Direct investment positions for 2011: country and industry detail.

Barefoot, Kevin B. ; Ibarra-Caton, Marilyn

IN 2011, the U.S. direct investment abroad historical-cost position grew $364.6 billion, to $4,155.6 billion, and the foreign direct investment in the United States historical-cost position grew $283.4 billion, to $2,547.8 billion (table A and chart 1).

The growth in the outward direct investment position reflected reinvested earnings, which were at the highest level on record, higher net equity investments, and an increase in foreign affiliates' indebtedness to their U.S. parents. The growth in the inward direct investment position reflected reinvested earnings, which were at the highest level on record, and increases in net intercompany debt; while net equity investment contributed the most to the increase in the inward position, it was lower than in 2010. (1) In 2011, while reinvested earnings for both outward and inward direct investment surpassed the levels before the 2008 recession, net equity investments remained below prerecession levels. The increases in reinvested earnings for both positions reflected increases in earnings that exceeded increases in distributed earnings.

This article presents details on U.S. direct investment positions valued at historical cost by type of financial flow. (2) It also presents details for outward investment cross-classified by country of 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. (3) Revisions to previously released statistics are also discussed.

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Highlights of U.S. direct investment abroad include the following:

* The U.S. direct investment abroad historical-cost position increased 10 percent in 2011 after growing 8 percent in 2010. The growth in 2011 was in line with the average annual growth of 10 percent in 2000-2010.

* Reinvested earnings were up 12 percent in 2011 after increasing 41 percent in 2010. The growth in 2011 resulted from relatively modest growth in foreign affiliate earnings; distributed earnings were virtually unchanged. Earnings grew 9 percent in 2011 after increasing 26 percent in 2010; the growth in 2011 reflected the U.S. dollar depreciation against the currencies of major host countries, and the slower growth in earning reflected the slowdown in economic growth in some major host countries. (4)

* Net equity investment grew 27 percent in 2011 as a result of a sharper decline in equity decreases than in increases.

* A shift to intercompany debt outflows also increased the position, while negative valuation adjustments, which were of similar magnitude to those in 2010, decreased the position. (5)

Highlights of foreign direct investment in the United States include the following:

* In 2011, the inward investment position grew 13 percent after average annual growth of 8 percent in 2000-2010.

* Reinvested earnings increased to a record $80.3 billion in 2011 from $59.6 billion in 2010.

* Net intercompany debt investment increased sharply to $53.4 billion in 2011, its highest level since 2006, from $6.7 billion in 2010.

* Net equity investment, at $93.2 billion, was the largest contributor to the increase in the inward position in 2011, as it has been in most years; however, these investments declined and were the lowest since 2005.

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 $4,155.6 billion at the end of 2011. It grew 10 percent, or $364.6 billion, after growing 8 percent in 2010. The higher growth in 2011 was the result of higher reinvested earnings, increased net equity investments, and a shift to outflows in net intercompany debt investment.

Five host countries--the Netherlands, the United Kingdom, Luxembourg, Bermuda, and Canada--accounted for more than half of the total position (table 1.2 and chart 2). For the third consecutive year, the position in the Netherlands was the largest--at $595.1 billion, or 14 percent of the total. Most of the position increase and 77 percent of the position in the Netherlands was accounted for by holding companies, which likely invested the funds in other countries; see the box "Indirect Ownership in the Statistics on U.S. Direct Investment Abroad" The position in the United Kingdom was $549.4 billion, or 13 percent of the total. In 2011, Luxembourg and Bermuda surpassed Canada as the next largest host countries; each country accounted for 8 percent of the total, and the position in Luxembourg was $335.3 billion and the position in Bermuda was $327.2 billion. Holding companies account for significant shares of the positions in Luxembourg and Bermuda.

Changes by component

The $364.6 billion increase in the outward direct investment position resulted from financial outflows of $396.7 billion and valuation adjustments of-$32.0 billion (table B and chart 3).

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Financial flows

Financial outflows for U.S. direct investment abroad were $396.7 billion in 2011, up from $304.4 billion in 2010. Financial flows in 2011 consisted of reinvested earnings of $326.0 billion, net equity investment of $52.4 billion, and net intercompany debt investment outflows of $18.3 billion.

Equity investment. U.S. parents' net equity investment in their foreign affiliates was $52.4 billion in 2011, up from $41.1 billion in 2010. Positive net equity investment in 2011 resulted from equity increases of $96.7 billion, which were partly offset by equity decreases of $44.3 billion. Equity increases were down 20 percent, largely reflecting a slowdown in capital contributions to existing foreign affiliates. Equity increases also reflect the acquisition or establishment of new foreign affiliates, which were $58.2 billion, up from $53.3 billion in 2010. Equity decreases, which reduce the outward position, were down 45 percent from those in 2010, reflecting a drop in liquidations or sales of affiliates as well as in repatriations of capital from foreign affiliates to their U.S. parents.

In 2011, half of the capital contributions to existing foreign affiliates were to affiliates in Europe, primarily in the United Kingdom, Luxembourg, and the Netherlands. By industry, the largest contributions were to affiliates in holding companies and in the finance (except banks) and insurance industry. (6)

Equity increases for the acquisition or establishment of affiliates were largest in three European countries: Luxembourg, Denmark, and Germany. In Luxembourg and in Denmark, the largest increases were in holding companies of U.S. parents in wholesale trade and manufacturing (food and chemicals manufacturing). The increase in Germany was largest in holding companies (primarily of U.S. parents in information) and in manufacturing (concentrated in machinery manufacturing).

In 2011, equity decreases were largest in Asia and Pacific (particularly China) and in Europe (particularly the United Kingdom and the Netherlands). By industry, equity decreases were largest in finance (except banks) and insurance and in banking.

Reinvested earnings. Reinvested earnings--the difference between U.S. parent companies' shares in their foreign affiliates' current-period earnings and the distributions to the parents from the affiliates' current and cumulative retained earnings--increased 12 percent to $326.0 billion, reaching the highest level since the statistics began in 1950. Reinvested earnings accounted for 82 percent of the financial flows and for nearly 90 percent of the increase in the outward position.

The largest reinvested earnings by far were those of affiliates in holding companies; manufacturing (particularly "other manufacturing" and chemicals manufacturing) was a distant second. By region, reinvested earnings were largest in Europe and in Latin America and Other Western Hemisphere, together accounting for nearly three-fourths of the worldwide total. Within Europe, they were largest in the Netherlands, Luxembourg, and Ireland, and within Latin America and Other Western Hemisphere, they were largest in Bermuda and the United Kingdom Islands in the Caribbean.

The growth in reinvested earnings in 2011 resulted from relatively modest growth in foreign affiliate earnings and flat distributed earnings. Foreign affiliate earnings increased 9 percent to $450.6 billion from $415.0 billion after increasing 26 percent in 2010 and decreasing 14 percent in 2009. In 2011, the growth in earnings partly reflected the 4.4 percent depreciation of the U.S. dollar against the currencies of major host countries and a 33 percent increase in crude oil prices, which raised profits for affiliates in integrated oil extraction and refining. (7) Earnings growth was slower in 2011 than in 2010, reflecting a slowdown in economic growth in some major host countries, including Canada, the euro area, Japan, Mexico, and the United Kingdom. (8) The reinvestment ratio--the share of current-year earnings that were reinvested--rose to 72 percent in 2011 from 70 percent in 2010.

By industry, foreign affiliates' earnings were up in all major industries except in finance (except banks) and insurance. The largest increases in earnings were in manufacturing (particularly transportation equipment manufacturing and "other" manufacturing) and in mining.

The largest dollar increases in earnings were in Canada, followed by Asia and Pacific (particularly holding companies in Singapore), and Latin America and Other Western Hemisphere (particularly in Mexico and Bermuda). In Canada, over half of the increase was in manufacturing, and the largest increase was attributable to a shift to profitability in transportation equipment manufacturing.

Intercompany debt investment. In 2011, foreign affiliates increased their indebtedness to their U.S. parents more than U.S. parents increased their indebtedness to their foreign affiliates. As a result, net intercompany debt outflows to foreign affiliates (which increased the outward position) totaled $18.3 billion. In comparison, in 2010, net inflows of $28.5 billion were recorded. By region, transactions with affiliates in Europe (largely accounted for by Luxembourg and the Netherlands) more than accounted for total outflows in 2011. By industry, holding companies more than accounted for the increase in the total debt position.

Valuation adjustments

In 2011, valuation adjustments, at -$32.0 billion, were similar to the 2010 adjustments. Valuation adjustments in 2011 consisted of "other" valuation adjustments of-$20.3 billion and currency-translation adjustments of-$11.8 billion. "Other" valuation adjustments largely reflected differences between affiliates' current sale or purchase price and their book values as well as capital gains. Currency-translation adjustments reflected the change in the U.S. dollar value of investments in foreign affiliates caused by the dollar's strengthening against the currencies of major host countries. (9)

Changes by area and by country

In 2011, 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 56 percent of the increase in the total outward direct investment position. The increase in Latin America and Other Western Hemisphere was also substantial, accounting for 23 percent of the total increase.

Europe. The outward direct investment position increased $204.9 billion in 2011. The largest contributor to the increase was reinvested earnings, which accounted for nearly three-fourths of the increase. By industry, holding companies accounted for three-fifths of the overall increase in the position. By country, the largest dollar increases were attributable to Luxembourg and the Netherlands, which together accounted for over half of the increase in the region. Increases in the United Kingdom and Ireland were also sizable.

The position in Luxembourg increased $63.8 billion. The increase was concentrated in holding companies, in which much of the increase was attributable to reinvested earnings and valuation adjustments. The position in the Netherlands increased $52.5 billion; the increase was largely attributable to an increase in the position of holding companies and to a lesser extent of wholesale trade. In holding companies, the increase was mainly due to reinvested earnings, and in wholesale trade, the increase largely reflected intercompany debt investment.

The position in the United Kingdom increased $34.5 billion and was largely attributable to finance (except banks) and insurance, holding companies, and "other" industries. In finance (except banks) and insurance, the largest contributor to the increase was capital contributions to existing affiliates, followed closely by net intercompany debt investment. In holding companies, over three-fourths of the increase was due to reinvested earnings. In "other industries," the increase largely reflected acquisitions.

The position in Ireland increased $30.7 billion; more than half of the increase was attributable to holding companies, mainly due to reinvested earnings.

Latin America and Other Western Hemisphere. The position rose $83.4 billion in 2011; the increase was mainly due to reinvested earnings. Bermuda, the United Kingdom Islands in the Caribbean, Mexico, and Brazil had the largest dollar increases. In Bermuda and the United Kingdom Islands in the Caribbean, holding companies accounted for most of the increase. In Mexico, the increase was largest in manufacturing (particularly electrical equipment, appliances, and components manufacturing; "other manufacturing;" and transportation equipment manufacturing). In Brazil, four-fifths of the increase was attributable to holding companies, manufacturing (particularly transportation equipment manufacturing and "other manufacturing"), and information.

Asia and Pacific. The position increased $42.6 billion in 2011. The largest increases were in Japan, Australia, and Singapore, which together accounted for 92 percent of the increase for the region. In Japan, the largest increases were in finance (except banks) and insurance and in "other industries." The increase in finance (except banks) and insurance reflected reinvested earnings and valuation adjustments. The increase in "other industries" was mainly due to valuation adjustments. In Australia, the increase was largest in holding companies and was due entirely to intercompany debt investment. In Singapore, the largest increase was in manufacturing, particularly computers and electronic products manufacturing, where the largest contributor to the increase was reinvested earnings.

In contrast, the positions in China and Taiwan decreased. In China, the position decreased $4.3 billion, and the decrease was more than accounted for by a decrease in banks, which reflected equity decreases due to divestment. In Taiwan, the decrease was more than accounted for by finance (except banks) and insurance, mainly because of valuation adjustments.

Canada. The position increased $29.4 billion in 2011, and holding companies accounted for nearly three-fourths of the increase. An increase in manufacturing, mostly due to reinvested earnings, also contributed; the largest increases were in "other" manufacturing, transportation equipment manufacturing, and machinery manufacturing.

Africa. The position increased $3.2 billion. Within Africa, Egypt had the largest increase, which was mainly accounted for by reinvested earnings in mining.

Middle East. The position increased $1.2 billion in 2011 or 3 percent, the smallest percentage increase of any region. An increase in the position of the United Arab Emirates accounted for most of the dollar increase in this region. By industry, the dollar increase in mining (mainly, oil and gas extraction) more than accounted for the total increase that was partly offset by a decrease in holding companies.

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 outstanding loans to, their U.S. affiliates--was $2,547.8 billion at the end of 2011. It grew 13 percent, or $283.4 billion, after growing 9 percent in 2010 and after averaging annual growth of 8 percent in 2000-2010. The stronger growth in 2011 reflected an increase in reinvested earnings, which were at record highs, and a sharp rise in net intercompany debt. In contrast, net equity investment, which was still the largest component, declined.

The United Kingdom remained the largest investing country with a position of $442.2 billion, or 17 percent of the total (table 2.2 and chart 4). Japan was the second largest with a position of $289.5 billion, or 11 percent of the total, and the Netherlands was the third largest with a position of $240.3 billion, or 9 percent. Germany ($215.9 billion), Switzerland ($211.7 billion), Canada ($210.9 billion), and France ($198.7 billion) had the next largest positions, and each accounted for 8 percent of the total. (For an alternative classification of the inward position by country, see the box "Indirect Ownership in the Statistics on Foreign Direct Investment in the United States" on page 27.)

