018            1,903
  Other                            (D)            57              458
Latin America and Other
Western Hemisphere               3,364         1,709           14,764
  South America                  2,338           452            8,113
  Argentina                       -100             5              947
  Brazil                         1,875           (D)            5,624
  Chile                            190             0              (D)
  Colombia                          28           (D)              (D)
  Ecuador                            2             0              (D)
  Peru                              31             1                0
  Venezuela                        298           (D)              (D)
  Other                             15             2                2
  Central America                  (D)         1,538            6,648
  Costa Rica                       187           203                0
  Honduras                         (D)             0               -1
  Mexico                           (D)         1,326            6,649
  Panama                           (D)           (D)                0
  Other                            (D)           (D)                0
  Other Western
  Hemisphere                       (D)          -281                4
  Barbados                           0             0                0
  Bermuda                          (D)          -281                4
  Dominican Republic               (*)             0                0
  United Kingdom Islands,
  Caribbean                        133             0              (*)
  Other                              0             0                0
Africa                               4            18              711
  Egypt                           -178            14               33
  Nigeria                           12           (*)                0
  South Africa                     114             2              573
  Other                             56             3              104
Middle East                      3,542             5              122
  Israel                         3,572             1               51
  Saudi Arabia                      -1           (*)               72
  United Arab Emirates             -30             4                0
  Other                              1             0                0
Asia and Pacific                44,826         3,097           11,427
  Australia                        870           278            2,202
  China                          3,985           360            4,320
  Hong Kong                      3,026           225              -65
  India                            425           893              740
  Indonesia                          2           (D)               -7
  Japan                          3,369           877            1,594
  Korea, Republic of             2,986            64              867
  Malaysia                       4,054             7              168
  New Zealand                      123            57               53
  Philippines                      716            16               17
  Singapore                     17,857           148              755
  Taiwan                         4,600            97              (D)
  Thailand                       3,050         (D) 1              632
  Other                           -238                            (D)
Addenda:
  European Union (27)  (2)      30,426         2,766           14,167
  OPEC (3)                         281           (D)            1,175

                                             Manufacturing

                                 Other       Wholesale
                             manufacturing     trade     Information

  All countries                   163,353     196,033       147,705
Canada                             23,206      20,512         7,872
Europe (1)                         80,293      80,205        90,739
  Austria                             396         596             2
  Belgium                           5,063       5,698           983
  Czech Republic                       61         169           143
  Denmark                           1,230       1,435         1,261
  Finland                             221         270            78
  France                           10,452       5,598         2,081
  Germany                           7,309      12,309         6,327
  Greece                              (D)          68           -83
  Hungary                             (D)         555           405
  Ireland                             (D)        -640        26,112
  Italy                               (D)       3,081         2,711
  Luxembourg                          (D)         -58         5,640
  Netherlands                      17,644      17,256         4,184
  Norway                              102         325           (D)
  Poland                              (D)       2,082           214
  Portugal                            (D)         426            50
  Russia                              903         894           527
  Spain                             1,036       3,172         1,014
  Sweden                              (D)       1,591         1,219
  Switzerland                         (D)      15,827         4,417
  Turkey                              (D)       1,216           125
  United Kingdom                   12,194       9,594        30,965
  Other                               285      -1,259           (D)
Latin America and Other
Western Hemisphere                 29,986      40,377        16,861
  South America                    16,075       8,151         8,754
  Argentina                         1,058       1,047         1,339
  Brazil                            9,382       3,531         5,558
  Chile                               (D)       1,601           271
  Colombia                            527         563           -69
  Ecuador                             (D)         131             5
  Peru                                (D)         243           480
  Venezuela                         1,310         653           (D)
  Other                               (D)         383           (D)
  Central America                     (D)       2,774         1,883
  Costa Rica                          498        -163            47
  Honduras                            (D)          26             3
  Mexico                           11,595       2,903         1,812
  Panama                               34         -45             3
  Other                               (D)          55            18
  Other Western
  Hemisphere                          (D)      29,451         6,224
  Barbados                              0         (D)            22
  Bermuda                               0       2,587         3,065
  Dominican Republic                  (D)          51            76
  United Kingdom Islands,
  Caribbean                           (D)      20,392         2,747
  Other                               (D)         (D)           314
Africa                              1,110       1,793           171
  Egypt                               (D)         (D)           (D)
  Nigeria                              -9         (D)           (D)
  South Africa                        (D)         832           146
  Other                               (D)         (D)            21
Middle East                         2,201       2,083         1,204
  Israel                            1,339         (D)           877
  Saudi Arabia                        (D)         (D)           (D)
  United Arab Emirates                (D)       1,512           (D)
  Other                                29          -1           (D)
Asia and Pacific                   26,557      51,063        30,857
  Australia                         3,643       6,178        13,096
  China                             4,871       4,613         1,365
  Hong Kong                           320      14,190           (D)
  India                               850       1,401           (D)
  Indonesia                           (D)         255            61
  Japan                             7,516      10,008         6,148
  Korea, Republic of                4,231       1,670           191
  Malaysia                            (D)         460           -47
  New Zealand                         (D)         447           285
  Philippines                         (D)         307           144
  Singapore                           804       7,541         4,175
  Taiwan                              455       2,846           135
  Thailand                            (D)         942            40
  Other                               109         206            40
Addenda:
  European Union (27)  (2)         71,062      64,235        83,628
  OPEC (3)                            (D)       2,828         1,300

                                               Finance
                                               (except
                                             depository
                                            institutions)
                              Depository         and
                             institutions     insurance

  All countries                  107,712         764,867
Canada                             4,655          51,888
Europe (1)                        70,581         336,419
  Austria                            214             301
  Belgium                            (D)          10,766
  Czech Republic                     (D)             (D)
  Denmark                            (D)             186
  Finland                              0              -1
  France                           2,795          16,105
  Germany                          1,337          19,969
  Greece                             (D)             -67
  Hungary                            (D)           2,046
  Ireland                            (D)            -626
  Italy                              (D)           3,175
  Luxembourg                         (D)          42,105
  Netherlands                        (D)          34,865
  Norway                             (D)             405
  Poland                             (D)           1,729
  Portugal                             0             590
  Russia                           2,618             167
  Spain                              (D)           3,451
  Sweden                             (D)          14,400
  Switzerland                        (D)          17,437
  Turkey                             (D)             443
  United Kingdom                  16,996         165,278
  Other                            1,377             (D)
Latin America and Other
Western Hemisphere                -2,331         238,431
  South America                    7,490          25,262
  Argentina                          (D)           1,885
  Brazil                             (D)          14,864
  Chile                              (D)           5,807
  Colombia                           (D)             868
  Ecuador                            (D)              58
  Peru                               (D)             (D)
  Venezuela                            0           1,502
  Other                              206             (D)
  Central America                  1,813          17,608
  Costa Rica                         (D)             (D)
  Honduras                           (D)             (D)
  Mexico                             946          14,605
  Panama                             (D)             (D)
  Other                              609             (D)
  Other Western
  Hemisphere                     -11,635         195,561
  Barbados                             0           3,182
  Bermuda                            194          73,748
  Dominican Republic                 (D)             (*)
  United Kingdom Islands,
  Caribbean                      -13,675          90,680
  Other                              (D)          27,951
Africa                             2,479           5,181
  Egypt                              (D)             (D)
  Nigeria                            (D)             (D)
  South Africa                       (D)             170
  Other                            1,128           4,789
Middle East                        1,021             692
  Israel                             (D)             108
  Saudi Arabia                         2              -5
  United Arab Emirates               (D)             261
  Other                              (D)             328
Asia and Pacific                  31,307         132,257
  Australia                           34          16,981
  China                            3,328           3,233
  Hong Kong                        1,918           5,205
  India                              (D)           2,898
  Indonesia                          (D)             948
  Japan                              (D)          76,462
  Korea, Republic of                 (D)           6,806
  Malaysia                           452             828
  New Zealand                        (D)           2,894
  Philippines                        (D)             122
  Singapore                          394          13,656
  Taiwan                             (D)           1,879
  Thailand                         2,294             192
  Other                              (D)             154
Addenda:
  European Union (27)  (2)        62,094         315,987
  OPEC (3)                           (D)           2,067

