Direct investment positions for 2009: country and industry detail.

Ibarra-Caton, Marilyn

IN 2009, the U.S. direct investment abroad historical-cost position grew 9 percent, up from 8 percent growth in 2008. The foreign direct investment in the United States historical-cost position grew 7 percent after growing 5 percent in 2008.

Growth in the U.S. direct investment abroad--or "outward"--position accelerated even though equity investment dropped sharply and reinvested earnings were unchanged. (1) The acceleration resulted largely because appreciation of the U.S. dollar against major currencies reduced growth in the position in 2008, while depreciation of the dollar boosted the position in 2009. The stronger growth in the foreign direct investment in the United States--or "inward"--position, which occurred even though equity investment declined sharply, reflected a shift to small capital gains in 2009 from capital losses in 2008, when there were large write-downs of assets by financial affiliates as a result of turbulence in financial markets. (2)

This article introduces two changes that are based on BEA's efforts to introduce new statistical international standards in its international economic accounts. (3) The first is a change in the classification of permanent bank debt. Beginning with statistics for the first quarter of 2007, permanent debt between affiliated domestic banks and foreign banks is reclassified from direct investment to "other investment." See the box "Change in the Treatment of Permanent Bank Debt" on page 28. The second is a change in terminology. "Financial flows" replaces "capital flows" and "equity" replaces "equity capital."

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

* The outward direct investment position increased 9 percent in 2009, up from 8 percent growth in 2008 but still below the average annual growth rate of 13 percent in 1997-2007.

* The largest contributor to the increase in the position was reinvested earnings, which remained virtually unchanged in 2009 as the effect of a sharp increase in the share of earnings' reinvested offset that of a 15 percent decline in foreign affiliates' earnings. This marked the first earnings decrease since 2001, when earnings declined by 19 percent. In 2009, the earnings decline reflected the severe downturn in global economic activity.

* Valuation adjustments also contributed to the increase in the outward position. valuation adjustments shifted from negative to positive in 2009, largely as a result of a shift to positive currency-translation adjustments caused by the depreciation of the U.S. dollar against major currencies, particularly the euro.

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

* The inward direct investment position increased 7 percent in 2009 after growing 5 percent in 2008. Growth in both years was significantly below the 12 percent average annual growth in 1997-2007.

* Equity investment was the largest component of the increase in the inward position in 2009, as it has been in most years, though these investments were the lowest since 2005.

* Valuation adjustments and reinvested earnings also increased the position. A shift to positive valuation adjustments was largely attributable to a shift to capital gains in 2009 from large capital losses in 2008. Reinvested earnings were down 45 percent in 2009, reflecting decreases in both earnings and the share of earnings reinvested.

This article presents details on the direct investment positions valued at historical cost by type of financial flow. 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. (4) Revisions to previously released statistics are also discussed.

U.S. Direct Investment Abroad

The U.S. direct investment position abroad valued at historical cost--the book value of U.S. direct investors' equity in, and net outstanding loans to, their foreign affiliates--was $3,508.1 billion at the end of 2009 (table A and chart 1). Positions in the Netherlands and the United Kingdom were the largest--each accounting for 13 percent of the total (table 1.2 and chart 2).

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The position in the Netherlands was $471.6 billion, and the position in the United Kingdom was $471.4 billion. For the Netherlands, most of the position increase and 70 percent of the position was accounted for by holding companies, which likely invested the funds in other countries or industries; see the box "Indirect Ownership in the Statistics on U.S. Direct Investment Abroad" on page 25. The positions in Canada and Bermuda were the next largest--each accounting for 7 percent of the worldwide total.

In 2009, the outward direct investment position grew 9 percent, or $288.4 billion, up from 8 percent in 2008. The higher growth in 2009 was the result of a shift in valuation adjustments from negative to positive, which was largely due to a shift to positive currency-translation adjustments.

Changes by component

The $288.4 billion increase in the outward direct investment position resulted from financial outflows of $248.1 billion and valuation adjustments of $40.3 billion (table B and chart 3).

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Financial flows

Financial outflows for U.S. direct investment abroad were $248.1 billion in 2009, down from $330.5 billion in 2008. Financial flows in 2009 consisted of reinvested earnings of $219.3 billion, net equity investment of $18.4 billion, and net intercompany debt investment of $10.3 billion.