Changes by component

The $283.4 billion increase in the inward direct investment position resulted primarily from financial inflows of $226.9 billion. Valuation adjustments were $56.5 billion (table D and chart 5).

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Financial flows

Direct investment financial flows were $226.9 billion in 2011, up from $197.9 billion in 2010. Financial flows in 2011 consisted of $93.2 billion in net equity investment, $80.3 billion in reinvested earnings, and $53.4 billion in net intercompany debt investment inflows.

Equity investment. In 2011, the change in foreign parents' net equity investment in their U.S. affiliates was $93.2 billion. Net equity investment was the largest component of the position increase in 2011, but it was at its lowest level since 2005, when it was $70.7 billion. In 2011, the change in net equity investment resulted from equity increases of $132.9 billion that were partly offset by equity decreases of $39.7 billion.

By region, Europe accounted for $40.8 billion or 44 percent of the increase in net equity investment in 2011. Within Europe, net equity investment was broadly distributed across countries; the largest increases were in Switzerland, the Netherlands, the United Kingdom, Spain, and France, which together accounted for two-thirds of the total increase from Europe. Asia and Pacific accounted for $18.8 billion or 20 percent of the increase in net equity investment. Within Asia and Pacific, Japan accounted for half of the region's increase.

In 2011, increases in net equity investments were largest in manufacturing, "other industries," finance (except banks) and insurance, and banks, which together accounted for 96 percent of the total. Within manufacturing, increases were largest in chemicals manufacturing. Increases in manufacturing, "other industries" (notably mining), and banks primarily reflected acquisitions, while increases in finance (except banks) and insurance resulted from capital contributions.

Decreases in net equity investment in 2011 primarily reflected a decline in equity increases, which were down 26 percent. By region, the decline was concentrated in Europe and was more than offset by increases in the other major regions. By country, equity increases declined for parents in the Netherlands, reflecting a decline in acquisitions, and for parents in Luxembourg, partly reflecting a decline in capital contributions. By industry, equity increases declined in finance (except banks) and insurance and in manufacturing, primarily in "other" manufacturing.

Equity decreases, which reduce the inward position, were down 18 percent from those in 2010. Equity decreases primarily reflected returns of capital to European parents.

Reinvested earnings. Reinvested earnings, which are the foreign parents' share of U.S. affiliates' current-period earnings less distributions to the parents, added $80.3 billion to the inward direct investment position in 2011. Reinvested earnings were at their highest value since the statistics on reinvested earnings began in 1950. They were largest for affiliates with European parents, accounting for $55.0 billion or about 70 percent of total reinvested earnings in 2011. Affiliates with parents in Asia and Pacific accounted for $13.4 billion, or 17 percent of the total. By country, reinvested earnings were largest for affiliates with parents in the United Kingdom, Germany, Japan, and Canada.

By industry, reinvested earnings were largest for affiliates in manufacturing, accounting for nearly half of the total. The next largest earnings were for affiliates in "other industries" (primarily mining), accounting for 20 percent of the total. Within manufacturing, reinvested earnings were largest in chemicals manufacturing and "other" manufacturing (primarily petroleum-related manufacturing).

Reinvested earnings increased $20.7 billion, or 35 percent, in 2011. By industry, the largest increases were in manufacturing (mostly in chemicals manufacturing), in "other industries" (especially mining), and in information. In contrast, reinvested earnings in finance (except banks) and insurance turned negative in 2011, reflecting a large decline in earnings and a sizable increase in distributed earnings. By region, about half of the increase was in Europe.

The increase in reinvested earnings reflected both increased earnings and a higher reinvestment ratio--the ratio of reinvested earnings to total earnings. The reinvestment ratio increased to 64 percent in 2011 from 52 percent in 2010, as the increase in earnings was more than the increase in distributions to foreign parents. In 2011, U.S. affiliates' earnings increased 10 percent, to $125.8 billion, after rising 55 percent in 2010; the 2011 increase coincided with a 5 percent increase in U.S. corporate profits. (10)

Intercompany debt investment. Borrowing transactions between U.S. affiliates and foreign parent groups increased the direct investment position by $53.4 billion in 2011 after increasing it $6.7 billion in 2010. The 2011 net debt investment increase was the largest since 2006, when it was $59.0 billion. Net debt investment in 2011 resulted from a $43.3 billion increase in U.S. affiliates' intercompany debt obligations to their foreign parent groups combined with a $10.1 billion increase in inflows on U.S. affiliates' intercompany debt claims on members of their foreign parent group.

By industry, net intercompany debt inflows were largest in "other industries" (notably mining) and manufacturing, which combined to account for three-quarters of the net intercompany debt investment. Within manufacturing, the increase was led by chemicals manufacturing and "other" manufacturing (primarily, petroleum-related manufacturing). By major region, 70 percent of net intercompany debt investment originated from Europe, which accounted for about 70 percent of the total, followed by Asia and Pacific, which accounted for about a quarter of the total. By country, the United Kingdom accounted for about half of total net intercompany debt inflows, Luxembourg accounted for almost a third of total inflows, and Australia accounted for about a fifth.

Valuation adjustments

Valuation adjustments accounted for a fifth of the change in the inward direct investment position, increasing the position by $56.5 billion in 2011 after decreasing it $3.0 billion in 2010. Valuation adjustments consist of "other" valuation adjustments, which include capital gains and losses, and currency-translation adjustments. The increase in total valuation adjustments due to "other" valuation adjustments shifted to $57.0 billion in 2011 from -$2.3 billion in 2010. Currency-translation adjustments were -$0.5 billion in 2011, almost unchanged from the amount in 2010. (11)

Changes by area and by country

Foreign direct investors from Europe accounted for 56 percent of the total increase in the inward direct investment position (table E). The next largest increase in the position was from Asia and Pacific, which accounted for 23 percent of the total increase.

Europe. The inward direct investment position increased $159.3 billion in 2011. The largest component of the 2011 increase was reinvested earnings, followed closely by equity and net intercompany debt investments. By country, the United Kingdom, Switzerland, France, Luxembourg, and Germany accounted for the largest dollar increases and for almost 90 percent of the overall increase in the European position. By industry, the largest increases in the European position were in manufacturing (primarily split between chemicals manufacturing and "other" manufacturing, mainly petroleum-related manufacturing), in wholesale trade, and in "other industries" (especially holding companies and mining).

By country, the United Kingdom had the largest increase, $55.0 billion, primarily reflecting net intercompany debt inflows and reinvested earnings. By industry, about 40 percent of the increase from the United Kingdom was in manufacturing, led by petroleum-related manufacturing, while finance (except banks) and insurance accounted for about a fifth of

the increase. The inward position for Switzerland increased $24.5 billion, and the increase was almost entirely accounted for by manufacturing, particularly net intercompany debt inflows in chemicals manufacturing. The inward position for France increased $24.0 billion, primarily reflecting increases in wholesale trade and in finance (except banks) and insurance. The position for Luxembourg increased $22.0 billion; the increase was primarily due to manufacturing, particularly chemicals manufacturing, reflecting a shift to net intercompany debt inflows. The position for Germany increased $15.4 billion; the increase was split between manufacturing (mainly machinery manufacturing), wholesale trade, and finance (except banks) and insurance, and the increase was primarily due to reinvested earnings.

Asia and Pacific. The position increased $64.7 billion and was largely attributable to parents in Japan and Australia. The position for Japan increased $37.4 billion, and the position was largest for banks. The position for Australia increased $17.1 billion; the increase was concentrated in "other industries" particularly in holding companies and mining.

Latin America and Other Western Hemisphere. The position increased $26.1 billion. The increase was primarily driven by net equity investment, primarily acquisitions. The position of parents in the United Kingdom Islands in the Caribbean increased $17.1 billion and was concentrated in "other industries," particularly mining.

Canada. The position increased $22.5 billion. The increase was split between net equity investment (both acquisitions and capital contributions) and reinvested earnings. The majority of the increase was in banks, in finance (except banks) and insurance, and in "other industries."

The Middle East and Africa. The position for the Middle East increased $8.9 billion. The position for Israel had the largest increase, $6.5 billion, which was almost entirely accounted for by net equity investment led by acquisitions in manufacturing. The position for Africa increased $2.0 billion, primarily reflecting net equity investment (notably acquisitions) in "other industries," mostly mining.

Revisions

The statistics on direct investment positions presented in this article for 2011 are preliminary. The revised statistics on the outward and inward positions and related financial flows for 2009-2010 incorporate new survey data collected (1) in BEA's quarterly surveys of transactions between parents and their affiliates and (2) in BEA's annual and benchmark surveys of multinational companies' financial and operating data. (12)

The historical-cost outward direct investment position for 2009 was revised down $28.4 billion to $3,518.7 billion. The downward revision was attributable to a $15.7 billion downward revision to financial outflows and a $12.7 billion downward revision to valuation adjustments. The outward position for 2010 was revised down $117.3 billion to $3,790.9 billion. The revision was the result of the $28.4 billion downward revision to the 2009 position, a $24.5 billion downward revision to 2010 financial outflows, and a $64.4 billion downward revision to the 2010 valuation adjustments.

The historical-cost inward direct investment position for 2009 was revised down $45.1 billion, to $2,069.4 billion. The revision resulted from downward revisions of $9.3 billion to financial inflows and $35.8 billion to valuation adjustments. The inward position for 2010 was revised down $78.4 billion to $2,264.4 billion. The revision was the result of the $45.1 billion downward revision to the 2009 position, and downward revisions of $30.3 billion to financial inflows and $3.0 billion to valuation adjustments.

Key Terms

For a more detailed discussion of the terms in this box, see the methodologies in Foreign Direct Investment in the United States: Final Results From the 2007 Benchmark Survey and U.S. Direct Investment Abroad: Final Results From the 2004 Benchmark Survey. These methodologies are available on BEA's Web site at www.bea.gov.

Direct investment

This is investment in which a resident (in the broad legal sense, including a person or company) of one country obtains a lasting interest in, and a degree of influence over, the management of a business enterprise in another country. In the United States and in the international statistical guidelines, the criterion used to define direct investment is ownership of at least 10 percent of the voting securities of an incorporated business enterprise or the equivalent interest in an unincorporated business enterprise.

U.S. direct investment abroad (outward direct investment) represents the ownership or control, directly or indirectly, by one U.S. resident, the U.S. parent, of at least 10 percent of a foreign business enterprise, which is called a foreign affiliate.

Foreign direct investment in the United States (inward direct investment) represents the ownership or control, directly or indirectly, by one foreign resident, the foreign parent, of at least 10 percent of a U.S. business enterprise, which is called a U.S. affiliate. Foreign direct investment includes equity and net debt investments by the foreign parent, and net debt investment by any other members of the foreign parent group. The foreign parent group consists of (1) the foreign parent, (2) any foreign person (including a company), proceeding up the foreign parent's ownership chain, that owns more than 50 percent of the person below it, up to and including the ultimate beneficial owner (UBO), and (3) any foreign person, proceeding down the ownership chain(s) of each of these members, that is owned more than 50 percent by the person above it.

The UBO of a U.S. affiliate is the first person, proceeding up the affiliate's ownership chain, that is not more than 50 percent owned by another person. The UBO ultimately owns or controls the affiliate and derives the benefits and assumes the risks associated with ownership or control. Unlike the foreign parent, the UBO of a U.S. affiliate may be located in the United States.

Direct investment position

This is the value of direct investors' equity in, and net outstanding loans to, their affiliates. The direct investment position may be viewed as the direct investors' net financial claims on their affiliates. BEA reports statistics on the positions for outward direct investment and for inward direct investment at historical cost, current cost, and market value. This article features the historical-cost measure, which is principally derived from the financial accounting records of affiliates and generally reflects the acquisition cost of the investments, cumulative reinvested earnings, and cumulative depreciation of fixed assets.

Direct investment financial flows result from transactions that change financial claims (assets) and liabilities between U.S. parents and their foreign affiliates or between U.S. affiliates and their foreign parents. Financial outflows result from transactions that increase U.S. assets or decrease U.S. liabilities. Financial inflows result from transactions that decrease U.S. assets or increase U.S. liabilities. Direct investment financial flows consist of equity investment, intercompany debt investment, and reinvested earnings.

Equity investment is the difference between equity increases and decreases. Equity increases result from (1) parents' establishments of new affiliates, (2) payments by parents to unaffiliated parties for the purchase of capital stock or other equity interests when they acquire an existing business, (3) payments to acquire additional ownership interests in their affiliates, and (4) capital contributions to their affiliates. Equity decreases are the funds parents receive when they reduce their equity interests in their affiliates.

Intercompany debt investment results from changes in net outstanding loans between parents (or for inward investment, other foreign parent group members) and their affiliates, including loans by parents to affiliates and loans by affiliates to parents.

Reinvested earnings (without current-cost adjustment) are the parents' share of the current-period operating earnings of their affiliates less distributions of earnings that affiliates make to their parents. In the international transactions accounts, reinvested earnings include a current-cost adjustment that reflects current-period prices. The current-cost adjustment converts depreciation charges to a current-cost, or replacement-cost, basis; it adds charges for depletion of natural resources back to income and reinvested earnings because these charges are not treated as production costs in the national income and product accounts; and it reallocates expenses for mineral exploration and development across periods so that they are written off over their economic lives rather than all at once.

Various valuation adjustments to the historical-cost position are made to account for the differences between changes in the historical-cost positions, which are measured at book value, and direct investment financial flows, which are measured at transaction value. However, unlike the positions on current-cost and market-value bases, the historical-cost position is not usually adjusted to account for changes in the replacement cost of the tangible assets of affiliates or in the market value of parent companies' equity in affiliates.