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

  All countries                    91,497    1,983,323     297,121
Canada                              7,772     108,235       41,318
Europe (1)                         52,205    1,338,555     168,940
  Austria                             118         (D)          (D)
  Belgium                           1,094       1,256          (D)
  Czech Republic                      132          -1          169
  Denmark                            -207       6,155          (D)
  Finland                             419          17          175
  France                            3,653      14,055       11,032
  Germany                           4,450      32,482       10,895
  Greece                               27         (*)          (D)
  Hungary                              22         (D)          555
  Ireland                           9,786      95,496       40,192
  Italy                               434         376          (D)
  Luxembourg                          282     315,561        8,083
  Netherlands                       5,140     533,410          (D)
  Norway                               90      28,792        1,702
  Poland                              236         -13          (D)
  Portugal                             78          38          344
  Russia                              301         (D)          (D)
  Spain                               109       5,724          (D)
  Sweden                              596       9,056          (D)
  Switzerland                       2,253      38,250          (D)
  Turkey                               81         457          (D)
  United Kingdom                   22,041     197,385       41,841
  Other                             1,068      48,927        1,817
Latin America and Other
Western Hemisphere                  3,474     359,615       42,314
  South America                     2,703      20,155        5,435
  Argentina                             3         (D)          272
  Brazil                            1,222      12,168          (D)
  Chile                               526         743          (D)
  Colombia                            241         518          (D)
  Ecuador                            -341           6          (D)
  Peru                                (D)         (D)          159
  Venezuela                           905       2,383          (D)
  Other                               (D)          17          (D)
  Central America                     -73      29,658       12,302
  Costa Rica                           89         -32         -472
  Honduras                            (*)          10           50
  Mexico                             -215      27,267       10,392
  Panama                               37       2,379          (D)
  Other                                16          33          (D)
  Other Western
  Hemisphere                          844     309,803       24,577
  Barbados                              5       1,381          (D)
  Bermuda                             255     183,615       18,322
  Dominican Republic                    1           0          (D)
  United Kingdom Islands,
  Caribbean                           458     102,361        2,343
  Other                               125      22,446          (D)
Africa                                760       9,491        1,473
  Egypt                               (D)         (D)          (D)
  Nigeria                               1         (D)          -26
  South Africa                        563         252          (D)
  Other                               (D)         (D)          (D)
Middle East                         1,431      10,916        1,301
  Israel                              669          49          (D)
  Saudi Arabia                         41         (D)          (D)
  United Arab Emirates                383          -2          663
  Other                               339         (D)            4
Asia and Pacific                   25,855     156,512       41,776
  Australia                         7,386      46,664        8,659
  China                             1,335       2,735        5,788
  Hong Kong                         2,050      17,260          (D)
  India                             9,301         445          (D)
  Indonesia                           (D)       1,195          (D)
  Japan                             1,858       3,551          (D)
  Korea, Republic of                  617         (D)        1,544
  Malaysia                            677         (D)          (D)
  New Zealand                         348       1,412          (D)
  Philippines                         323         602          (D)
  Singapore                         1,225      81,285        4,751
  Taiwan                              244         285          (D)
  Thailand                            485         (D)          (D)
  Other                               (D)         -10          (D)
Addenda:
  European Union (27)  (2)         49,250    1,222,125     143,202
  OPEC (3)                          1,284      19,447          (D)

* A nonzero value between -$500,000 and $500,000.

(D) Suppressed to avoid disclosure of data of individual
companies.

(1.) In 2012, the euro area includes Austria, Belgium,
Cyprus, Estonia, Finland, France, Germany, Greece, Ireland,
Italy, Luxembourg, Malta, the Netherlands, Portugal,
Slovakia, Slovenia and Spain. For 2012, the U.S. direct
investment position in the euro area was $1,589,978 million.

(2.) The European Union (27) comprises Austria, Belgium,
Bulgaria, 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.

(3.) OPEC is the Organization of Petroleum Exporting
Countries. In 2012, its members were Algeria, Angola,
Ecuador, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi
Arabia, the United Arab Emirates, and Venezuela.

Note. Estimates for 2012 are revised.

Table 1.2. U.S. Direct Investment Position Abroad on a Historical-
Cost Basis, 2013
[Millions of dollars]

                                                        Manufacturing

                                All        Mining     Total      Food
                            industries

      All countries          4,660,906    242,134    612,400    58,364
Canada                         368,297     30,393     80,941    10,143
Europe (1)                   2,607,204     39,216    298,421    27,081
  Austria                       16,719          8      3,985       -11
  Belgium                       47,951        121     24,597     1,803
  Czech Republic                 6,196          0      2,784       (D)
  Denmark                       13,533        241      3,741       137
  Finland                        1,966          0      1,040       (D)
  France                        77,964         58     23,751     1,286
  Germany                      118,361        456     32,057     1,431
  Greece                         1,049          0      1,145        15
  Hungary                        6,007        (D)        540       (D)
  Ireland                      239,631      2,905     26,897       424
  Italy                         27,560        209      8,840       (D)
  Luxembourg                   416,278        (D)     10,838         0
  Netherlands                  722,786      5,804     47,920     2,917
  Norway                        44,289      8,323      5,473       (D)
  Poland                        13,464          4      4,423     1,435
  Portugal                       1,985        (*)        532         1
  Russia                        14,631        (D)      5,013     3,086
  Spain                         31,380        166     13,568     1,776
  Sweden                        36,472          0      3,790     1,205
  Switzerland                  129,769        569     24,710       200
  Turkey                         5,302        (*)      2,322       (D)
  United Kingdom               570,987      9,808     48,063     8,397
  Other                         62,925      1,852      2,390       681
Latin America and Other
    Western Hemisphere         884,402     68,538     71,688     8,438
  South America                169,460     41,837     46,655     4,038
    Argentina                   15,171      1,296      4,191       440
    Brazil                      78,094      5,577     27,905     2,023
    Chile                       41,110     24,051      4,744        60
    Colombia                     7,819      2,598      1,766       195
    Ecuador                        427        250        250        53
    Peru                        10,061      6,955      1,038       (D)
    Venezuela                   14,487        552      6,135     1,199
    Other                        2,291        559        625       (D)
  Central America              113,333     10,765     33,246     4,221
    Costa Rica                     969          0      1,128        24
    Honduras                       901          0        505       (D)
    Mexico                     101,454     10,683     30,307     3,983
    Panama                       5,796         64        292       131
    Other                        4,214         18      1,013       (D)
  Other Western
      Hemisphere               601,609     15,936     -8,213       179
    Barbados                    13,911         29         46        46
    Bermuda                    287,004        221        (D)         0
    Dominican Republic           1,342          0        717       (D)
    United Kingdom
      Islands, Caribbean       234,206      8,658         90        37
    Other                       65,145      7,027        (D)       (D)
Africa                          60,427     35,948      3,702       (D)
  Egypt                         19,321     18,549         93       (D)
  Nigeria                        8,067      3,291        212        21
  South Africa                   5,207         94      2,140       -47
  Other                         27,831     14,013      1,257        79
Middle East                     45,299     15,165      9,903       (D)
  Israel                         9,539         56      6,976       (D)
  Saudi Arabia                  10,550        (D)        (D)       (*)
  United Arab Emirates          10,765      5,506      1,164         0
  Other                         14,446        (D)        (D)         4
Asia and Pacific               695,278     52,875    147,745    12,333
  Australia                    158,996     31,273     15,517     4,235
  China                         61,534      3,355     32,118     4,617
  Hong Kong                     58,828          1      5,248        38
  India                         24,318        519      4,761       128
  Indonesia                     12,777      9,397        742       138
  Japan                        123,174          5     20,288       620
  Korea, Republic of            32,807          1     13,180       901
  Malaysia                      16,409      5,197      6,442       (D)
  New Zealand                    7,919         83      1,521       (D)
  Philippines                    4,376         32      1,450       (D)
  Singapore                    154,438      1,653     28,722       228
  Taiwan                        16,905          1      7,224       (D)
  Thailand                      14,428        185     10,059       399
  Other                          8,366      1,173        475        13
Addenda:
  European Union (28) (2)    2,356,726     25,869    260,269    22,912
  OPEC (3)                      63,052     20,620      9,504     1,274