Valuation adjustments to the historical-cost position consist of currency-translation adjustments and "other" adjustments. Currency-translation adjustments account for changes in the exchange rates used to translate affiliates' foreign-currency-denominated assets and liabilities into U.S. dollars. "Other" valuation adjustments account for (1) differences between the proceeds from the sale or liquidation of affiliates and their book values, (2) differences between the purchase prices of affiliates and their book values, (3) writeoffs resulting from uncompensated expropriations of affiliates, (4) the reclassification of investment positions between direct investment and other investment, and (5) capital gains and losses on transactions, excluding currency-translation adjustments, such as the sale of assets, excluding inventories, or capital gains and losses that represent the revaluation of the assets of ongoing affiliates for reasons other than exchange-rate changes, such as the write-down of assets. In addition, if an affiliate's industry classification changes, offsetting valuation adjustments are made to move the position from the former to the current industry. Offsetting adjustments are also made when the political boundaries of a country changes and results in a change in the country of the affiliate, and for inward direct investment, when transactions between foreign residents result in a change in the country of the foreign parent.

Data Availability

Detailed statistics on the outward direct investment position and related financial and income flows for 1982-2011 and statistics on the inward direct investment position and related financial and income flows for 1980-2011 are available on BEA's Web site. To access these files, go to BEA's Web site at www.bea.gov.

For 2009-2011, the statistics published in this article are currently available on the Web site. More detailed statistics on positions, financial transactions, and related income flows 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 2012 SURVEY OF CURRENT BUSINESS.

Acknowledgments

The statistics on the U.S. direct investment position abroad are based largely on data from BEA's quarterly survey of transactions between U.S. parent companies and their foreign affiliates. The survey was conducted under the supervision of Mark W. New, who was assisted by Iris Branscome, David L. Gray-ton, Marie K. Laddomada, Sherry Lee, Louis C. Luu, Leila C. Morrison, Elizabeth A. Ocalan, and Dwayne Torney. Computer programming for data estimation and tabulation was provided by Marie Colosimo and 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 Jessica M. Hanson, who was assisted by Eric A. Bryda, Peter J. Fox, Edward J. Kozerka, Susan M. LaPorte, 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: 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 I). The 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. The market-value statistics value the equity portion of direct investment using indexes of stock market prices.

The 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, the historical-cost statistics tend to be less than the current-cost and market-value statistics for the same positions. The current-cost statistics are discussed in "The International Investment Position of the United States at Yearend 2011" in this issue.

Table I. Alternative Direct Investment Positions, 2010 and 2011
[Millions of dollars]

 Changes in 2011
 Position
Valuation method at yearend Financial Valuation
 2010 (r) Total flows adjustments

Outward:
 Historical cost 3,790,918 364,633 396,656 -32,021
 Current cost 4,306,843 374,726 419,332 -44,606
 Market value 4,766,730 -266,768 419,332 -686,100
Inward:
 Historical cost 2,264,384 283,444 226,936 56,507
 Current cost 2,597,707 311,083 233,988 77,095
 Market value 3,397,411 111,948 233,988 -122,040

 Position at
Valuation method yearend
 2011 (p)

Outward:
 Historical cost 4,155,551
 Current cost 4,681,569
 Market value 4,499,962
Inward:
 Historical cost 2,547,828
 Current cost 2,908,791
 Market value 3,509,359

(p) Preliminary

(r) Revised

RELATED ARTICLE: Indirect ownership in the statistics on U.S. direct investment abroad.

For the past three decades, the share of direct investment abroad owned indirectly--that is, by U.S. parent companies owning foreign affiliates that in turn own other foreign affiliates--has increased. While affiliates in any industry can own other foreign affiliates, much of this investment is funneled through holding company affiliates. (1) In 2011, foreign affiliates classified as holding companies accounted for 44 percent of the outward direct investment position, while in 1982, holding company affiliates accounted for 9 percent of the outward position (chart A). (2)

One result of the rising use of holding companies is that outward investment statistics on positions and related flows show industry and country patterns that imperfectly reflect where the production and sale of goods and services by foreign affdiates actually occurs. (3)

Data from BEA's surveys of the operations of U.S. parent companies and their foreign affiliates suggest the degree to which indirect ownership structures may affect the country and industry distributions of the outward position data. (4) The statistics on the operations 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 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 production of goods and services by foreign affiliates occurs 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 for differences in the patterns of investment by country or by industry between the position statistics and the operations statistics. According to the operations statistics, in 2009, three-fourths of foreign affiliates' equity investment in other foreign affiliates was by holding companies, but holdings by affiliates in finance (except banks) and insurance and manufacturing were also sizable. Other factors include the fact that the operations statistics, unlike the position statistics, are adjusted neither for percentage of U.S. ownership nor for duplication in some measures of affiliate operations--such as assets and earnings--when affiliates hold equity or debt positions in one another. 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 2009 (the latest year for which detailed operations statistics are available) illustrates the differences in distribution between the position statistics and the operations statistics. For example, in 2009, manufacturing's share of the outward position, 14 percent, was similar to its 11 percent share of the assets but was much less than its 36 percent share of the PP&E of foreign affiliates. Examining the statistics by country, the Netherlands' share of the outward position was 14 percent, compared with its 8 percent share of assets and its 2 percent share of PP&E. (5)

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.

[GRAPHIC A OMITTED]

(1.) A holding company's primary activity is holding the securities or financial assets of other companies.

(2.) In 2010, the share was 43 percent. Beginning in 2005, the percent share--at 32 percent--has increased each year. The share in 2005 was significantly less than that in 2004 primarily because of large earnings distributions and the resulting negative reinvested earnings in 2005 associated with the American Jobs Creation Act of 2004, and the largest distributions by far were from holding companies, especially those with parents in chemicals manufacturing.

(3.) 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, which may differ from the industries and countries of the affiliates whose operations the parents ultimately own or control. This convention follows international statistical guidelines in the Balance of Payments and International Investment Position Manual, 6th ed. (Washington, DC: International 1Monetary Fund, 2009).

(4.) Besides chain-of-ownership information, data collected on the operations survey also include sales, employment, and research and development.

(5.) The statistics used to derive the shares of the assets and the PP&E cover only those foreign affiliates that are majority owned by U.S. direct investors.

RELATED ARTICLE: Indirect ownership in the statistics on foreign direct investment in the United States.

Foreign multinational companies (MNCs) may own their U.S. affiliates indirectly through ownership chains that extend across multiple foreign countries. The inward direct investment position statistics 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). (1) 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. The UBO ultimately owns or controls the U.S. affiliate (see the box "Key Terms"). BEA also presents the inward position classified by country of UBO for major regions and selected countries. (2)

For most affiliates, the country of the UBO is also the country of the foreign parent. Of the U.S. affiliates required to report in 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 those classified by country of foreign parent (see table II).

For some foreign parent 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 UBO 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. (3) 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 reorganize their ownership structure. (4)

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. (5)

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

(2.) 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; for example, see table 16 on page 136 in the September 2011 SURVEY OF CURRENT BUSINESS. This September, preliminary statistics for 2011 and revised statistics for 2009 and 2010 will be published, Table 16 will also be available in early August on BEA's Web site.

(3.) 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.

(4.) Such reorganizations are sometimes referred to as "corporate inversions." The U.S. corporation forms a new corporation in a foreign country and simukaneously inverts its ownership structure so that the U.S. corporation is now a U.S. affiliate of a foreign corporation.

(5.) For more information, see Robert Lipsey, "Foreign Direct Investment in the United States: Changes Over Three Decades;' in Foreign Direct Investment, ed. Kenneth A. Froot (Chicago: University of Chicago Press, 1993): 138.

Table II. Historical-Cost Foreign Direct Investment Position by
Country of Foreign-Parent-Group-Member and the UB0, 2011 (1)
[Billions of dollars]

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

All countries 2,547.8 2,547.8

 Canada 210.9 244.6

 Europe 1,811.9 1,607.1
 Of which:
 France 198.7 202.0
 Germany 215.9 265.4
 Ireland 25.01 98.1
 Luxembourg 190.4 17.8
 Netherlands 240.3 132.5
 Switzerland 211.7 126.1
 United Kingdom 442.2 527.8

 Latin America and Other Western 85.7 119.0
 Hemisphere
 Of which:
 Bermuda 1.4 51.3
 Mexico 13.8 27.9
 United Kingdom Islands, Caribbean 53.5 2.4

 Africa 4.3 4.8

 Middle East 25.41 61.6

 Asia and Pacific 409.7 438.9
 Of which:
 Japan 289.5 293.8

(1.) The ultimate beneficial owner (U80) 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.

(1.) The measure of direct investment financial flows used in this article differs from the measure of direct investment financial flows used in the international transactions accounts because the reinvested earnings component of financial flows included here excludes a current-cost adjustment. In this article, "financial flows" is shorthand for "financial flows without current-cost adjustment" and "reinvested earnings" is shorthand for "reinvested earnings without current-cost adjustment."

(2.) The statistics presented in this article are on a historical-cost basis because that is the only basis for which detailed statistics by country and industry are available (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, which are maintained according to U.S. Generally Accepted Accounting Principles (U.S. GAAP). For a discussion on U.S. GAAP, 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.

(3.) In this article, "outward direct investment" and "outward" are shorthand for "U.S. direct investment abroad" Likewise, "inward direct investment" and "inward" are shorthand for "foreign direct investment in the United States." See the Box "Key Terms" for more information. The outward direct investment position and related financial flow statistics are classified by country of the foreign affiliate with which the U.S. parent has direct transactions and positions. The inward direct investment position and related financial flow 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.

(4.) The foreign currency price index of the U.S. dollar weighted by the outward investment position decreased an average of 4.4 percent during 2011. Annual flows, such as earnings, measured in foreign currency increased when converted to U.S. dollars because the foreign currency buys more U.S. dollars.

(5.) Outflows are financing from a U.S. parent to its foreign affiliates or from a U.S. affiliate to its foreign parent group. Inflows are financing from a foreign affiliate to its U.S. parent or from a foreign parent group to its U.S. affiliates.

(6.) In this article, "banks" refer to "depository institutions," which is the industry title that appears in the tables.

(7.) The "composite refiner acquisition cost of crude oil" is from "Table 1. Crude Oil Prices," Petroleum Marketing Monthly (Washington, DC: Energy Information Administration).

(8.) See Principal Global Indicators on the Web site of the International Monetary Fund at www.principalglobalindicators.org.

(9.) In contrast, to the 4.4 percent average depreciation of the dollar during 2011 the foreign currency price index of the U.S. dollar weighted by the outward investment position appreciated 1.8 percent from yearend 2010 to yearend 2011. This appreciation means that when the dollar appreciates yearend to yearend the value of the foreign affiliates' assets and liabilities on their balance sheet are generally converted into fewer U.S. dollars at yearend.

(10.) The measure of U.S. corporate profits is after tax and excludes inventory valuation and capital consumption adjustments, like the measure of affiliates' earnings (see line 45 of table 1.12 of the national income and product accounts).

(11.) Currency-translation adjustments are smaller for inward investment than outward investment because many U.S. affiliates maintain their accounting records in U.S. dollars.

(12.) For the 2011 published statistics, see Barefoot and Ibarra-Caton.

Table A. Direct Investment Positions
on a Historical-Cost Basis. 1982-2011

 Percent change
 Billions of dollars from preceding year

 Outward Inward Outward Inward
Yearend 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 3,518.7 (r) 2,069.4 (r) 8.9 1.1
2010 3,790.9 (r) 2,264.4 (r) 7.7 9.4
2011 4,155.6 (p) 2,547.8 (p) 9.6 12.5

(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
intercompany debt 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]

 2010 2011

Total 272.3 364.6
 Financial flows without current-cost adjustment 304.4 396.7
 Equity 41.1 52.4
 Increases 121.1 96.7
 Decreases 80.0 44.3
 Intercompany debt -28.5 18.3
 Reinvested earnings without current-cost 291.8 326.0
 adjustment
 Valuation adjustments -32.2 -32.0
 Currency translation. 14.5 -11.8
 Other -46.7 -20.3

Table C. Change in the Outward Direct Investment Position on a
Historical-Cost Basis by Country of Foreign Affiliate, 2011

 Change

 Billions of Percent
 dollars

All countries 364.6 10

 Canada 29.4 10

 Europe 204.9 10
 Of which:
 Luxembourg 63.8 23
 Netherlands 52.5 10
 United Kingdom 34.5 7
 Ireland 30.7 19
 Germany 6.7 7
 Gibraltar 6.0 23
 Belgium 4.4 9
 Spain 3.8 7
 Denmark 3.7 35

 Latin America and Other Western Hemisphere 83.4 11
 Of which:
 Bermuda 30.1 10
 United Kingdom Islands, Caribbean 16.7 10
 Mexico 7.1 8
 Brazil 6.9 11
 Barbados 4.4 68
 Chile 3.7 12
 Bahamas 3.4 12

 Africa 3.2 6
 Of which:
 Egypt 2.4 19

 Middle East 1.2 3

 Asia and Pacific 42.6 8
 Of which:
 Japan 13.9 14
 Australia 12.8 10
 Singapore 12.3 12
 Korea, Republic of 4.8 18
 Hong Kong 4.3 9
 China -4.3 -7
 Taiwan -6.0 -27

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

 2010 2011

Total 194.9 283.4
 Financial flows without current-cost adjustment 197.9 226.9
 Equity 131.6 93.2
 Increases 180.1 132.9
 Decreases -48.5 -39.7
 Intercompany debt 6.7 53.4
 Reinvested earnings without current-cost 59.6 80.3
 adjustment
 Valuation adjustments -3.0 56.5
 Currency translation -0.6 -0.5
 Other -2.3 57.0

Table E. Change in the Inward Direct Investment Position on a
Historical-Cost Basis by Country of Each Member of the
Foreign Parent Group, 2011

 Change

 Billions of Percent
 dollars

All countries 283.4 13

 Canada 22.5 12

 Europe 159.3 10
 Of which
 United Kingdom 55.0 14
 Switzerland 24.5 13
 France 24.0 14
 Luxembourg 22.0 13
 Germany 15.4 8
 Belgium 11.1 15
 Italy 3.1 16
 Spain 2.7 6
 Sweden 2.4 6
 Ireland -1.0 -4
 Netherlands -4.2 -2
 Latin America and Other Western Hemisphere 26.1 44
 Of which:
 United Kingdom Islands, Caribbean 17.1 47
 Brazil 3.7 266

 Africa 2.0 89

 Middle East 8.9 54

 Asia and Pacific 64.7 19
 Of which:
 Japan 37.41 15
 Australia 17.11 44

Table 1.1. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2010
[Millions of dollars]

 All Manufacturing
 industries Mining
 Total Food

 All countries 3,790,918 171,576 533,063 48,553

Canada 289,535 24,614 61,677 5,851

Europe (1) 2,102,834 26,587 260,614 26,459
 Austria 18,951 1 3,323 -10
 Belgium 48,496 37 25,620 1,437
 Czech Republic 4,886 0 2,162 (D)
 Denmark 10,381 162 3,609 (D)
 Finland 1,379 0 845 (D)
 France 91,487 52 24,578 (D)
 Germany 100,185 81 27,310 545
 Greece 1,798 -7 1,115 28
 Hungary 4,540 (D) 1,518 184
 Ireland 157,565 -12 24,611 295
 Italy 25,465 111 8,085 353
 Luxembourg 271,518 (D) 7,043 0
 Netherlands 542,656 3,582 34,681 1,035
 Norway 28,773 4,909 3,974 (D)
 Poland 13,502 0 3,866 1,735
 Portugal 2,909 1 512 1
 Russia 8,347 1,306 3,811 3,457
 Spain 54,839 82 14,350 1,029
 Sweden 24,865 0 3,764 83
 Switzerland 127,817 (D) 17,828 73
 Turkey 4,041 6 1,699 39
 United Kingdom 514,887 5,374 44,973 6,634
 Other 43,547 7,512 1,338 555

Latin America and Other
 Western Hemisphere 747,784 49,914 77,588 6,349
 South America 131,355 36,720 43,936 2,748
 Argentina 11,241 4,171 3,269 85
 Brazil 64,165 5,174 30,056 1,242
 Chile 30,507 (D) 3,208 42
 Colombia 6,424 (D) 1,978 253
 Ecuador 1,199 206 202 43
 Peru 6,364 4,088 513 (D)
 Venezuela 9,716 586 4,219 1,040
 Other 1,739 486 492 (D)
 Central America 96,287 5,021 29,198 3,472
 Costa Rica 1,456 (*) 735 54
 Honduras 999 0 637 5
 Mexico 84,288 4,878 26,686 3,246
 Panama 5,562 164 243 41
 Other 3,982 -21 897 126
 Other Western
 Hemisphere 520,142 8,173 4,454 129
 Barbados 6,471 8 59 39
 Bermuda 297,096 91 (D) 0
 Dominican Republic 1,289 0 903 59
 United Kingdom
 Islands, Caribbean 164,097 (D) 522 10
 Other 51,189 (D) (D) 21

Africa 53,412 30,231 3,608 237
 Egypt 12,224 (D) (D) (D)
 Nigeria 4,974 3,648 (D) 19
 South Africa 6,465 360 2,384 110
 Other 29,749 (D) 965 (D)

Middle East 34,739 6,880 12,393 181
 Israel 9,337 0 6,764 180
 Saudi Arabia 7,861 (D) 339 2
 United Arab Emirates 4,663 896 (D) (*)
 Other 12,877 (D) (D) 0

Asia and Pacific 562,613 33,350 117,183 9,474
 Australia 123,492 18.049 16,796 3,656
 China 58,509 3,594 24,184 3,021
 Hong Kong 48,219 (*) 3,846 240
 India 24,822 (D) 3,776 42
 Indonesia 10,604 5,256 769 -9
 Japan 102,597 (*) 20,327 290
 Korea, Republic of 26,954 4 10,052 (D)
 Malaysia 12,030 (D) 5,574 (D)
 New Zealand 6,203 86 1,395 (D)
 Philippines 5,382 30 2,739 (D)
 Singapore 104,309 (D) 16,936 -2
 Taiwan 21,783 (*) 4,376 (D)
 Thailand 10,505 116 6,046 375
 Other 7,204 (D) 366 (D)

Addenda:
 European Union (27) (2) 1,895,229 13,027 233,375 22,366
 OPEC (3) 51,494 16,963 10,165 1,115

 Manufacturing

 Primary
 and
 Chemi- fabricated
 cats metals Machinery

 All countries 116,653 17,240 42,560

Canada 9,227 3,710 4,045

Europe (1) 70,540 7,841 24,518
 Austria 271 (D) 159
 Belgium 14,734 332 569
 Czech Republic 142 223 329
 Denmark 44 4 348
 Finland 45 26 (D)
 France 2,422 1,931 1,694
 Germany 4,516 1,930 3,272
 Greece (D) 0 1
 Hungary 123 -1 (D)
 Ireland 15,590 99 374
 Italy 765 459 1,523
 Luxembourg (D) 1 (D)
 Netherlands 7,980 573 2,136
 Norway 92 8 3,503
 Poland 739 451 59
 Portugal 135 -10 (D)
 Russia 56 (*) 122
 Spain 5,906 25 211
 Sweden 394 99 649
 Switzerland 8,469 35 1,876
 Turkey 462 (*) 270
 United Kingdom 7,226 1,866 5,219
 Other 302 (D) 44

Latin America and Other
 Western Hemisphere 16,187 2,001 4,947
 South America 11,092 607 3,326
 Argentina 1,485 1 (D)
 Brazil 6,997 501 3,130
 Chile 883 -1 16
 Colombia 400 24 2
 Ecuador (D) 1 1
 Peru 128 (D) (D)
 Venezuela 1,100 24 25
 Other (D) (D) (D)
 Central America 4,987 681 1,614
 Costa Rica 139 0 0
 Honduras (D) 0 (*)
 Mexico 4,573 688 1,609
 Panama 172 4 0
 Other (D) -11 5
 Other Western
 Hemisphere 108 713 7
 Barbados 11 9 (*)
 Bermuda -33 (*) 7
 Dominican Republic 24 52 0
 United Kingdom
 Islands, Caribbean 2 -43 0
 Other 104 695 0

Africa 774 137 464
 Egypt -3 8 141
 Nigeria 35 -5 (D)
 South Africa 660 97 (D)
 Other 82 37 (D)

Middle East 1,101 112 617
 Israel 771 (D) 188
 Saudi Arabia (D) (D) (D)
 United Arab Emirates (D) (D) 338
 Other 9 3 (D)

Asia and Pacific 18,823 3,438 7,968
 Australia 2,998 666 1,191
 China 5,110 1,124 1,123
 Hong Kong 286 91 112
 India 982 (D) 893
 Indonesia 468 12 56
 Japan 2,716 482 1,785
 Korea, Republic of 1,091 (D) 103
 Malaysia 906 (D) 425
 New Zealand 133 48 19
 Philippines 737 2 31
 Singapore 751 193 1,741
 Taiwan 1,136 (D) 275
 Thailand 1,453 278 212
 Other 57 (D) 1

Addenda:
 European Union (27) (2) 61,416 8,245 18,742
 OPEC (3) 1,497 153 (D)

 Manufacturing

 Electrical
 Computers equipment, Trans-
 and appliances, portation
 electronic and equip-
 products components ment

 All countries 79,599 20,403 51,629

Canada 5,581 1,944 4,980

Europe (1) 27,446 13,387 21,398
 Austria (D) 365 785
 Belgium 747 79 54
 Czech Republic -10 -3 525
 Denmark (D) 76 2
 Finland 147 18 (D)
 France 912 56 1,130
 Germany 5,279 122 5,176
 Greece 2 0 0
 Hungary 92 8 403
 Ireland 3,899 -246 37
 Italy 1,166 -32 560
 Luxembourg -133 (*) (D)
 Netherlands 3,601 (D) 121
 Norway 58 4 -7
 Poland 176 -2 262
 Portugal 63 14 146
 Russia 39 5 38
 Spain 1,825 144 3,196
 Sweden 1,260 256 37
 Switzerland 1,134 1,235 435
 Turkey 7 1 214
 United Kingdom 4,208 (D) 7,812
 Other 58 58 244

Latin America and Other
 Western Hemisphere 3,984 1,692 15,031
 South America (D) 111 (D)
 Argentina (D) (D) 547
 Brazil (D) 3 (D)
 Chile 67 (*) 43
 Colombia 1 -2 (D)
 Ecuador 3 0 (D)
 Peru 1 0 0
 Venezuela (D) (D) 824
 Other 2 0 (D)
 Central America -141 1,581 (D)
 Costa Rica 218 145 0
 Honduras 0 0 (D)
 Mexico -507 1,432 (D)
 Panama (8) 0 0
 Other 148 4 -5
 Other Western
 Hemisphere (D) (*) (D)
 Barbados (D) 0 (D)
 Bermuda (D) 0 (D)
 Dominican Republic -31 0 0
 United Kingdom
 Islands, Caribbean 88 (*) 0
 Other (*) 0 0

Africa 147 (*) 744
 Egypt -17 4 39
 Nigeria -14 0 0
 South Africa 76 -5 641
 Other 102 0 64

Middle East 4,717 42 75
 Israel 4,734 33 (D)
 Saudi Arabia 4 0 (D)
 United Arab Emirates -22 9 0
 Other 0 0 0

Asia and Pacific 37,724 3,338 9,402
 Australia 975 455 1,291
 China 6,638 327 2,597
 Hong Kong 2,053 281 27
 India 548 104 600
 Indonesia 8 (D) -105
 Japan 4,026 1,760 1,635
 Korea, Republic of 2,693 (D) 1,207
 Malaysia 3,587 20 114
 New Zealand 107 (D) 11
 Philippines 1,130 14 3
 Singapore 12,136 254 1,131
 Taiwan 2,335 -19 73
 Thailand 1,500 5 678
 Other -13 0 139

Addenda:
 European Union (27) (2) 26,206 12,143 20,676
 OPEC (3) (D) (D) 920

 Manufacturing

 Other Wholesale
 manufacturing trade Information

 All countries 156,426 168,884 119,707

Canada 26,339 21,332 8,378

Europe (1) 69,023 71,081 69,940
 Austria 303 849 6
 Belgium 7,669 8,266 -593
 Czech Republic (D) 236 221
 Denmark (D) 1,064 941
 Finland 149 122 137
 France (D) 5,977 2,264
 Germany 6,470 8,433 4,625
 Greece (D) 369 -21
 Hungary (D) 697 123
 Ireland 4,562 -1,950 15,228
 Italy 3,292 2,340 2,978
 Luxembourg 5,861 -149 5,958
 Netherlands (D) 9,944 6,839
 Norway (D) 367 1,623
 Poland 447 2,188 434
 Portugal (D) 553 123
 Russia 92 468 99
 Spain 2,015 3,218 1,171
 Sweden 986 413 1,136
 Switzerland 4,571 14,207 4,242
 Turkey 704 794 76
 United Kingdom (D) 11,046 22,154
 Other (D) 1,629 176

Latin America and Other
 Western Hemisphere 27,395 30,304 10,847
 South America (D) 5,334 6,518
 Argentina (D) 677 1,218
 Brazil (D) 2,524 4,446
 Chile 2,159 711 349
 Colombia (D) 411 -59
 Ecuador 71 90 2
 Peru (D) 458 169
 Venezuela 801 216 136
 Other (D) 246 257
 Central America (D) 2,189 2,021
 Costa Rica 179 5 19
 Honduras (D) 112 (*)
 Mexico (D) 1,774 2,022
 Panama 25 91 -4
 Other (D) 206 -15
 Other Western
 Hemisphere (D) 22,781 2,308
 Barbados 0 4,816 -6
 Bermuda (D) (D) 1,194
 Dominican Republic 798 49 (D)
 United Kingdom
 Islands, Caribbean 464 (D) (D)
 Other (D) (D) (D)

Africa 1,104 1,300 221
 Egypt (D) (D) (D)
 Nigeria 2 (D) (D)
 South Africa (D) 833 193
 Other (D) (D) 27

Middle East 5,548 1,739 1,019
 Israel 819 506 (D)
 Saudi Arabia -3 191 6
 United Arab Emirates (D) 1,027 (D)
 Other (D) 16 2

Asia and Pacific 27,016 43,128 29,303
 Australia 5,564 5,743 13,068
 China 4,245 3,898 2,695
 Hong Kong 754 8,803 1,369
 India (D) (D) 3,447
 Indonesia (D) 20 24
 Japan 7,632 7,870 5,768
 Korea, Republic of 3,547 1,467 382
 Malaysia (D) 385 122
 New Zealand 473 492 216
 Philippines (D) 324 50
 Singapore 733 (D) 1,918
 Taiwan 408 3,254 223
 Thailand 1,545 847 20
 Other 65 192 1

Addenda:
 European Union (27) (2) 63,580 54,395 63,876
 OPEC (3) (D) 1,929 (D)