                                       Manufacturing

                                           Primary
                                             and
                            Chemicals    fabricated    Machinery
                                           metals

      All countries           132,038        25,424       58,262
Canada                         13,655         6,176        6,770
Europe (1)                     82,842        11,673       34,258
  Austria                         330           (D)          605
  Belgium                      16,204            96          773
  Czech Republic                  225           244          (D)
  Denmark                          80            43          622
  Finland                          33             4          468
  France                        2,644         3,902        2,061
  Germany                       5,240         1,773        6,510
  Greece                          (D)             0           10
  Hungary                          78           (D)         -133
  Ireland                      16,848           154          162
  Italy                         1,325           210        2,978
  Luxembourg                      (D)           (D)        2,643
  Netherlands                  15,584           991        3,932
  Norway                          128             2        4,754
  Poland                          789           306          115
  Portugal                        106            -5          (D)
  Russia                          283            41          254
  Spain                         5,755          -188          164
  Sweden                          137             4          191
  Switzerland                   9,840           -74        1,967
  Turkey                          648           (*)          196
  United Kingdom                6,127         3,583        5,435
  Other                           (D)           305          (D)
Latin America and Other
    Western Hemisphere          8,685         2,725        4,131
  South America                13,170           804          (D)
    Argentina                   1,649            25          266
    Brazil                      7,241           735        1,678
    Chile                       1,633             1       (D) 18
    Colombia                      635            43
    Ecuador                        65           (*)          (*)
    Peru                          408           (*)           16
    Venezuela                   1,473             9           73
    Other                          66            -9          (D)
  Central America                 (D)         1,135          (D)
    Costa Rica                    204             8            0
    Honduras                      (D)             0            0
    Mexico                        (D)         1,127        (D) 1
    Panama                        120             0
    Other                          93             0            3
  Other Western
      Hemisphere                  (D)           785          (D)
    Barbados                      (*)             0            0
    Bermuda                       (D)             0          (D)
    Dominican Republic             20           (D)          (*)
    United Kingdom
      Islands, Caribbean            0             0            0
    Other                          -6           (D)          (D)
Africa                            872           195          526
  Egypt                            81            -1          106
  Nigeria                          21             0          171
  South Africa                    698           (D)          173
  Other                            71           (D)           77
Middle East                     2,064           186          931
  Israel                          728             0          536
  Saudi Arabia                     69           (D)           73
  United Arab Emirates            (D)           (D)          319
  Other                           (D)           (D)            3
Asia and Pacific               23,921         4,469       11,646
  Australia                     2,654           330        1,616
  China                         6,850         2,173        3,372
  Hong Kong                       750           185          199
  India                           819            98          961
  Indonesia                       487             2            1
  Japan                         1,506           341        1,355
  Korea, Republic of            1,239           282          368
  Malaysia                        743           (D)          336
  New Zealand                     150             7           64
  Philippines                     372           (*)           27
  Singapore                     4,336           490        2,621
  Taiwan                        1,820            77          156
  Thailand                      2,044           265          561
  Other                           151           (D)            9
Addenda:
  European Union (28) (2)      71,867        11,695       26,923
  OPEC (3)                      2,898           168          662

                                         Manufacturing

                                           Electrical
                             Computers     equipment,      Trans-
                                and       appliances,       por-
                            electronic        and          tation
                             products      components    equipment

      All countries             96,901         13,343       54,168
Canada                           6,748          2,331        7,268
Europe (1)                      33,051          5,187       16,580
  Austria                        1,540            283          642
  Belgium                          990              2          181
  Czech Republic                    86              5          848
  Denmark                        1,492             23            3
  Finland                          151              7           92
  France                         1,479             85        1,176
  Germany                        3,840          1,181        3,867
  Greece                             8              0            0
  Hungary                          103            -13          595
  Ireland                        4,407            134          166
  Italy                          1,112            -39          846
  Luxembourg                       (D)            (D)          180
  Netherlands                    4,558            460           95
  Norway                            38            (D)           -3
  Poland                           250            (D)        1,333
  Portugal                         142            (*)          130
  Russia                            60             20          211
  Spain                          2,367            176        2,400
  Sweden                           947            196          328
  Switzerland                    1,908          1,427          (D)
  Turkey                           102            (D)          305
  United Kingdom                 7,500          1,109        1,941
  Other                            (D)             59          (D)
Latin America and Other
    Western Hemisphere           3,245          2,315       15,988
  South America                  2,217            (D)        7,769
    Argentina                     -177              4          759
    Brazil                       1,733             90        5,388
    Chile                          257              0          (D)
    Colombia                        29             30          (D)
    Ecuador                          2              0           37
    Peru                            31              1            0
    Venezuela                      327            (D)          (D)
    Other                           15              2            1
  Central America                  (D)          1,637        8,227
    Costa Rica                     126            239            0
    Honduras                       (D)              0           -2
    Mexico                         (D)          1,387        8,228
    Panama                           4              2            0
    Other                          (D)              9            0
  Other Western
      Hemisphere                   (D)            (D)           -8
    Barbados                         0              0            0
    Bermuda                        (D)            (D)           -8
    Dominican Republic             (*)              0            0
    United Kingdom
      Islands, Caribbean           150              0          (*)
    Other                            0              0            0
Africa                             -68             12          909
  Egypt                            (D)             12           35
  Nigeria                          (D)            (D)            0
  South Africa                      99          (D) 1          728
  Other                            (D)                         146
Middle East                      3,976              6          133
  Israel                         3,984              2           54
  Saudi Arabia                     -16            (*)           79
  United Arab Emirates               7              4            0
  Other                              1              0            0
Asia and Pacific                49,950          3,492       13,290
  Australia                      1,126            243        1,661
  China                          4,582            527        4,898
  Hong Kong                      3,309            229          -85
  India                            414            948          609
  Indonesia                          2            (D)         -104
  Japan                          5,653          1,148        1,754
  Korea, Republic of             3,097             68        2,568
  Malaysia                       4,133            (D)          (D)
  New Zealand                      168             59           57
  Philippines                      357            -55           17
  Singapore                     18,800            142          975
  Taiwan                         4,449            104            9
  Thailand                       3,980             54          552
  Other                           -121              1          (D)
Addenda:
  European Union (28) (2)       30,914          3,558       15,266
  OPEC (3)                         333            (D)          (D)

                            Manufacturing

                                Other        Wholesale     Information
                            manufacturing       trade

      All countries               173,901       212,791        157,465
Canada                             27,851        21,188          8,889
Europe (1)                         87,748        83,474         95,563
  Austria                             (D)           654             21
  Belgium                           4,546         4,127            106
  Czech Republic                       23           181            159
  Denmark                           1,342           764          1,433
  Finland                             (D)           210             71
  France                           11,118         5,759          2,567
  Germany                           8,216        11,776          7,191
  Greece                              (D)           190           -112
  Hungary                              35           601            513
  Ireland                           4,603          -999         28,579
  Italy                               (D)         2,779          2,970
  Luxembourg                          (D)           -74          5,790
  Netherlands                      19,383        22,091          3,538
  Norway                              410           358          2,038
  Poland                              (D)         2,093            204
  Portugal                            (D)           519             52
  Russia                            1,060         1,054            531
  Spain                             1,119         3,144          1,200
  Sweden                              781         1,640          1,274
  Switzerland                         (D)        16,853          6,036
  Turkey                              534         1,287             74
  United Kingdom                   13,970         9,868         30,946
  Other                               313        -1,401            380
Latin America and Other
    Western Hemisphere             26,161        48,478         18,020
  South America                    15,832         8,687          9,428
    Argentina                       1,225         1,023          1,536
    Brazil                          9,017         3,976          5,539
    Chile                             (D)         1,608            379
    Colombia                          (D)           543            -17
    Ecuador                            94           151              5
    Peru                              (D)           344            504
    Venezuela                       1,440           744            (D)
    Other                             (D)           298            (D)
  Central America                   9,563         2,791          1,760
    Costa Rica                        527          -285             50
    Honduras                          (D)            40              3
    Mexico                          7,868         3,032          1,690
    Panama                             34           -35             -1
    Other                             (D)            39             17
  Other Western
      Hemisphere                      766        37,001          6,833
    Barbados                            0         6,088             22
    Bermuda                             0           (D)          3,201
    Dominican Republic                (D)            49             66
    United Kingdom
      Islands, Caribbean              -97        22,526          2,874
    Other                             (D)           (D)            671
Africa                                (D)         2,026            143
  Egypt                                -2            70              2
  Nigeria                             (D)           (D)              2
  South Africa                        (D)           756             93
  Other                               (D)           (D)             46
Middle East                           (D)         1,833          1,313
  Israel                              (D)           269            947
  Saudi Arabia                        (D)           270             32
  United Arab Emirates                (D)         1,300            (D)
  Other                                37            -6            (D)
Asia and Pacific                   28,645        55,790         33,537
  Australia                         3,653         6,874         13,569
  China                             5,099         5,729          1,713
  Hong Kong                           622        15,185          7,289
  India                               783         1,704         -1,552
  Indonesia                           (D)           174             64
  Japan                             7,911         9,511          6,344
  Korea, Republic of                4,657         1,656            235
  Malaysia                            (D)           516            -20
  New Zealand                         (D)           434            328
  Philippines                         (D)           414            216
  Singapore                         1,129         9,492          5,162
  Taiwan                              (D)         2,969            114
  Thailand                          2,204           923             34
  Other                               166           210             42
Addenda:
  European Union (28) (2)          77,134        66,378         86,821
  OPEC (3)                            (D)         2,826          1,624

                                               Finance
                                               (except
                             Depository       depository
                            institutions    institutions)
                                                 and
                                              insurance

      All countries              105,965          767,181
Canada                             4,626           51,793
Europe (1)                        70,133          338,726
  Austria                            209              235
  Belgium                            (D)           12,161
  Czech Republic                     (D)              845
  Denmark                            (D)              181
  Finland                            (D)               -4
  France                           2,957           16,271
  Germany                          1,372           20,385
  Greece                             (D)             -113
  Hungary                            (D)            2,009
  Ireland                            (D)            5,728
  Italy                            2,234            3,262
  Luxembourg                         (D)           37,129
  Netherlands                        (D)           33,183
  Norway                             (D)              396
  Poland                             (D)            1,650
  Portugal                             2              347
  Russia                           2,410              187
  Spain                            1,111            3,391
  Sweden                             (D)           11,705
  Switzerland                        (D)           14,912
  Turkey                             (D)              101
  United Kingdom                  19,047          172,398
  Other                              (D)            2,370
Latin America and Other
    Western Hemisphere            -2,267          242,165
  South America                    7,210           23,881
    Argentina                        (D)            1,890
    Brazil                           (D)           13,135
    Chile                            (D)            5,803
    Colombia                         (D)              900
    Ecuador                          (D)               73
    Peru                             (D)              (D)
    Venezuela                          0            1,727
    Other                            206              (D)
  Central America                  1,941           17,003
    Costa Rica                       (D)              (D)
    Honduras                         (D)              (D)
    Mexico                         1,009           13,929
    Panama                           (D)              (D)
    Other                            657              (D)
  Other Western
      Hemisphere                 -11,418          201,282
    Barbados                           0            3,207
    Bermuda                          198           70,041
    Dominican Republic               (D)              (*)
    United Kingdom
      Islands, Caribbean         -13,479           99,303
    Other                            (D)           28,731
Africa                             2,419            3,780
  Egypt                              (D)               87
  Nigeria                            (D)               40
  South Africa                       (D)              302
  Other                            1,121            3,351
Middle East                          957              881
  Israel                             (D)               84
  Saudi Arabia                         1              -13
  United Arab Emirates               (D)              432
  Other                              245              377
Asia and Pacific                  30,096          129,836
  Australia                          -14           16,669
  China                            3,667            3,360
  Hong Kong                        2,071            7,736
  India                              (D)            2,805
  Indonesia                          (D)              649
  Japan                            3,698           72,332
  Korea, Republic of                 (D)            5,651
  Malaysia                           487            1,525
  New Zealand                        (D)            1,393
  Philippines                        (D)              227
  Singapore                          287           15,858
  Taiwan                             (D)            1,301
  Thailand                           (D)              165
  Other                              (D)              166
Addenda:
  European Union (28) (2)         63,303          321,104
  OPEC (3)                           (D)            2,380

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

      All countries                98,841    2,153,281       310,849
Canada                              8,498      119,885        42,083
Europe (1)                         55,603    1,447,703       178,365
  Austria                             106          (D)           (D)
  Belgium                           1,420          (D)           (D)
  Czech Republic                      152           -4           (D)
  Denmark                            -103        6,179           (D)
  Finland                             428          (D)           (D)
  France                            3,717       13,276         9,608
  Germany                           4,580       31,384         9,160
  Greece                               48          (*)           (D)
  Hungary                              20          336           596
  Ireland                          10,034      112,087           (D)
  Italy                               360       -1,306         8,212
  Luxembourg                          617      342,398         8,088
  Netherlands                       5,531      578,112           (D)
  Norway                              105       25,104           (D)
  Poland                              213            8           (D)
  Portugal                             65           41           427
  Russia                              372          640           (D)
  Spain                                53        5,599         3,149
  Sweden                              656       13,150           (D)
  Switzerland                       3,105       40,943           (D)
  Turkey                              110          (D)            99
  United Kingdom                   22,909      214,275        43,673
  Other                             1,106          (D)           (D)
Latin America and Other
    Western Hemisphere              3,933      388,096        45,750
  South America                     2,535       23,330         5,897
    Argentina                          43          (D)           168
    Brazil                          1,141       13,768           (D)
    Chile                             541        2,024           (D)
    Colombia                          293          371           (D)
    Ecuador                           (D)            6           110
    Peru                              (D)          (D)           208
    Venezuela                         (D)        2,455           (D)
    Other                              64           20           (D)
  Central America                     372       32,491        12,966
    Costa Rica                         66           -4          -475
    Honduras                          (*)           11            64
    Mexico                            218       30,059        10,528
    Panama                             73        2,394           (D)
    Other                              16           31           (D)
  Other Western
      Hemisphere                    1,027      332,275        26,887
    Barbados                            5        1,588         2,926
    Bermuda                           281      196,049        19,967
    Dominican Republic                 15            0           (D)
    United Kingdom
      Islands, Caribbean              604      111,035         2,595
    Other                             122       23,603           (D)
Africa                                819       10,371         1,219
  Egypt                                28          (D)           (D)
  Nigeria                               1          (D)          -104
  South Africa                        635          208           (D)
  Other                               155          (D)         1,101
Middle East                         1,573       12,173         1,501
  Israel                              718           42           (D)
  Saudi Arabia                         82          (D)           (D)
  United Arab Emirates                429          155           802
  Other                               343          (D)           -18
Asia and Pacific                   28,415      175,053        41,930
  Australia                         8,331       59,380         7,398
  China                             1,393        3,585         6,615
  Hong Kong                         1,809       16,628         2,861
  India                            11,073          512           (D)
  Indonesia                           -33          979           (D)
  Japan                             2,054        3,416         5,525
  Korea, Republic of                  603          634           (D)
  Malaysia                            763          368         1,133
  New Zealand                         385        1,405           (D)
  Philippines                         391          507           (D)
  Singapore                           871       87,124         5,270
  Taiwan                              222          180           (D)
  Thailand                            513          (D)         1,039
  Other                                41          (D)           (D)
Addenda:
  European Union (28) (2)          51,683    1,328,407       152,892
  OPEC (3)                          1,206       21,436           (D)

* A nonzero value between -$500,000 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
$1,707,435 million.

(2.) 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.

(3.) 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 by country and industry for 2013 are preliminary.