 Finance Pro-
 (except fessional,
 depository scientific,
 institutions) and
 Depository and technical
 institutions insurance services

 All countries 119,804 738,516 83,450

Canada 5,779 56,637 6,892

Europe (1) 69,362 362,777 51,095
 Austria (D) 240 619
 Belgium 861 9,234 731
 Czech Republic (D) (D) 56
 Denmark (D) 362 464
 Finland 0 37 112
 France 8,482 14,236 3,570
 Germany 48 17,083 5,040
 Greece -178 306 32
 Hungary (D) 116 23
 Ireland (D) 10,198 8,166
 Italy 181 3,107 1,371
 Luxembourg (D) 45,764 (D)
 Netherlands (D) 43,110 6,676
 Norway (D) 558 435
 Poland (D) 1,883 281
 Portugal 0 633 203
 Russia 1,820 136 409
 Spain 2,222 4,121 594
 Sweden (D) (D) 892
 Switzerland 6,176 (D) 1,544
 Turkey (D) 89 33
 United Kingdom 14,338 190,014 19,517
 Other (D) 1,275 (D)

Latin America and Other
 Western Hemisphere 4,465 193,173 2,115
 South America 5,979 17,958 2,132
 Argentina (D) 1,092 91
 Brazil (D) 10,510 1,169
 Chile (D) 4,606 (D)
 Colombia (D) 532 (D)
 Ecuador (D) (D) (*)
 Peru (D) 204 75
 Venezuela (D) 954 380
 Other 76 (D) (D)
 Central America 2,183 13,521 -468
 Costa Rica 18 (D) 150
 Honduras (D) (D) (*)
 Mexico 1,413 10,514 -619
 Panama 81 501 -6
 Other (D) 1,988 6
 Other Western
 Hemisphere -3,697 161,693 451
 Barbados 0 -2,233 4
 Bermuda 184 85,849 -3
 Dominican Republic (D) 1 1
 United Kingdom
 Islands, Caribbean -2,237 65,618 497
 Other (D) 12,458 -48

Africa 2,122 7,280 806
 Egypt (D) (D) (D)
 Nigeria (D) (D) (D)
 South Africa (D) (D) 704
 Other 593 (D) 101

Middle East 382 464 1,207
 Israel (D) -7 391
 Saudi Arabia 0 -56 (D)
 United Arab Emirates (D) 89 (D)
 Other (D) 439 250

Asia and Pacific 37,695 118,185 21,335
 Australia -234 28,662 5,315
 China 13,400 1,894 1,003
 Hong Kong 1,428 6,128 3,244
 India (D) 3,872 6,203
 Indonesia (D) 377 153
 Japan 4,263 48,429 2,410
 Korea, Republic of (D) 4,785 472
 Malaysia 430 589 263
 New Zealand (D) 1,119 412
 Philippines (D) -7 434
 Singapore 344 11,829 764
 Taiwan (D) 10,016 382
 Thailand 1,854 499 278
 Other 478 -9 2

Addenda:
 European Union (27) (2) 57,861 354,121 48,636
 OPEC (3) (D) 2,274 1,175

 Holding Other
 companies Indus-
 (nonbank) tries

 All countries 1,615,434 240,484

Canada 67,681 36,545

Europe (1) 1,059,175 132,204
 Austria (D) 790
 Belgium 1,329 3,011
 Czech Republic (*) 112
 Denmark (D) (D)
 Finland (D) (D)
 France 16,762 15,568
 Germany 30,638 6,926
 Greece (D) (D)
 Hungary -143 138
 Ireland 72,564 (D)
 Italy 861 6,431
 Luxembourg 200,668 4,109
 Netherlands 420,721 (D)
 Norway (D) (D)
 Poland -6 (D)
 Portugal 72 814
 Russia (D) (D)
 Spain 25,943 3,138
 Sweden 3,192 (D)
 Switzerland 64,177 (D)
 Turkey (D) 219
 United Kingdom 167,007 40,466
 Other 27,247 (D)

Latin America and Other
 Western Hemisphere 347,087 32,293
 South America 9,698 3,082
 Argentina -354 (D)
 Brazil 6,485 (D)
 Chile (D) (D)
 Colombia (D) 112
 Ecuador (D) (D)
 Peru (D) 154
 Venezuela 2,302 (D)
 Other 1 (D)
 Central America 31,383 11,239
 Costa Rica 641 (D)
 Honduras -3 -4
 Mexico 27,914 9,706
 Panama 2,823 1,669
 Other 8 (D)
 Other Western
 Hemisphere 306,006 17,972
 Barbados 1,968 1,854
 Bermuda 193,077 (D)
 Dominican Republic (*) 91
 United Kingdom
 Islands, Caribbean 79,095 (D)
 Other 31,866 (D)

Africa 6,252 1,593
 Egypt (D) (D)
 Nigeria (D) 48
 South Africa 465 (D)
 Other 5,237 (D)

Middle East 9,691 964
 Israel 493 (D)
 Saudi Arabia 6,242 (D)
 United Arab Emirates (D) 329
 Other (D) 133

Asia and Pacific 125,548 36,885

 Australia 23,707 12,386
 China 4,141 3,698
 Hong Kong 20,590 2,811
 India 259 -90
 Indonesia 2,423 (D)
 Japan 7,718 5,812
 Korea, Republic of 390 (D)
 Malaysia 439 (D)
 New Zealand (D) (D)
 Philippines (D) 390
 Singapore (D) 1,205
 Taiwan 86 (D)
 Thailand (D) (D)
 Other -40 (D)

Addenda:
 European Union (27) (2) 953,283 116,655
 OPEC (3) 15,106 (D)

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

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

(1.) In 2010, the Euro area includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovakia, Slovenia and Spain. For 2010, the
U.S. direct investment position in the Euro area was $1,320,269
million.

(2.) The European Union (27) comprises Austria, Belgium, Bulgaria,
Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungry Ireland, Italy, Latvia, Lithuania, Luxembourg,
Malta, the Netherlands, Poland, Portugal, Romania, Slovakia,
Slovenia, pain, Sweden, and the United Kingdom

(3.) OPEC is the Organization of Petroleum Exporting Countries. In
2010, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2010 are revised.

Table 1.2. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2010
[Millions of dollars]

 All Manufacturing
 industries Mining
 Total Food

 All countries 4,155,551 188,003 588,736 52,873

Canada 318,964 22,887 73,758 7,258

Europe (1) 2,307,697 29,311 277,365 27,671
 Austria 20,852 1 3,581 -6
 Belgium 52,888 62 26,388 1,589
 Czech Republic 5,261 0 2,465 733
 Denmark 14,034 (D) 3,996 (D)
 Finland 1,504 0 1,012 (D)
 France 89,293 50 25,564 8,219
 Germany 106,887 165 31,131 604
 Greece 1,252 -8 1,006 31
 Hungary 3,263 (D) 558 218
 Ireland 188,274 22 25,275 350
 Italy 25,338 178 8,173 (D)
 Luxembourg 335,279 2,554 9,670 0
 Netherlands 595,139 3,638 37,443 698
 Norway 28,462 6,028 4,505 (D)
 Poland 12,327 (D) 3,339 1,722
 Portugal 2,879 1 573 1
 Russia 9,733 1,493 3,456 2,825
 Spain 58,619 105 14,694 1,119
 Sweden 26,953 0 6,011 110
 Switzerland 124,964 254 21,907 92
 Turkey 5,203 4 2,105 34
 United Kingdom 549,399 6,316 42,542 7,885
 Other 49,894 (D) 1,969 538

Latin America and Other
 Western Hemisphere 831,151 56,262 87,634 7,155
 South America 148,386 39,285 48,555 3,140
 Argentina 13,309 1,762 3,968 177
 Brazil 71,101 5,784 31,848 1,460
 Chile 34,187 (D) 3,724 45
 Colombia 6,874 2,799 1,902 215
 Ecuador 1,201 272 231 50
 Peru 7,753 (D) 515 (D)
 Venezuela 12,110 333 5,843 1,145
 Other 1,851 507 525 (D)
 Central America 103,752 6,526 33,292 3,872
 Costa Rica 1,542 (*) 874 56
 Honduras 930 0 (D) 9
 Mexico 91,402 6,346 30,400 3,618
 Panama 5,692 201 (D) 54
 Other 4,184 -21 1,144 135
 Other Western
 Hemisphere 579,014 10,451 5,786 143
 Barbados 10,889 8 62 42
 Bermuda 327,185 90 2,497 0
 Dominican Republic 1,710 0 1,083 61
 United Kingdom
 Islands, Caribbean 180,761 4,474 670 (D)
 Other 58,468 5,878 1,474 (D)

Africa 56,632 33,347 3,593 310
 Egypt 14,581 (D) (D) (D)
 Nigeria 4,994 3,715 (D) 19
 South Africa 6,546 412 2,398 141
 Other 30,511 (D) 980 (D)

Middle East 35,905 8,805 12,558 201
 Israel 9,562 1 7,313 199
 Saudi Arabia 8,659 598 362 2
 United Arab Emirates 5,785 1,736 (D) (*)
 Other 11,900 6,471 (D) 0

Asia and Pacific 605,202 37,391 133,828 10,277
 Australia 136,249? 20,585 17,338 3,715
 China 54,234 2,846 26,710 3,495
 Hong Kong 52,542 (*) 4,845 254
 India 24,663 (D) 3,639 51
 Indonesia 11,591 6,435 904 9
 Japan 116,533 1 23,312 361
 Korea, Republic of 31,751 (D) 12,676 (D)
 Malaysia 13,903 4,417 6,245 (D)
 New Zealand 6,741 (D) 1,551 (D)
 Philippines 5,321 28 3,034 (D)
 Singapore 116,616 827 21,447 3
 Taiwan 15,803 (*) 5,454 (D)
 Thailand 11,308 144 6,340 241
 Other 7,946 (D) 335 47

Addenda: 2,094,413 14,723 245,138 24,133
 European Union (27) (2) 54,400 17,795 11,441 1,227
 OPEC (3) 51,494 16,963 10,165 1,115

 Manufacturing

 Primary
 and
 Chemi- fabricated
 cals metals Machinery

 All countries 132,123 19,505 49,105

Canada 10,733 4,452 6,036

Europe (1) 80,239 8,683 26,970
 Austria 291 (D) 145
 Belgium 15,779 465 682
 Czech Republic 153 233 319
 Denmark 57 18 446
 Finland -3 31 (D)
 France 3,356 2,033 1,968
 Germany 5,015 1,930 4,562
 Greece (D) 0 1
 Hungary (D) (*) (D)
 Ireland 15,757 113 485
 Italy 833 517 1,429
 Luxembourg (D) -7 (D)
 Netherlands 10,116 726 2,516
 Norway 80 (D) 4,020
 Poland 584 54 80
 Portugal 150 -15 (D)
 Russia 120 15 161
 Spain 6,616 113 208
 Sweden 416 110 697
 Switzerland 11,423 -2 2,191
 Turkey 459 1 284
 United Kingdom 6,912 2,246 5,562
 Other (D) -35 54

Latin America and Other
 Western Hemisphere 17,032 2,206 5,684
 South America 11,470 624 3,889
 Argentina 1,846 1 (D)
 Brazil 6,445 500 3,611
 Chile 1,010 -1 16
 Colombia 393 29 (D)
 Ecuador 42 1 (D)
 Peru 152 (D) 4
 Venezuela 1,513 25 94
 Other 68 (D) (D)
 Central America 5,399 832 1,787
 Costa Rica 157 0 0
 Honduras (D) 0 (*)
 Mexico 4,977 839 1,781
 Panama 165 4 0
 Other (D) -11 6
 Other Western
 Hemisphere 163 750 8
 Barbados 11 9 (*)
 Bermuda 33 (*) 7
 Dominican Republic (D) 52 0
 United Kingdom
 Islands, Caribbean 2 -43 0
 Other (D) 733 0

Africa 929 134 515
 Egypt 15 8 (D)
 Nigeria 40 -5 (D)
 South Africa 731 100 302
 Other 143 31 7

Middle East 1,372 132 440
 Israel 930 (D) (D)
 Saudi Arabia 197 (D) (D)
 United Arab Emirates 239 66 254
 Other 7 (D) 9

Asia and Pacific 21,819 3,897 9,460
 Australia 3,698 766 1,500
 China 5,767 1,323 1,551
 Hong Kong 368 122 23
 India 642 (D) 940
 Indonesia 567 (D) 49
 Japan 3,570 496 2,041
 Korea, Republic of 1,155 317 276
 Malaysia 718 (D) 709
 New Zealand 151 54 12
 Philippines 798 2 41
 Singapore 1,398 205 1,866
 Taiwan 1,376 (D) 196
 Thailand 1,555 339 255
 Other 57 (D) 1

Addenda: 68,097 8,808 20,311
 European Union (27) (2) 2,032 154 512
 OPEC (3) 1,497 153 (D)

 Manufacturing

 Electrical
 Computers equipment, Trans-
 and appliances, portation
 electronic and equip-
 products components ment

 All countries 86,155 22,104 60,782

Canada 6,817 2,088 7,176

Europe (1) 28,627 12,691 24,378
 Austria 1,521 363 808
 Belgium 790 98 26
 Czech Republic -33 5 755
 Denmark 1,591 89 2
 Finland 128 17 103
 France 1,185 66 1,150
 Germany 5,698 324 5,764
 Greece 2 0 0
 Hungary 109 -4 308
 Ireland 3,749 -271 70
 Italy 1,526 -56 (D)
 Luxembourg -230 -9 171
 Netherlands 2,887 10,072 158
 Norway (D) 27 (D)
 Poland 189 -2 421
 Portugal 56 14 213
 Russia 63 6 2
 Spain 1,978 184 3,235
 Sweden 1,403 284 309
 Switzerland 1,603 313 512
 Turkey 47 1 (D)
 United Kingdom 4,046 1,103 8,915
 Other (D) 69 (D)

Latin America and Other
 Western Hemisphere 3,432 3,746 17,410
 South America 2,383 239 9,394
 Argentina (D) (D) 709
 Brazil 2,106 110 6,875
 Chile 65 (*) 45
 Colombia 5 14 (D)
 Ecuador 3 0 (D)
 Peru 1 0 0
 Venezuela (D) (D) (D)
 Other 2 0 (D)
 Central America -1,540 3,502 8,013
 Costa Rica 270 194 0
 Honduras (*) 0 103
 Mexico -1,971 3,304 7,914
 Panama (*) 0 0
 Other 161 5 -5
 Other Western
 Hemisphere 2,589 5 4
 Barbados (*) 0 (*)
 Bermuda 2,427 5 4
 Dominican Republic (D) 0 0
 United Kingdom
 Islands, Caribbean (D) (*) 0
 Other (*) 0 0

Africa 52 2 542
 Egypt -105 3 47
 Nigeria -14 0 0
 South Africa 70 -3 398
 Other 100 2 97

Middle East 4,985 48 88
 Israel 5,049 39 26
 Saudi Arabia (D) 0 62
 United Arab Emirates (D) 9 0
 Other 0 0 0

Asia and Pacific 42,242 3,528 11,187
 Australia 776 451 1,167
 China 5,740 224 3,550
 Hong Kong 2,883 298 (*)
 India 504 178 654
 Indonesia 8 (D) -124
 Japan 3,965 1,931 1,689
 Korea, Republic of 3,271 29 1,522
 Malaysia 4,023 (D) 197
 New Zealand 122 79 10
 Philippines 1,314 -3 3
 Singapore 14,858 297 1,587
 Taiwan 3,112 -9 97
 Thailand 1,747 16 683
 Other -83 0 151

Addenda: 26,783 12,345 23,431
 European Union (27) (2) 99 (D) (D)
 OPEC (3) (D) (D) 920

 Manufacturing

 Other Wholesale
 manufacturing trade Information

 All countries 166,088 193,767 127,170

Canada 29,196 20,713 8,330

Europe (1) 68,106 86,691 73,449
 Austria (D) 852 -45
 Belgium 6,960 9,496 -407
 Czech Republic 300 208 202
 Denmark (D) 996 1,072
 Finland 373 108 133
 France 7,588 6,337 1,811
 Germany 7,235 8,208 3,815
 Greece (D) 237 -57
 Hungary (D) 755 183
 Ireland 5,022 -3,148 19,549
 Italy (D) 2,157 3,006
 Luxembourg 6,961 -143 5,764
 Netherlands 10,271 21,705 7,044
 Norway -2 379 1,485
 Poland 291 2,251 178
 Portugal (D) 493 141
 Russia 265 656 105
 Spain 1,242 3,290 679
 Sweden 2,681 662 1,182
 Switzerland 5,775 14,866 5,714
 Turkey (D) 1,240 61
 United Kingdom 5,872 13,380 21,452
 Other 450 1,706 380

Latin America and Other
 Western Hemisphere 30,969 35,634 12,630
 South America 17,417 6,148 8,235
 Argentina (D) 817 1,297
 Brazil 10,742 2,929 5,715
 Chile 2,545 749 439
 Colombia (D) 448 -64
 Ecuador (D) 95 2
 Peru 211 421 (D)
 Venezuela 1,254 419 324
 Other (D) 270 (D)
 Central America 11,427 2,893 2,220
 Costa Rica 197 -19 23
 Honduras (D) 99 (*)
 Mexico 9,938 2,375 2,220
 Panama (D) 206 -3
 Other (D) 233 -19
 Other Western
 Hemisphere 2,125 26,593 2,175
 Barbados 0 (D) -11
 Bermuda 21 2,127 1,130
 Dominican Republic 978 223 2
 United Kingdom
 Islands, Caribbean (D) (D) (D)
 Other (D) (D) (D)

Africa 1,108 1,215 255
 Egypt (D) (D) (D)
 Nigeria -7 (D) 1
 South Africa 658 819 198
 Other (D) (D) (D)

Middle East 5,291 2,230 874
 Israel (D) 463 700
 Saudi Arabia -1 (D) (D)
 United Arab Emirates (D) 1,585 (D)
 Other (D) (D) (D)

Asia and Pacific 31,418 47,283 31,633
 Australia 5,264 6,237 13,114
 China 5,060 4,819 3,018
 Hong Kong 897 9,772 1,899
 India (D) 2,681 3,704
 Indonesia 343 15 46
 Japan 9,258 7,205 6,218
 Korea, Republic of (D) 1,741 560
 Malaysia (D) 655 150
 New Zealand (D) 540 206
 Philippines (D) 345 7
 Singapore 1,233 8,397 2,462
 Taiwan 499 3,521 222
 Thailand 1,505 1,144 27
 Other (D) 210 1

Addenda: 61,231 68,635 66,038
 European Union (27) (2) (D) 2,598 523
 OPEC (3) (D) 1,929 (D)

 Finance Pro-
 (except fessional,
 depository scientific,
 institutions) and
 Depository and technical
 institutions insurance services

 All countries 107,913 777,152 90,109

Canada 5,933 54,884 6,880

Europe (1) 66,803 384,585 55,237
 Austria 1,320 543 705
 Belgium 810 11,328 1,150
 Czech Republic (D) (D) 67
 Denmark (D) 359 425
 Finland 0 42 26
 France 7,152 14,107 4,049
 Germany 238 16,244 6,711
 Greece -212 61 15
 Hungary (D) 122 23
 Ireland (D) 12,467 8,846
 Italy 282 3,005 1,443
 Luxembourg (D) 47,553 59
 Netherlands (D) 44,232 5,871
 Norway (D) 561 461
 Poland (D) 1,493 378
 Portugal 0 567 222
 Russia 2,124 204 627
 Spain 2,069 3,871 442
 Sweden (D) (D) 975
 Switzerland 5,410 7,689 1,929
 Turkey (D) (D) 20
 United Kingdom 13,373 206,228 20,691
 Other (D) 978 102

Latin America and Other
 Western Hemisphere 4,147 208,562 2,850
 South America 6,335 17,449 2,525
 Argentina (D) 1,090 121
 Brazil (D) 10,513 1,265
 Chile (D) 3,925 420
 Colombia 603 630 157
 Ecuador (D) (D) (*)
 Peru (D) 141 137
 Venezuela (D) 1,100 383
 Other 49 (D) 41
 Central America 1,894 14,318 -157
 Costa Rica (D) (D) 155
 Honduras (D) (D) (*)
 Mexico 1,124 11,328 -317
 Panama (D) 559 -2
 Other 581 (D) 6
 Other Western
 Hemisphere -4,081 176,795 483
 Barbados 0 1,469 4
 Bermuda 188 92,203 4
 Dominican Republic (D) 1 1
 United Kingdom
 Islands, Caribbean -2,847 69,173 547
 Other (D) 13,948 -73

Africa 2,259 7,456 968
 Egypt (D) (D) (D)
 Nigeria (D) (D) 1
 South Africa (D) 104 839
 Other 924 7,183 (D)

Middle East 320 504 1,308
 Israel (D) -27 296
 Saudi Arabia (D) -51 350
 United Arab Emirates (D) 148 190
 Other -346 434 473

Asia and Pacific 28,451 121,161 22,866
 Australia 286 30,187 6,242
 China 2,980 2,482 1,338
 Hong Kong 1,711 6,062 1,838
 India (D) 3,713 6,899
 Indonesia (D) 546 205
 Japan 4,426 54,511 2,856
 Korea, Republic of (D) 5,686 978
 Malaysia 486 516 301
 New Zealand (D) 1,114 460
 Philippines (D) -20 451
 Singapore 354 13,710 561
 Taiwan (D) 2,222 425
 Thailand 2,008 415 325
 Other 519 17 -13

Addenda: 55,732 374,780 52,166
 European Union (27) (2) (D) 2,507 1,375
 OPEC (3) (D) 2,274 1,175

 Holding Other
 companies Indus-
 (nonbank) tries

 All countries 1,809,073 273,629

Canada 89,406 36,174

Europe (1) 1,181,910 152,346
 Austria 13,079 816
 Belgium 1,133 2,928
 Czech Republic (*) 128
 Denmark (D) (D)
 Finland (D) (D)
 France 15,327 14,896
 Germany 32,014 8,360
 Greece (D) (D)
 Hungary -238 213
 Ireland 89,453 (D)
 Italy 870 6,222
 Luxembourg 258,290 (D)
 Netherlands 457,831 (D)
 Norway (D) (D)
 Poland (D) (D)
 Portugal 99 783
 Russia 4 1,065
 Spain 30,653 2,816
 Sweden 3,516 (D)
 Switzerland 50,947 16,248
 Turkey (D) 174
 United Kingdom 177,159 48,259
 Other 33,310 (D)

Latin America and Other
 Western Hemisphere 387,199 36,232
 South America 15,812 4,042
 Argentina 3,008 (D)
 Brazil 9,023 (D)
 Chile (D) (D)
 Colombia 300 97
 Ecuador (*) (D)
 Peru (D) 136
 Venezuela 2,445 (D)
 Other 1 (D)
 Central America 31,098 11,667
 Costa Rica (D) -544
 Honduras -4 (D)
 Mexico 27,707 10,221
 Panama (D) (D)
 Other 9 (D)
 Other Western
 Hemisphere 340,289 20,523
 Barbados 1,700 (D)
 Bermuda 214,591 14,355
 Dominican Republic (*) (D)
 United Kingdom
 Islands, Caribbean 88,013 (D)
 Other 35,984 (D)

Africa 6,070 1,469
 Egypt (D) (D)
 Nigeria (D) 29
 South Africa 525 (D)
 Other (D) (D)

Middle East 8,648 658
 Israel 383 (D)
 Saudi Arabia 6,972 (D)
 United Arab Emirates (D) -7
 Other (D) 37

Asia and Pacific 135,839 46,750
 Australia 29,105 13,155
 China 4,848 5,193
 Hong Kong 22,981 3,434
 India 309 (D)
 Indonesia 2,193 (D)
 Japan 7,912 10,093
 Korea, Republic of 623 (D)
 Malaysia (D) (D)
 New Zealand 1,103 (D)
 Philippines 717 (D)
 Singapore 65,315 3,543
 Taiwan 42 (D)
 Thailand (D) (D)
 Other -40 (D)

Addenda: 1,084,695 132,508
 European Union (27) (2) 14,541 (D)
 OPEC (3) 15,106 (D)

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

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

(1.) In 2011, the Euro area includes Austria, Belgium, Cyprus,
Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Malta, the Netherlands, Portugal, Slovakia, Slovenia and Spain. For
2011, the U.S. direct investment position in the Euro area was
$1,481,348 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
2011, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2011 are preliminary

Table 2.1. Foreign Direct Investment Position in the United States on
a Historical-Cost Basis, 2010
[Millions of dollars]

 All Manufacturing
 industries
 Total Food Chemicals

 All countries 2,264,385 751,768 40,608 155,493

Canada 188,350 29,317 1,220 5,404

Europe (1) 1,652,599 611,060 35,697 128,876
 Austria 4,532 2,115 79 95
 Belgium 74,888 (D) (D) 9,494
 Denmark 6,895 2,488 649 1,769
 Finland 4,949 2,256 (D) (D)
 France 174,698 56,069 1,920 18,101
 Germany 200,565 58,775 209 22,867
 Ireland 25,975 12,591 1,443 2,268
 Italy 19,881 7,469 (D) 715
 Luxembourg 168,426 55,974 426 -1,005
 Netherlands 244,524 102,102 3,409 16,542
 Norway 10,538 (D) 0 (D)
 Spain 42,023 4,846 (D) 722
 Sweden 39,940 29,876 (D) (D)
 Switzerland 187,170 86,012 17,727 -7,714
 United Kingdom 387,163 118,033 (D) 44,797
 Other 60,434 (D) (D) (D)

Latin America and Other
 Western Hemisphere 59,638 4,185 1,129 (D)
 South and Central 17,940 4,937 (D) 591
 America 1,378 -975 (D) (D)
 Brazil 11,267 2,937 (D) 381
 Mexico 952 90 -1 (D)
 Panama 2,890 (D) (D) -20
 Other 1,452 (D) 17 (D)
 Other Western
 Hemisphere 41,698 -752 (D) (D)
 Bahamas 127 21 (D) (D)
 Bermuda 1,959 -3,426 2 (D)
 Netherlands Antilles 2,405 (D) 1 8
 United Kingdom
 Islands, Caribbean 36,437 2,150 (D) (D)
 Other 770 (D) (D) (D)

Africa 2,265 252 -1 -17
 South Africa 700 (D) -1 -14
 Other 1,566 (D) 0 -3

Middle East 16,452 3,809 87 (D)
 Israel 8,538 4,035 87 (D)
 Kuwait 347 4 0 0
 Lebanon (D) -1 0 0
 Saudi Arabia (D) (D) 0 (D)
 United Arab Emirates 597 -71 0 (D)
 Other (D) (D) 0 (*)