Table 2.1. Foreign Direct Investment Position in the United States on
a Historical-Cost Basis, 2012
[Millions of dollars]

                                                       Manufacturing

                                All        Mining     Total      Food
                            industries

      All countries          2,605,755    854,669    37,073    232,015
Canada                         217,800     42,427     1,957      8,738
Europe (1)                   1,857,270    676,280    29,733    197,931
  Austria                        5,330      2,398       (D)        (D)
  Belgium                       87,142     53,332     1,154     13,020
  Denmark                        7,582        543       212        569
  Finland                        6,296      1,886       (D)        (D)
  France                       230,205     82,238     1,702     40,974
  Germany                      201,121     67,059       253     18,302
  Ireland                       21,138      7,430     1,204      3,801
  Italy                         22,132      5,660       (D)        748
  Luxembourg                   191,011     38,413     1,011     12,039
  Netherlands                  274,879    125,466       (D)     24,864
  Norway                        19,030      1,456         0        (D)
  Spain                         47,173      5,909       (D)        (D)
  Sweden                        43,926     28,229       (D)        (D)
  Switzerland                  195,652     95,353    14,347      8,052
  United Kingdom               472,561    138,285     6,017     53,434
  Other                         32,092     22,623       (D)        519
Latin America and Other
    Western Hemisphere          84,352     11,421       (D)        (D)
  South and Central
      America                   24,972      7,347       (D)        (D)
    Brazil                       3,309       -343       185       -231
    Mexico                      14,458      3,641     2,034        391
    Panama                       1,125         94       (D)        (D)
    Venezuela                    4,512        (D)        -2        -20
    Other                        1,567        (D)       (D)        (D)
  Other Western
      Hemisphere                59,380      4,074       (D)         34
    Bahamas                        378        (D)         3          6
    Bermuda                    -12,045     -3,658         2        (D)
    Curacao                      3,246        439         1        (D)
    United Kingdom
      Islands, Caribbean        66,187      7,054       (D)        168
    Other                        1,615        (D)       (D)        (D)
Africa                           3,810        (D)       (D)        (D)
  South Africa                   1,066        (D)       (D)         -9
  Other                          2,744        (D)       (D)        (D)
Middle East                     20,181        (D)       (D)      5,178
  Israel                         9,053      5,758       (D)        (D)
  Kuwait                           772          4         0          0
  Lebanon                          (D)          0         0          0
  Saudi Arabia                     (D)        -65         0        (D)
  United Arab Emirates           2,514        -59         0        (D)
  Other                            (D)        (D)         0          0
Asia and Pacific               422,341    118,744     2,913     20,024
  Australia                     48,407      5,369       (D)        (D)
  China                          6,943         41       -19       -186
  Hong Kong                      8,856        507        -1        438
  India                          6,365      1,268       (D)        565
  Japan                        299,121     96,695     2,065     16,416
  Korea, Republic of            25,502      3,676       (D)        199
  Malaysia                         679        121        15          6
  New Zealand                      995        326       (*)        (D)
  Singapore                     18,310      8,578         2         15
  Taiwan                         5,412      1,858       (*)        (D)
  Other                          1,751        304          1        -8
Addenda:
  European Union (27) (2)    1,633,220    575,032       (D)    189,845
  OPEC (3)                      15,766        (D)        -2         -4

                                        Manufacturing

                                           Primary
                                             and
                            Chemicals    fabricated    Machinery
                                           metals

      All countries            51,481        75,370       55,951
Canada                          3,144           -25        2,064
Europe (1)                     40,354        63,637       34,289
  Austria                         498           444           -5
  Belgium                         (D)         2,073           74
  Denmark                         101           944          (D)
  Finland                         (D)         1,552           13
  France                        1,933         2,193        2,052
  Germany                       7,609        10,221          973
  Ireland                         (D)          -180          (D)
  Italy                           295           805          (D)
  Luxembourg                    1,938           (D)          (D)
  Netherlands                     859           (D)       10,338
  Norway                          (D)            71            1
  Spain                           (D)           (D)           -5
  Sweden                          611         3,752           10
  Switzerland                   1,232         2,372          (D)
  United Kingdom                9,653         3,695        4,289
  Other                         7,727           -80           66
Latin America and Other
    Western Hemisphere          1,325          -177          678
  South and Central
      America                     894          -198         -152
    Brazil                       -117           -60         -104
    Mexico                        982           -69          -54
    Panama                         24            -1          (*)
    Venezuela                      -3           (*)          (D)
    Other                           8           -68          (D)
  Other Western
      Hemisphere                  431            21          830
    Bahamas                       (D)             0          (*)
    Bermuda                       (D)           (D)          (D)
    Curacao                         0           (*)             1
    United Kingdom
      Islands, Caribbean          (D)           (D)          (D)
    Other                         (D)             0            8
Africa                            (D)           (D)           -2
  South Africa                    (*)           (D)          (*)
  Other                           (D)             2           -1
Middle East                       (D)           (D)          452
  Israel                          (D)           (D)          468
  Kuwait                            0             0          (D)
  Lebanon                           0             0            0
  Saudi Arabia                    (D)           (D)          (D)
  United Arab Emirates            (D)            -4          (D)
  Other                             0            -3          (D)
Asia and Pacific                6,682        12,132       18,471
  Australia                     1,621           (D)          -25
  China                            48            58          -36
  Hong Kong                         3            22           35
  India                            17            -9          115
  Japan                         4,507        11,125        9,998
  Korea, Republic of              532           (D)           19
  Malaysia                        -10             5          102
  New Zealand                     (D)             1           -4
  Singapore                        31           -18          (D)
  Taiwan                          (*)            37          (D)
  Other                           (D)           -23          (D)
Addenda:
  European Union (27) (2)      32,699           (D)          (D)
  OPEC (3)                        -49            -5           17

                                         Manufacturing

                                           Electrical
                             Computers     equipment,      Trans-
                                and       appliances,       por-
                            electronic        and          tation
                             products      components    equipment

      All countries             39,954        108,434      254,391
Canada                            -243         12,822       13,970
Europe (1)                      37,542         55,098      217,698
  Austria                            1            (D)        1,268
  Belgium                          (D)            (D)          (D)
  Denmark                          (D)              3          (D)
  Finland                          (D)            (D)          238
  France                           (D)          6,339          (D)
  Germany                        1,123         20,357        8,222
  Ireland                          (D)            (*)        2,383
  Italy                             10            (D)        1,650
  Luxembourg                       (D)            229          (D)
  Netherlands                      (D)          3,674       53,797
  Norway                           (D)            (D)          (D)
  Spain                            (*)            421          257
  Sweden                           (D)          3,025          301
  Switzerland                      (D)            221       51,426
  United Kingdom                   523         18,846       41,828
  Other                            (D)            638        4,595
Latin America and Other
    Western Hemisphere             (D)            (D)        6,582
  South and Central
      America                      -64           -497        5,036
    Brazil                         -17             24          -23
    Mexico                         -24           -376          757
    Panama                         (*)            (D)          (D)
    Venezuela                      (D)            (D)          (D)
    Other                          (D)            -25          (D)
  Other Western
      Hemisphere                   (D)            (D)        1,546
    Bahamas                          0            (*)          (D)
    Bermuda                          0              0          438
    Curacao                          0              1          (D)
    United Kingdom
      Islands, Caribbean           (D)            (D)          625
    Other                            0              0          (D)
Africa                              -1            (D)          (D)
  South Africa                     (*)            (D)          (D)
  Other                             -1              0          (D)
Middle East                        (D)            (D)          (D)
  Israel                            -1            (D)           21
  Kuwait                             1            (D)          (D)
  Lebanon                            0              0            0
  Saudi Arabia                     (D)              0          (D)
  United Arab Emirates             (D)            (D)          (D)
  Other                              0              0          (D)
Asia and Pacific                 (D) 1         40,780          (D)
  Australia                                       -37        1,677
  China                             62            285         -172
  Hong Kong                        (*)            (D)          (D)
  India                            (D)             32          (D)
  Japan                          1,543         38,490       12,551
  Korea, Republic of                -5          1,008          339
  Malaysia                          -1              4          (*)
  New Zealand                       -5            (D)            6
  Singapore                        (D)            (D)          130
  Taiwan                             4             21          (D)
  Other                            (D)            149          -10
Addenda:
  European Union (27) (2)          (D)         54,814      166,986
  OPEC (3)                         (D)            -69          (D)

                            Manufacturing

                                Other        Wholesale     Information
                            manufacturing       trade