Asia and Pacific 345,080 103,145 2,478 17,343
 Australia 38,770 5,409 (D) (D)
 China 3,245 -123 -13 -232
 Hong Kong 4,378 1,892 -2 (D)
 India 4,110 527 (D) 247
 Japan 252,077 76,458 1,766 15,549
 Korea, Republic of 14,821 1,968 526 (D)
 Malaysia 338 -82 (*) -2
 New Zealand 584 20 6 -4
 Singapore 20,946 (D) -1 -107
 Taiwan 4,541 (D) -2 (D)
 Other 1,269 -7 (*) -21

Addenda:
 European Union (27) (2) 1,444,090 519,402 17,938 135,768
 OPEC (3) 10,901 1,997 (D) -13

 Manufacturing

 Primary Computers
 and and
 fabricated electronic
 metals Machinery products

 All countries 41,918 74,264 64,059


Canada 1,669 161 2,278

Europe (1) 33,697 69,248 43,121
 Austria 439 353 (D)
 Belgium 4,582 1,714 24
 Denmark -88 1,501 (D)
 Finland -7 1,421 42
 France 1,415 3,049 5,713
 Germany 2,129 9,386 1,299
 Ireland (D) (D) (D)
 Italy 261 373 (D)
 Luxembourg 3,803 21,707 984
 Netherlands 911 (D) 15,618
 Norway (D) (D) (D)
 Spain (D) 559 14
 Sweden 1,172 3,841 10
 Switzerland (D) 1,566 (D)
 United Kingdom 5,912 2,215 2,838
 Other 7,347 (D) 54

Latin America and Other
 Western Hemisphere 989 -26 -2,614
 South and Central (D) (D) (D)
 America 70 -61 (D)
 Brazil 526 -22 -42
 Mexico (D) -2 (*)
 Panama -4 1 (D)
 Other 9 (D) (D)
 Other Western
 Hemisphere (D) (D) (D)
 Bahamas (D) 0 (*)
 Bermuda (D) (D) (D)
 Netherlands Antilles 0 (*) 1
 United Kingdom
 Islands, Caribbean (D) (D) (D)
 Other 0 0 4

Africa (D) (D) (*)
 South Africa 0 (D) (*)
 Other (D) (*) 0

Middle East (D) (D) 470
 Israel (D) (*) (D)
 Kuwait 0 0 (D)
 Lebanon 0 0 -1
 Saudi Arabia (D) (D) 8
 United Arab Emirates (*) 3 (D)
 Other 0 (D) (D)

Asia and Pacific 5,545 (D) 20,804
 Australia 1,338 179 -24
 China -2 13 5
 Hong Kong -7 (D) (D)
 India 16 9 27
 Japan 3,696 4,563 5,080
 Korea, Republic of 607 (D) (D)
 Malaysia (D) (D) -12
 New Zealand (D) (D) -7
 Singapore 6 -11 (D)
 Taiwan 1 (D) 266
 Other (D) -4 17

Addenda:
 European Union (27) (2) 25,846 67,637 31,565
 OPEC (3) -29 -6 20

 Manufacturing

 Electrical
 equipment, Trans-
 appliances, portation
 and equip- Other
 components ment manufacturing

 All countries 20,297 89,970 265,158

Canada -195 9,642 9,139

Europe (1) 19,068 44,976 236,378
 Austria (D) (D) 1,062
 Belgium 60 (D) (D)
 Denmark -1 (*) (D)
 Finland (D) 2 541
 France 5,921 3,222 16,728
 Germany 871 17,341 4,673
 Ireland 2 0 (D)
 Italy 172 (D) 1,259
 Luxembourg (D) (D) (D)
 Netherlands (D) 1,879 43,613
 Norway (D) (D) (D)
 Spain -6 238 855
 Sweden (D) 2,999 1,827
 Switzerland (D) 218 56,404
 United Kingdom (D) 17,556 39,782
 Other (D) 282 4,288

Latin America and Other
 Western Hemisphere (D) -367 4,645
 South and Central (D) -390 3,386
 America -4 28 28
 Brazil (D) (D) (D)
 Mexico (*) (D) (D)
 Panama 3 (D) (D)
 Other (D) -20 (D)
 Other Western
 Hemisphere (D) 23 1,258
 Bahamas 0 1 (D)
 Bermuda 0 0 (D)
 Netherlands Antilles 0 1 (D)
 United Kingdom
 Islands, Caribbean (D) 21 774
 Other 0 0 64

Africa (D) (D) (D)
 South Africa (D) (D) (D)
 Other -1 0 (D)

Middle East -30 (D) (D)
 Israel -1 (D) 15
 Kuwait (D) 3 0
 Lebanon 0 0 0
 Saudi Arabia (D) 0 (D)
 United Arab Emirates (D) -1 -21
 Other 0 0 -3

Asia and Pacific 1,517 (D) 14,790
 Australia (D) (D) 3,674
 China 35 129 -58
 Hong Kong 0 1 63
 India (D) (D) 34
 Japan 1,245 34,518 10,040
 Korea, Republic of -8 (D) 136
 Malaysia (D) 2 (D)
 New Zealand 0 -3 -1
 Singapore (D) 457 (D)
 Taiwan (D) 25 (D)
 Other (D) 87 (D)

Addenda:
 European Union (27) (2) 14,105 44,719 181,823
 OPEC (3) (D) (D) (D)

 Wholesale Retail
 trade trade Information

 All countries 270,748 47,255 144,214

Canada 7,161 3,876 993

Europe (1) 128,827 36,970 131,260
 Austria 418 (D) -2
 Belgium 12,626 7,776 -7
 Denmark 2,548 1 3
 Finland 1,590 (*) (*)
 France 21,011 (D) 17,854
 Germany 18,940 3,268 48,420
 Ireland 1,149 -16 (D)
 Italy 1,190 2,695 (D)
 Luxembourg 5,073 (D) 14,307
 Netherlands 24,907 1,546 7,844
 Norway 4,781 0 346
 Spain 21 (D) 122
 Sweden 4,313 (D) 484
 Switzerland 11,556 (D) (D)
 United Kingdom 17,471 3,409 24,033
 Other 1,233 (D) (D)

Latin America and Other
 Western Hemisphere 7,049 1,786 747
 South and Central 2,543 198 -220
 America i (D) (D) (D)
 Brazil 1,002 (D) (D)
 Mexico -39 9 (D)
 Panama -3 -3 (D)
 Other (D) -3 (D)
 Other Western
 Hemisphere 4,506 1,588 967
 Bahamas (D) (D) (D)
 Bermuda 378 (D) 246
 Netherlands Antilles 278 (D) (*)
 United Kingdom
 Islands, Caribbean 3,444 1,679 929
 Other (D) (D) (D)

Africa 535 (D) (D)
 South Africa (D) (D) (D)
 Other (D) 0 -9

Middle East 5,459 (D) (D)
 Israel 486 (D) (D)
 Kuwait (D) 0 (*)
 Lebanon (*) 0 0
 Saudi Arabia (D) (D) 2
 United Arab Emirates (D) (*) (D)
 Other (D) 2 (D)

Asia and Pacific 121,716 4,574 10,580
 Australia 49 (D) (D)
 China 865 -12 91
 Hong Kong 1,514 1 -3
 India (D) (D) (D)
 Japan 102,756 4,322 10,306
 Korea, Republic of 12,398 1 5
 Malaysia 57 (*) (*)
 New Zealand (D) 0 (D)
 Singapore 949 (D) 30
 Taiwan 972 61 47
 Other 765 (*) (D)

Addenda:
 European Union (27) (2) 111,599 31,973 120,611
 OPEC (3) (D) (D) 8

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

 All countries 114,765 346,449 44,919

Canada 25,049 57,238 2,342

Europe (1) 63,917 280,544 22,631
 Austria (D) 2 (D)
 Belgium (D) 1,539 (D)
 Denmark 0 1 15
 Finland (D) 0 (*)
 France 7,462 21,450 510
 Germany 10,768 38,968 7,909
 Ireland 307 5,693 (D)
 Italy (D) (D) 120
 Luxembourg 0 42,381 1,857
 Netherlands (D) 47,826 2,755
 Norway (D) (D) 146
 Spain 27,547 2,437 292
 Sweden (D) 142 828
 Switzerland (D) 43,707 773
 United Kingdom (D) 74,953 4,489
 Other 369 29 (D)

Latin America and Other
 Western Hemisphere 4,130 -17,330 8,203
 South and Central 3,307 547 1,162
 America (D) (D) (D)
 Brazil (D) 210 501
 Mexico (D) (D) 497
 Panama 670 2 12
 Other (D) (D) (D)
 Other Western
 Hemisphere 823 -17,877 7,042
 Bahamas (D) -4 (D)
 Bermuda 0 -19,628 65
 Netherlands Antilles (D) (D) (D)
 United Kingdom
 Islands, Caribbean 123 1,693 5,619
 Other (D) (D) (D)

Africa (D) -7 1491
 South Africa 0 -8 (*)
 Other (D) 1 149

Middle East (D) 335 660
 Israel 1,538 (D) 399
 Kuwait (D) (D) (D)
 Lebanon 0 0 (D)
 Saudi Arabia (D) 0 21
 United Arab Emirates (D) -1 -41
 Other -40 (D) (D)

Asia and Pacific 20,209 25,669 10,932
 Australia 2,592 3,288 4,097
 China 545 (D) (D)
 Hong Kong 501 (D) 18
 India 647 (*) (*)
 Japan 13,965 19,235 6,236
 Korea, Republic of 83 (D) (D)
 Malaysia (D) 0 (D)
 New Zealand 0 (D) (D)
 Singapore 338 (D) 170
 Taiwan 1,326 -113 (D)
 Other (D) 36 25

Addenda:
 European Union (27) (2) 76,460 236,748 21,552
 OPEC (3) 871 (D) 251

 Pro-
 fessional,
 scientific,
 and Other
 technical Indus-
 services tries

 All countries 80,418 463,849

Canada 2,309 60,066

Europe (1) 50,713 326,676
 Austria -2 58
 Belgium 34 4,154
 Denmark 144 1,694
 Finland (D) 911
 France 4,840 (D)
 Germany -45 13,561
 Ireland 228 (D)
 Italy (D) (D)
 Luxembourg (D) 47,047
 Netherlands (D) 22,518
 Norway (D) 3,479
 Spain (D) 6,591
 Sweden (D) 1,068
 Switzerland 438 42,740
 United Kingdom (D) 112,601
 Other 719 26,204

Latin America and Other
 Western Hemisphere (D) (D)
 South and Central 280 5,186
 America -64 31
 Brazil (D) 5,475
 Mexico 3 320
 Panama (D) 4
 Other 203 -643
 Other Western
 Hemisphere (D) (D)
 Bahamas 4 (D)
 Bermuda (D) (D)
 Netherlands Antilles (D) 770
 United Kingdom
 Islands, Caribbean 541 20,260
 Other -74 -25

Africa (D) 1,433
 South Africa (D) (D)
 Other 36 (D)

Middle East (D) 3,611
 Israel 199 867
 Kuwait 0 (D)
 Lebanon (D) (D)
 Saudi Arabia -2 (D)
 United Arab Emirates (D) 742
 Other (*) (D)

Asia and Pacific (D) (D)
 Australia 690 21,879
 China 22 1,806
 Hong Kong (D) 240
 India 1,783 (D)
 Japan 6,862 11,938
 Korea, Republic of (D) 96
 Malaysia (D) 321
 New Zealand -2 (D)
 Singapore 394 (D)
 Taiwan (D) (D)
 Other (D) 198

Addenda:
 European Union (27) (2) 49,371 276,374
 OPEC (3) (D) 2,724

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

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

(1.) In 2010, the Euro area includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For 2010,
the Euro area direct investment position in the United States was
$963,729 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
2010, Its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2010 are revised.