      All countries               299,040        51,632        130,465
Canada                              5,599         4,901            688
Europe (1)                        148,580        38,720        118,224
  Austria                             (D)           (D)            (D)
  Belgium                          17,483           (D)             -1
  Denmark                           4,267             2              6
  Finland                           2,894           (*)            (*)
  France                           23,481         4,795         13,206
  Germany                          17,326           (D)            (D)
  Ireland                             868           -16            (D)
  Italy                             1,874         3,656            170
  Luxembourg                        7,594           (D)            (D)
  Netherlands                      20,212         2,606          7,010
  Norway                            8,670             0              2
  Spain                                24           (D)             36
  Sweden                            7,947           (D)            (D)
  Switzerland                      10,535         6,496            (D)
  United Kingdom                   24,162         3,163         20,660
  Other                               (D)           (D)            (D)
Latin America and Other
    Western Hemisphere              3,032         2,669            613
  South and Central
      America                       2,852           252           -244
    Brazil                          2,082            -1            -44
    Mexico                            522           (D)            (D)
    Panama                            -29             9            (D)
    Venezuela                         (D)           (*)             -1
    Other                             (D)           (D)             17
  Other Western
      Hemisphere                      180         2,417            858
    Bahamas                           -40             0            (D)
    Bermuda                        -4,139            -1             78
    Curacao                           -36           (D)            (*)
    United Kingdom
      Islands, Caribbean            3,770         2,409            768
    Other                             625           (D)            (D)
Africa                                593           (*)            -11
  South Africa                        (D)           (*)              3
  Other                               (D)             0            -15
Middle East                         6,834            38            671
  Israel                              258           (D)            (D)
  Kuwait                                0             0            (*)
  Lebanon                             (*)             0              0
  Saudi Arabia                        (D)           (D)              2
  United Arab Emirates                (D)           (*)              1
  Other                               201           (D)            (D)
Asia and Pacific                  134,402         5,304         10,280
  Australia                         3,439           (D)            (D)
  China                               476            -8            113
  Hong Kong                         2,064             5            (D)
  India                               (D)             1             -4
  Japan                           102,898         5,018          9,356
  Korea, Republic of               18,048           (D)              7
  Malaysia                             93             0            (*)
  New Zealand                         561             0               1
  Singapore                         3,718           (*)             39
  Taiwan                            1,541           (D)             68
  Other                               (D)            -3              2
Addenda:
  European Union (27) (2)         128,756        32,225        103,034
  OPEC (3)                            (D)           (D)              3

                                               Finance
                                               (except
                             Depository       depository
                            institutions    institutions)
                                                 and
                                              insurance

      All countries              181,828          384,418
Canada                            37,901           57,591
Europe (1)                       108,029          289,982
  Austria                            (D)                2
  Belgium                            (D)              (D)
  Denmark                              0                2
  Finland                            (D)              (*)
  France                          16,655           43,331
  Germany                         14,861           19,405
  Ireland                            -87            3,411
  Italy                              (D)              (D)
  Luxembourg                           0           47,295
  Netherlands                       -135           61,752
  Norway                             (D)              (D)
  Spain                           28,747            3,047
  Sweden                             (D)              155
  Switzerland                        (D)           39,916
  United Kingdom                     (D)           68,281
  Other                              474               30
Latin America and Other
    Western Hemisphere             4,953           -7,425
  South and Central
      America                      4,336            1,714
    Brazil                           877              789
    Mexico                         1,093              (D)
    Panama                           (D)                6
    Venezuela                        (D)                3
    Other                          1,092              (D)
  Other Western
      Hemisphere                     617           -9,140
    Bahamas                          (D)               -3
    Bermuda                            0          -20,390
    Curacao                          (D)              (D)
    United Kingdom
      Islands, Caribbean             (D)           10,555
    Other                            (D)              (D)
Africa                               (D)              (D)
  South Africa                         0              -10
  Other                              (D)              (D)
Middle East                          (D)              (D)
  Israel                           1,732              (D)
  Kuwait                             (D)              (D)
  Lebanon                              0                0
  Saudi Arabia                       (D)                0
  United Arab Emirates               (D)               -1
  Other                              (D)              (D)
Asia and Pacific                  29,134           43,222
  Australia                        2,849            3,672
  China                              (D)              (D)
  Hong Kong                          659               25
  India                            1,164              (*)
  Japan                           18,061           35,212
  Korea, Republic of                 618              175
  Malaysia                             4              (*)
  New Zealand                          0               -1
  Singapore                          (D)              (D)
  Taiwan                           1,612              (D)
  Other                              185               35
Addenda:
  European Union (27) (2)        118,150          249,956
  OPEC (3)                         1,379              (D)

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

      All countries                47,096       98,145       558,463
Canada                              3,481        1,437        63,775
Europe (1)                         28,042       80,527       368,887
  Austria                              40          (D)            56
  Belgium                             (D)          -28         7,160
  Denmark                              19          (D)           (D)
  Finland                             (*)          215           (D)
  France                              534        4,594        41,371
  Germany                           8,886          (D)        20,852
  Ireland                              29          (D)         1,267
  Italy                               169          (D)         6,078
  Luxembourg                        2,204          (D)           (D)
  Netherlands                       3,220          (D)           (D)
  Norway                              113          (D)           (D)
  Spain                               286          (D)         8,829
  Sweden                              (D)          (D)         1,638
  Switzerland                       1,523          481        37,880
  United Kingdom                    6,886       10,779           (D)
  Other                             2,933           49         4,262
Latin America and Other
    Western Hemisphere              5,853        4,782        58,455
  South and Central
      America                       1,079          -93         7,729
    Brazil                             69          -80           -41
    Mexico                            (D)          (D)         7,832
    Panama                            516            1           423
    Venezuela                          12          (D)           -11
    Other                             (D)          (D)          -474
  Other Western
      Hemisphere                    4,774        4,875        50,726
    Bahamas                           (D)            4           -47
    Bermuda                            71        3,741        12,254
    Curacao                         1,293          (D)           733
    United Kingdom
      Islands, Caribbean            2,924          (D)        37,904
    Other                             (D)          -18          -116
Africa                                138           24         2,138
  South Africa                        (*)          (D)           (D)
  Other                               138          (D)           (D)
Middle East                         1,016          218         3,676
  Israel                              272          (D)          -220
  Kuwait                              (D)            0           -16
  Lebanon                              -7          (*)           (D)
  Saudi Arabia                         21            2           (D)
  United Arab Emirates                (D)            3         1,972
  Other                                76          (D)           (D)
Asia and Pacific                    8,567       11,156        61,531
  Australia                         1,451        1,217        30,236
  China                                 6            8           (D)
  Hong Kong                           187          -24           (D)
  India                               (*)        2,352           (D)
  Japan                             6,448        7,215        18,219
  Korea, Republic of                  (D)          (D)         2,792
  Malaysia                            (D)          (D)           374
  New Zealand                          45          (D)           (D)
  Singapore                           (D)          347         1,012
  Taiwan                               25          (D)           363
  Other                                24           -1           (D)
Addenda:
  European Union (27) (2)          26,148       79,135       320,783
  OPEC (3)                            701            3         4,001

* A nonzero value between -$$500,000 and $500,000.

(D) Suppressed to avoid disclosure of data of individual companies.

(1.) In 2012, the euro area includes Austria, Belgium, Cyprus,
Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For
2012, the euro area direct investment position in the United States
was $1,088,903 million.

(2.) The European Union (27) comprises Austria, Belgium, Bulgaria,
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.

(3.) OPEC is the Organization of Petroleum Exporting Countries. In
2012, Its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

Note. Estimates for 2012 are revised.

Table 2.2. Foreign Direct Investment Position in the United States on
a Historical-Cost Basis, 2013
[Millions of dollars]

                                                      Manufacturing

                                All       Mining    Total     Food
                            industries

      All countries          2,763,956    935,728   50,983   280,445
Canada                         237,921     53,946    1,846    18,103
Europe (1)                   1,933,589    726,777   37,117   235,215
  Austria                        5,948      2,587      (D)        22
  Belgium                       65,135     26,930      (D)    16,537
  Denmark                       10,076      1,497      (D)       (D)
  Finland                        7,597      2,240      (D)       (D)
  France                       226,131     84,108    1,910    44,155
  Germany                      208,841     75,741      293    19,600
  Ireland                       26,219     10,868      (D)     7,017
  Italy                         25,384      5,903      402       842
  Luxembourg                   201,603     57,762      (D)    25,892
  Netherlands                  273,884    121,903      (D)    23,382
  Norway                        26,075        900        0       (D)
  Spain                         48,528      5,130      (D)       (D)
  Sweden                        44,397     29,029      (D)       (D)
  Switzerland                  209,397    107,636   15,721    13,980
  United Kingdom               518,643    168,078    6,228    59,239
  Other                         35,733     26,465    4,444       (D)
Latin America and Other
    Western Hemisphere          99,701     18,403    8,622        62
  South and Central
      America                   26,152      7,457      (D)        40
    Brazil                       1,054       -548      (D)      -170
    Mexico                      17,610      3,649    2,187       207
    Panama                       1,231        250       -1       (D)
    Venezuela                    4,718        (D)      (D)       -38
    Other                        1,538        (D)      (D)       (D)
  Other Western
      Hemisphere                73,549     10,946      (D)        22
    Bahamas                        876        (D)      (D)        14
    Bermuda                    -11,773     -3,828        2     (D) 8
    Curacao                      3,168        (D)        1
    United Kingdom
      Islands, Caribbean        80,106     14,113      (D)       163
    Other                        1,171        151      (D)       (D)
Africa                           1,968         21      (D)        -3
  South Africa                   1,052       -236      (D)       (D)
  Other                            917        258        0       (D)
Middle East                     21,166      6,186      (D)     5,199
  Israel                         9,471      6,375       98     5,179
  Kuwait                           794          4        0         0
  Lebanon                          (D)          0        0         0
  Saudi Arabia                     (D)        -64       -3       (D)
  United Arab Emirates           1,804        (D)      (D)       (D)
  Other                            (D)        (D)        0         1
Asia and Pacific               469,610    130,394    3,308    21,869
  Australia                     44,742      5,682      (D)       (D)
  China                          8,073        480      -19      -186
  Hong Kong                      5,860        534      (D)       527
  India                          7,118      1,289      (D)       615
  Japan                        342,327    105,996    2,321    17,715
  Korea, Republic of            32,456      4,511      (D)       250
  Malaysia                         635        114        6        -3
  New Zealand                      972        340        2       (D)
  Singapore                     19,760      8,828       19         9
  Taiwan                         6,420      2,206      (*)       708
  Other                          1,247        414       -4       -22
Addenda:
  European Union (28) (2)    1,685,387    610,818      (D)       (D)
  OPEC (3)                      16,068      3,375      -15       -18

                                       Manufacturing

                                         Primary
                                           and
                            Chemicals   fabricated   Machinery
                                          metals

      All countries           52,989       87,188      49,352
Canada                         4,118         -872       2,010
Europe (1)                    40,675       71,703      25,787
  Austria                        519          557          -6
  Belgium                        (D)        1,895          75
  Denmark                        (D)        1,010         (D)
  Finland                        (D)        1,836         (D)
  France                       2,075        2,576      -1,540
  Germany                      7,719       13,333       1,002
  Ireland                        (D)          (D)         (D)
  Italy                          309          892         (D)
  Luxembourg                   2,426          (D)        -193
  Netherlands                  1,710       21,287       9,805
  Norway                         (D)          (D)           1
  Spain                          (D)          (D)          -6
  Sweden                         958        4,840          10
  Switzerland                  1,214        2,742         (D)
  United Kingdom               9,343        3,682       4,566
  Other                        7,214           29          73
Latin America and Other
    Western Hemisphere         1,416         -799       2,111
  South and Central
      America                  1,089         -371        -108
    Brazil                       -19         -164         -88
    Mexico                     1,054         -139         -41
    Panama                       (D)            2
    Venezuela                    (D)          (D)         (D)
    Other                        (D)          (D)         (D)
  Other Western
      Hemisphere                 327         -428       2,219
    Bahamas                      (D)            0         (*)
    Bermuda                      (D)          (D)         (D)
    Curacao                        0          (*)           1
    United Kingdom
      Islands, Caribbean         (D)          (D)         (D)
    Other                        (*)            0           5
Africa                           (D)          (D)         (D)
  South Africa                   (D)          (D)           0
  Other                          (D)          (D)         (D)
Middle East                      (D)          (D)         (D)
  Israel                         (D)          (D)         (D)
  Kuwait                           0          (*)         (*)
  Lebanon                          0            0           0
  Saudi Arabia                   (D)          (*)         (D)
  United Arab Emirates             2          (D)          -4
  Other                            0          (D)          -9
Asia and Pacific               6,807       17,470      18,391
  Australia                    1,523          -45         -21
  China                          105           34          43
  Hong Kong                       -1           28         -33
  India                           15           -5          84
  Japan                        4,659          (D)       9,896
  Korea, Republic of             525          (D)          27
  Malaysia                        -1            7         101
  New Zealand                    (D)            2          -3
  Singapore                       26           -7         (D)
  Taiwan                           1           35         (D)
  Other                          (D)          -10         (D)
Addenda:
  European Union (28) (2)     34,343       68,898         (D)
  OPEC (3)                       -54          -23          21

                                         Manufacturing

                                         Electrical
                            Computers    equipment,     Trans-
                               and       appliances,     por-
                            electronic       and        tation
                             products    components    equipment

      All countries            47,310       110,327     257,135
Canada                           -277        13,500      15,519
Europe (1)                     44,941        55,096     216,243
  Austria                           3           (D)       1,306
  Belgium                         240           (D)       1,876
  Denmark                           3             4      -1,203
  Finland                         (D)           (D)         (D)
  France                          (D)         6,399         (D)
  Germany                       1,083        21,728      10,982
  Ireland                         (D)             0         (D)
  Italy                            32           283         (D)
  Luxembourg                      (D)           607       5,843
  Netherlands                     (D)         2,663      48,485
  Norway                          (D)            15         (D)
  Spain                             2           505         233
  Sweden                          (D)           (D)         368
  Switzerland                     (D)           215      56,067
  United Kingdom                  609        18,010      66,402
  Other                           (D)           743       5,148
Latin America and Other
    Western Hemisphere            327          -111       6,775
  South and Central
      America                     (D)          -445       5,221
    Brazil                        (D)            -1         -28
    Mexico                         -3          -334         717
    Panama                                       16         -22
    Venezuela                     (D)           (D)         (D)
    Other                         (D)           (D)         (D)
  Other Western
      Hemisphere                  (D)           334       1,555
    Bahamas                         0           (*)         (*)
    Bermuda                         0             0         521
    Curacao                         0             1         (D)
    United Kingdom
      Islands, Caribbean          (D)           333         533
    Other                           0             0         (D)
Africa                            (D)           (D)         (D)
  South Africa                    (D)           (D)         (D)
  Other                           (D)           (D)         (D)
Middle East                       (D)           (D)         (D)
  Israel                           -1           (D)          21
  Kuwait                            1             3         (*)
  Lebanon                           0             0           0
  Saudi Arabia                     -2             0         (D)
  United Arab Emirates            (D)           (*)         (D)
  Other                             0             0         (D)
Asia and Pacific                2,337           (D)         (D)
  Australia                         2           -25       1,477
  China                            46           441          15
  Hong Kong                       (*)           (D)         -46
  India                           (D)            32         (D)
  Japan                         1,988        39,256         (D)
  Korea, Republic of              (*)         1,052         382
  Malaysia                         -3             1           7
  New Zealand                      -4           (D)          -2
  Singapore                       (D)           (D)         262
  Taiwan                            6            20         (D)
  Other                           (D)           104          50
Addenda:
  European Union (28) (2)         (D)        54,814     160,223
  OPEC (3)                        (D)           (D)         (D)

                            Manufacturing

                                Other       Wholesale    Information
                            manufacturing     trade