Table 2.2. Foreign Direct Investment Position in the United States on
a Historical-Cost Basis, 2011
[Millions of dollars]

 All Manufacturing
 industries
 Total Food Chemicals

 All countries 2,547,828 838,340 42,905 201,671

Canada 210,864 32,259 1,524 7,562

Europe (1) 1,811,875 676,127 35,632 164,403
 Austria 4,781 2,262 (D) 108
 Belgium 86,021 50,273 (D) 10,980
 Denmark 7,854 2,183 671 1,327
 Finland 5,511 2,169 (D) (D)
 France 198,741 60,201 1,737 20,874
 Germany 215,938 64,042 222 20,291
 Ireland 24,974 11,762 (D) 3,054
 Italy 23,021 7,517 350 848
 Luxembourg 190,380 69,203 1,372 6,401
 Netherlands 240,306 100,894 2,876 21,861
 Norway 18,056 1,867 0 (D)
 Spain 44,750 5,865 (D) 1,799
 Sweden 42,313 29,557 (D) (D)
 Switzerland 211,700 106,038 16,133 16,574
 United Kingdom 442,179 139,862 5,584 39,383
 Other 55,349 22,432 4,322 (D)

Latin America and Other
 Western Hemisphere 85,695 (D) 2,880 (D)
 South and Central America 25,010 (D) (D) (D)
 Brazil 5,038 -130 21 -101
 Mexico 13,763 3,424 (D) (D)
 Panama 1,098 166 0 (D)
 Venezuela 3,784 (D) -5 -23
 Other 1,327 (D) 6 169
 Other Western Hemisphere 60,686 503 (D) 656
 Bahamas 473 16 (D) 6
 Bermuda 1,406 -2,834 2 (D)
 Curacao 3,736 475 1 4
 United Kingdom
 Islands, Caribbean 53,493 2,568 (D) 751
 Other 1,578 278 -3 (D)

Africa 4,281 (D) -2 -12
 South Africa 932 (D) -2 -8
 Other 3,349 (D) (*) -5

Middle East 25,363 (D) 92 (D)
 Israel 15,007 (D) 92 (D)
 Kuwait (D) 4 0 0
 Lebanon (D) -1 0 0
 Saudi Arabia (D) -72 0 (D)
 United Arab Emirates 1,371 (D) 0 (D)
 Other 1,851 (D) 0 0

Asia and Pacific 409,749 111,889 2,779 18,734
 Australia 55,862 5,242 (D) 19
 China 3,815 -266 -16 -224
 Hong Kong 4,854 2,242 -1 (D)
 India 4,888 512 (D) 202
 Japan 289,490 82,667 1,984 16,974
 Korea, Republic of 18,421 3,060 508 129
 Malaysia 646 79 -1 (D)
 New Zealand 1,660 249 11 4
 Singapore 23,528 16,105 (D) -57
 Taiwan 5,180 2,059 0 (D)
 Other 1,406 -60 (D) (D)

Addenda:
 European Union (27) (2) 1,573,371 563,151 19,467 146,675
 OPEC (3) 14,407 (D) -5 -17

 Manufacturing

 Primary Computers
 and and
 fabricated electronic
 metals Machinery products

 All countries 44,205 74,332 65,443

Canada 656 337 2,213

Europe (1) 35,950 68,592 43,259
 Austria 474 343 -2
 Belgium 4,640 (D) 16
 Denmark -84 1,524 (D)
 Finland (D) 1,529 (D)
 France (D) 3,823 6,385
 Germany 2,190 16,190 1,371
 Ireland (D) -57 (D)
 Italy 275 (D) (D)
 Luxembourg 5,193 20,856 901
 Netherlands 316 12,836 13,056
 Norway (D) (D) (D)
 Spain (D) 536 12
 Sweden 1,499 4,020 14
 Switzerland 1,557 1,952 (D)
 United Kingdom 7,731 2,393 4,428
 Other 7,401 (D) 51

Latin America and Other
 Western Hemisphere 1,116 (D) (D)
 South and Central America 732 (D) (D)
 Brazil 54 -94 (D)
 Mexico 651 -87 (D)
 Panama 24 -1 (*)
 Venezuela -3 -7 (D)
 Other 5 (D) (D)
 Other Western Hemisphere 384 -14 (D)
 Bahamas (D) 0 (*)
 Bermuda (D) -155 (D)
 Curacao 0 (*) 1
 United Kingdom
 Islands, Caribbean (D) 141 590
 Other -1 0 5

Africa (D) -2 -1
 South Africa (*) (D) 1
 Other (D) (D) -1

Middle East (D) (D) (D)
 Israel (D) (*) (D)
 Kuwait O 0 (*)
 Lebanon 0 0 -1
 Saudi Arabia (D) -1 -5
 United Arab Emirates (*) 4 -9
 Other 0 (D) (D)

Asia and Pacific 6,477 5,896 21,572
 Australia 1,432 164 -7
 China -3 34 -21
 Hong Kong -6 70 (D)
 India 16 3 61
 Japan 4,522 5,230 5,173
 Korea, Republic of 585 (D) (D)
 Malaysia (D) (D) (D)
 New Zealand (D) (D) -4
 Singapore 64 -16 (D)
 Taiwan -2 36 319
 Other (D) (D) (D)

Addenda:
 European Union (27) (2) 28,301 66,672 31,370
 OPEC (3) -42 -4 8

 Manufacturing

 Electrical
 equipment, Trans-
 appliances, portation Other
 and equip- manu-
 components ment facturing

 All countries 23,981 92,060 293,743

Canada -361 9,054 11,275

Europe (1) 22,715 46,929 258,647
 Austria (D) (D) 1,126
 Belgium 64 (D) (D)
 Denmark (*) (*) (D)
 Finland (D) (D) (D)
 France (D) 4,872 15,799
 Germany 1,084 17,222 5,472
 Ireland 4 0 (D)
 Italy 217 -199 1,339
 Luxembourg (D) (D) 34,255
 Netherlands (D) (D) 49,168
 Norway (D) (D) (D)
 Spain -3 260 897
 Sweden (D) 3,459 606
 Switzerland (D) (D) 48,628
 United Kingdom 497 18,909 60,936
 Other (D) (D) 4,117

Latin America and Other
 Western Hemisphere (D) -785 5,722
 South and Central America (D) -795 4,445
 Brazil -1 (D) 18
 Mexico -25 -693 (D)
 Panama (*) 1 (D)
 Venezuela (D) (D) (D)
 Other (D) (D) (D)
 Other Western Hemisphere (D) 10 1,277
 Bahamas 0 1 (*)
 Bermuda 0 0 (D)
 Curacao 0 1 468
 United Kingdom
 Islands, Caribbean (D) 8 633
 Other 0 0 (D)

Africa (D) (D) (D)
 South Africa (D) (D) (D)
 Other (D) -2 (D)

Middle East (D) (D) (D)
 Israel -2 (D) 11
 Kuwait 1 3 0
 Lebanon 0 0 0
 Saudi Arabia -6 (*) (D)
 United Arab Emirates (D) (D) (D)
 Other 0 1 -4

Asia and Pacific 1,761 36,800 17,871
 Australia (D) (D) 3,507
 China 30 129 -195
 Hong Kong (D) (D) 93
 India (D) 35 (D)
 Japan 1,406 35,166 12,211
 Korea, Republic of (D) 611 827
 Malaysia 1 4 7
 New Zealand -4 226 (D)
 Singapore 117 (D) (D)
 Taiwan (D) 26 (D)
 Other (*) 105 -6

Addenda:
 European Union (27) (2) 13,359 46,716 210,592
 OPEC (3) -39 (D) (D)

 Whole-
 sale Retail Infor-
 trade trade mation

 All countries 309,959 50,551 147,072

Canada 6,763 (D) 840

Europe (1) 163,117 38,867 134,339
 Austria 381 (D) -1
 Belgium 19,587 7,083 (D)
 Denmark 3,451 1 8
 Finland 1,629 (*) 1
 France 31,295 (D) 13,794
 Germany 23,986 3,720 48,938
 Ireland 866 -15 (D)
 Italy 1,362 2,962 (D)
 Luxembourg 5,287 (D) 16,768
 Netherlands 27,376 2,390 8,200
 Norway 4,944 0 (D)
 Spain 60 (D) 84
 Sweden 6,558 (D) 492
 Switzerland 9,422 6,305 (D)
 United Kingdom 25,786 3,495 26,287
 Other 1,125 (D) (D)

Latin America and Other
 Western Hemisphere 7,266 (D) 944
 South and Central America 6,029 (D) -79
 Brazil 4,100 (*) -63
 Mexico 1,608 200 -17
 Panama -48 9 (D)
 Venezuela 7 -3 (D)
 Other 361 (D) 11
 Other Western Hemisphere 1,238 2,004 1,023
 Bahamas -58 (D) (D)
 Bermuda -1,304 -1 88
 Curacao 44 (D) (*)
 United Kingdom
 Islands, Caribbean 1,889 2,110 920
 Other 666 (D) (D)

Africa 582 (*) -6
 South Africa 545 (*) (D)
 Other 37 0 (D)

Middle East 6,931 (D) 785
 Israel 451 (D) 851
 Kuwait (D) 0 (*)
 Lebanon (*) 0 0
 Saudi Arabia (D) (D) (D)
 United Arab Emirates (D) (*) (D)
 Other 14 2 (D)

Asia and Pacific 125,300 5,060 10,170
 Australia 241 (D) (D)
 China 998 -1 84
 Hong Kong 1,650 1 (*)
 India (D) (D) (D)
 Japan 103,216 4,783 9,868
 Korea, Republic of 14,039 2 6
 Malaysia 83 0 (*)
 New Zealand 381 0 (D)
 Singapore 1,973 (D) 38
 Taiwan 1,436 57 (D)
 Other (D) (*) -1

Addenda:
 European Union (27) (2) 147,877 32,563 122,708
 OPEC (3) (D) (D) 1

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

 All countries 153,064 376,770 48,370

Canada 34,268 62,920 2,181

Europe (1) 71,079 298,233 23,286
 Austria (D) 1 47
 Belgium (D) (D) -3
 Denmark 0 1 17
 Finland (D) 0 (*)
 France 9,302 (D) 487
 Germany 11,432 42,744 8,179
 Ireland 158 4,242 31
 Italy (D) (D) 127
 Luxembourg 0 45,883 1,826
 Netherlands (D) 37,426 3,099
 Norway (D) (D) 139
 Spain 28,077 2,937 283
 Sweden (D) 138 907
 Switzerland (D) 44,774 648
 United Kingdom (D) 87,198 4,887
 Other 413 27 2,612

Latin America and Other
 Western Hemisphere 4,188 -14,114 12,222
 South and Central America 3,569 515 1,187
 Brazil 736 (D) (D)
 Mexico 1,102 173 546
 Panama (D) (D) 479
 Venezuela 663 3 (D)
 Other (D) (D) (D)
 Other Western Hemisphere 620 -14,630 11,035
 Bahamas (D) -4 (D)
 Bermuda 0 -19,539 (D)
 Curacao (D) 33 2,466
 United Kingdom
 Islands, Caribbean (D) 4,568 8,109
 Other (D) 312 347

Africa (D) (D) (D)
 South Africa 0 -9 (*)
 Other (D) (D) (D)

Middle East (D) (D) (D)
 Israel 1,601 (D) 402
 Kuwait (D) (D) (D)
 Lebanon 0 0 -7
 Saudi Arabia (D) 0 21
 United Arab Emirates (D) -1 -38
 Other (D) (D) (D)

Asia and Pacific 42,039 29,478 8,881
 Australia 2,905 4,067 1,955
 China 597 42 5
 Hong Kong 584 -11 186
 India 775 (*) (*)
 Japan 35,029 22,104 6,334
 Korea, Republic of 135 173 (D)
 Malaysia -2 (*) (D)
 New Zealand 0 4 (D)
 Singapore 333 (D) (D)
 Taiwan 1,425 (D) 25
 Other 256 (D) 25

Addenda:
 European Union (27) (2) 81,062 253,374 22,336
 OPEC (3) 861 (D) (D)

 Pro-
 fessional,
 scientific, Other
 and indus-
 technical tries
 services

 All countries 88,055 535,648

Canada (D) 64,924

Europe (1) 56,065 350,762
 Austria (D) 59
 Belgium 33 6,173
 Denmark 57 2,136
 Finland (D) (D)
 France 6,817 39,578
 Germany 114 12,783
 Ireland (D) 2,297
 Italy (D) (D)
 Luxembourg (D) 49,423
 Netherlands 32,083 (D)
 Norway (D) (D)
 Spain (D) 7,318
 Sweden (D) 1,390
 Switzerland 423 44,709
 United Kingdom (D) (D)
 Other (D) 23,798

Latin America and Other
 Western Hemisphere (0) 48,171
 South and Central America (D) 6,613
 Brazil -65 113
 Mexico 40 6,687
 Panama (D) 401
 Venezuela (D) 18
 Other -25 -606
 Other Western Hemisphere 17,336 41,558
 Bahamas 4 131
 Bermuda (D) (D)
 Curacao (D) (D)
 United Kingdom
 Islands, Caribbean (D) (D)
 Other -90 -12

Africa (D) (D)
 South Africa -6 (D)
 Other (D) (D)

Middle East (D) (D)
 Israel (D) 354
 Kuwait 0 -4
 Lebanon (*) (D)
 Saudi Arabia (*) -20
 United Arab Emirates (5 (D)
 Other (*) (D)

Asia and Pacific 11,844 65,088
 Australia 423 40,691
 China 25 2,330
 Hong Kong -40 243
 India 2,457 659
 Japan 8,637 16,852
 Korea, Republic of 14 (D)
 Malaysia (D) 409
 New Zealand (D) (D)
 Singapore 350 1,377
 Taiwan -34 (D)
 Other (*) 312

Addenda:
 European Union (27) (2) 54,758 295,541
 OPEC (3) 22 2,853

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

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

(1.) In 2011, the Euro area includes Austria, Belgium, Cyprus,
Estonia, Finland, France, Germany, Greece, Ireland, Italy,
Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and
Spain. For 2011, the Euro area direct investment position in the
United States was $1,037,308 million.

(2.) The European Union (27) comprises Austria, Belgium, Bulgaria,
Cyprus, the Czech Republic, Denmark, Estonia, Finland, France,
Germany, Greece, Hungry, Ireland, Italy, Latvia, Lithuania,
Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania,
Slovakia, Slovenia, pain, Sweden, and the United Kingdom.

(3.) OPEC is the Organization of Petroleum Exporting Countries. In
2011, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2011 are preliminary.

Chart 2. Outward Direct Investment Position by
Country of Foreign Affiliate at Yearend 2011

Other (19.4%)
Brazil (1.7%)
France (2.1%)
Mexico (2.2%)
Germany (2.6%)
Japan (2.8%)
Singapore (2.8%)
Switzerland (3.0%)
Australia (3.3%)
United Kingdom Islands,
 Caribbean (4.3%)
Ireland (4.5%)
Canada (7.7%)
Bermuda (7.9%)
Luxembourg (8.1%)
United Kingdom Islands (13.2%)
Netherlands (14.3%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.

Chart 4. Inward Direct Investment Position by
Country of Each Member of the Foreign Parent
Group at Yearend 2011

United Kingdom (17.4%)
Other (21.5%)
Luxembourg (7.5%)
France (7.8%)
Canada (8.3%)
Switzerland (8.3%)
Germany (8.5%)
Netherlands (9.4%)
Japan (11.4%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.