      All countries              328,546       59,870       148,551
Canada                             5,533        8,220           951
Europe (1)                       161,924       43,258       118,479
  Austria                            (D)          (D)             5
  Belgium                         21,659          (D)           (D)
  Denmark                          4,776            2             6
  Finland                          3,698          (*)            -1
  France                          24,404          (D)         6,994
  Germany                         20,090          (D)           (D)
  Ireland                            (D)          -12           (D)
  Italy                            1,936        4,282           170
  Luxembourg                      10,939        2,814           (D)
  Netherlands                     14,697        3,140         9,856
  Norway                             (D)           -1           (*)
  Spain                               53          (D)            26
  Sweden                           6,472          (D)           586
  Switzerland                     10,596        7,527        13,153
  United Kingdom                  24,455          (D)        26,862
  Other                              (D)          (D)           (D)
Latin America and Other
    Western Hemisphere               491        2,223           712
  South and Central
      America                      1,356          289           -80
    Brazil                          -208           -1           -48
    Mexico                         1,297          (D)           -10
    Panama                           (D)            9            -7
    Venezuela                        (D)          (*)             3
    Other                            276          (D)            13
  Other Western
      Hemisphere                    -865        1,933           792
    Bahamas                          (D)            0           (D)
    Bermuda                       -8,244           -1           (D)
    Curacao                          (D)          (D)           (*)
    United Kingdom
      Islands, Caribbean           6,874          (D)           675
    Other                            575          (D)           (D)
Africa                               (D)          (D)           (D)
  South Africa                       (D)          (D)             1
  Other                               89            0           (D)
Middle East                          (D)          (D)           (D)
  Israel                             227          (D)           831
  Kuwait                               0            0           (*)
  Lebanon                            (*)            0             0
  Saudi Arabia                       (D)          (D)             2
  United Arab Emirates               (D)          (*)             1
  Other                              (D)          (D)           (D)
Asia and Pacific                 153,657          (D)        27,140
  Australia                        3,412          (D)           (D)
  China                              -38          -16           125
  Hong Kong                        2,018        (D) 1           (D)
  India                              (D)                         -2
  Japan                          117,916        5,316           (D)
  Korea, Republic of              23,491            2             7
  Malaysia                            50            0            -1
  New Zealand                        511            0             1
  Singapore                        3,590          (D)            59
  Taiwan                           2,072          (D)           (D)
  Other                              (D)           -2             4
Addenda:
  European Union (28) (2)        134,732          (D)           (D)
  OPEC (3)                           (D)          (D)           (D)

                                              Finance
                                              (except
                             Depository     depository
                            institutions   institutions)
                                                and
                                             insurance

      All countries             181,391         364,727
Canada                           38,852          51,605
Europe (1)                      104,011         274,410
  Austria                           (D)               1
  Belgium                           (D)             (D)
  Denmark                             0               2
  Finland                           (D)             (*)
  France                         18,414          40,646
  Germany                        13,613          16,678
  Ireland                           -45           3,775
  Italy                             (D)             (D)
  Luxembourg                          0          37,151
  Netherlands                       (D)          57,372
  Norway                            (D)             (D)
  Spain                          29,998           2,861
  Sweden                            (D)             138
  Switzerland                       (D)          45,636
  United Kingdom                    (D)          66,649
  Other                             529              27
Latin America and Other
    Western Hemisphere            5,082          -3,049
  South and Central
      America                     4,527           1,772
    Brazil                        1,035             829
    Mexico                          998             937
    Panama                          (D)               6
    Venezuela                     1,197               3
    Other                           (D)              -3
  Other Western
      Hemisphere                    555          -4,820
    Bahamas                         (D)              -4
    Bermuda                           0         -16,798
    Curacao                         (D)             (D)
    United Kingdom
      Islands, Caribbean            (D)          11,493
    Other                             4             (D)
Africa                              (D)              -4
  South Africa                        0             -10
  Other                             (D)               6
Middle East                         (D)             317
  Israel                          1,786             (D)
  Kuwait                            (D)             (D)
  Lebanon                             0               0
  Saudi Arabia                      (D)               0
  United Arab Emirates              (D)             (*)
  Other                             (D)             (D)
Asia and Pacific                 31,567          41,447
  Australia                       3,129           3,233
  China                             (D)             (D)
  Hong Kong                         742              -1
  India                           1,336             (D)
  Japan                          19,431          32,336
  Korea, Republic of                752             190
  Malaysia                          (D)               1
  New Zealand                         0               1
  Singapore                         415             (D)
  Taiwan                          1,728             (D)
  Other                             (D)              32
Addenda:
  European Union (28) (2)           (D)         228,664
  OPEC (3)                        1,424             (D)

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

      All countries               50,651     104,233      590,260
Canada                             4,017       2,869       71,929
Europe (1)                        29,714      84,038      390,978
  Austria                             35         (D)           60
  Belgium                            103         (D)        7,317
  Denmark                             18         (D)          (D)
  Finland                            (*)         (D)          (D)
  France                             736       4,186          (D)
  Germany                          9,750         (D)       18,785
  Ireland                             27         (D)        2,279
  Italy                              168         (D)        8,260
  Luxembourg                       1,764         (D)          (D)
  Netherlands                      3,990      24,047          (D)
  Norway                             111         820          (D)
  Spain                              288         161          (D)
  Sweden                             (D)         (D)          (D)
  Switzerland                      1,753         238          (D)
  United Kingdom                   6,519      16,635      153,234
  Other                              (D)          61        4,117
Latin America and Other
    Western Hemisphere             6,942       4,945       63,951
  South and Central
      America                      1,058         -80        9,853
    Brazil                            73         -54          -24
    Mexico                           388          -6          (D)
    Panama                           500           3          374
    Venezuela                         12         (D)          (D)
    Other                             85         (D)          (D)
  Other Western
      Hemisphere                   5,884       5,026       54,098
    Bahamas                          (D)           3          (D)
    Bermuda                           86       3,824          (D)
    Curacao                          969         (D)          740
    United Kingdom
      Islands, Caribbean           4,354         (D)       39,939
    Other                            (D)         -13         -140
Africa                               128         (D)          503
  South Africa                       (*)         (D)          134
  Other                              128          19          369
Middle East                        1,017         (D)        3,790
  Israel                             253         -41          (D)
  Kuwait                             (D)           0          (D)
  Lebanon                             -7         (*)          (D)
  Saudi Arabia                        21         (D)          -39
  United Arab Emirates               (D)         (*)        2,030
  Other                               75         (D)          (D)
Asia and Pacific                   8,832         (D)       59,110
  Australia                          814       1,196          (D)
  China                                5         -26          (D)
  Hong Kong                          186         (D)        1,396
  India                              (*)       2,740          794
  Japan                            7,422       7,385          (D)
  Korea, Republic of                 146          47        3,310
  Malaysia                           (D)           1          369
  New Zealand                         44           8           66
  Singapore                           87         357          (D)
  Taiwan                             (D)          -1          356
  Other                               24           3          (D)
Addenda:
  European Union (28) (2)            (D)      82,941          (D)
  OPEC (3)                           721         -25        3,933

* A nonzero value between -$500,000 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
2012, the euro area direct investment position in the United States
was $1,091,755 million.

(2.) 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.

(3.) 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 preliminary.

Chart 2. Outward Direct Investment Position by
Country of Foreign Affiliate at Yearend 2013

France                           (1.7%)
Brazil                           (1.7%)
Mexico                           (2.2%)
Germany                          (2.5%)
Japan                            (2.6%)
Switzerland                      (2.8%)
Singapore                        (3.3%)
Australia                        (3.4%)
United Kingdom Islands
  Caribbean                      (5.0%)
Ireland                          (5.1%)
Bermuda                          (6.2%)
Canada                           (7.9%)
Luxembourg                       (8.9%)
United Kingdom                  (12.3%)
Netherlands                     (15.5%)
Other                           (18.9%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.

Chart 6. Inward Direct Investment Position by
Country of Each Member of the Foreign Parent
Group at Yearend 2013

Other                  (19.7%)
United Kingdom         (18.8%)
Japan                  (12.4%)
Netherlands             (9.9%)
Canada                  (8.6%)
France                  (8.2%)
Switzerland             (7.6%)
Germany                 (7.6%)
Luxembourg              (7.3%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.