Equity investment. U.S. parents' net equity investment in their foreign affiliates was $18.4 billion in 2009, down sharply from $145.5 billion in 2008. Net equity investment in 2009 was the lowest since 1992, when it was $14.6 billion. Net equity investment resulted from equity increases of $68.5 billion, which were partly offset by equity decreases of $50.0 billion. Equity increases were down 67 percent from 2008, largely reflecting a slowdown in capital contributions to existing foreign affiliates, which were $52.7 billion in 2009, down from $156.3 billion. Equity increases also reflect the acquisition or establishment of new foreign affiliates, which were $15.7 billion in 2009, down from $51.9 billion. Equity decreases, which reduce the outward position, were down 20 percent from 2008, largely reflecting a drop in returns of capital from existing affiliates.

In 2009, over 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 "finance (except banks) and insurance" and holding companies. (5)

Equity increases for the acquisition or establishment of affiliates were largest in two European countries: the United Kingdom and the Netherlands. In the United Kingdom, the largest increase was in manufacturing, entirely in chemicals manufacturing. In the Netherlands, the increase was concentrated in holding companies, whose holdings include finance and information affiliates in Europe and Asia, pharmaceutical affiliates in Europe, and chemicals manufacturing affiliates in Europe and "Latin America and Other Western Hemisphere."

In 2009, equity decreases were largest in Asia and Pacific and in Europe. By industry, equity decreases were largest in banking and "finance (except banks) and insurance." Like in 2008, equity decreases due to returns of capital from continuing affiliates were higher than equity decreases due to liquidations or selloffs of affiliates.

Reinvested earnings. Reinvested earnings--the difference between U.S. parent companies' shares in their foreign affiliates' total earnings and the distributions to the parents from the affiliates' current and cumulative retained earnings--were little changed from 2008. Reinvested earnings added $219.3 billion to the outward direct investment position in 2009, accounting for 88 percent of the financial flows and for more than three-fourths of the increase in the outward position.

Reinvested earnings were positive in all industries except banking and transportation equipment manufacturing. Affiliates in holding companies accounted for half of total reinvested earnings. By region, reinvested earnings were largest in Europe, accounting for 57 percent of the worldwide total. Reinvested earnings were particularly large in the Netherlands and Ireland.

Reinvested earnings were virtually unchanged in 2009 despite a $55.6 billion decline in foreign affiliates' earnings, from $374.3 billion to $318.7 billion. The 15 percent decrease in earnings followed a 9 percent increase in 2008. The decrease in 2009 marked the first earnings decrease for foreign affiliates since 2001. In 2009, the earnings decline reflected the severe downturn in global economic activity. The reinvestment ratio--reinvested earnings relative to current-year earnings--rose from 58 percent in 2008 to 69 percent in 2009, as the share of earnings distributed fell sharply.

By industry, foreign affiliates' earnings were down in all major industries except in information and in professional, scientific, and technical services, both of which had small increases. The largest decreases in earnings were in manufacturing (broadly spread over all subindustries), holding companies, and mining. By region, foreign affiliates' earnings were down in all major regions. The largest decreases were in Europe, Canada, and Asia and Pacific (particularly holding companies in Singapore). In Europe, the largest decreases were in banking in the United Kingdom and in mining in Norway.

Intercompany debt investment. In 2009, U.S. parents' borrowing and lending transactions with their foreign affiliates increased their net intercompany debt position in these affiliates by $10.3 billion, following a $33.9 billion reduction in 2008. The vast majority of the increase in 2009 resulted from parents' reducing their indebtedness to their foreign affiliates. By region, the net intercompany debt outflows were more than accounted for by outflows to affiliates in "Latin America and Other Western Hemisphere." By industry, "finance (except banks) and insurance" and manufacturing each more than accounted for the overall increase in the debt position. Partly offsetting were net intercompany debt inflows in holding companies.

Valuation adjustments

Valuation adjustments totaled $40.3 billion in 2009, compared with -$104.7 billion in 2008. Currency-translation adjustments were $57.4 billion in 2009, reflecting the change in the U.S. dollar value of investments in foreign affiliates caused by the depreciation of the U.S. dollar against most major currencies, particularly the euro. These currency-translation adjustments were partly offset by -$17.1 billion in "other" valuation adjustments, which largely reflected capital losses.

Changes by area and by country

In 2009, the outward direct investment position increased in each of the major areas (table C). Europe accounted for 50 percent of the overall increase in the outward direct investment position. The increase in "Latin America and Other Western Hemisphere" was also substantial, accounting for 30 percent of the overall increase.

Europe. The direct investment position increased $145.0 billion. The largest component of the increase was reinvested earnings, which accounted for 86 percent of the increase. Increases in the position were broadly based by country and by industry. The Netherlands, the United Kingdom, Luxembourg, and Ireland accounted for the largest dollar increases. By industry, the largest increase was in holding companies.

The Netherlands had the largest increase at $44.8 billion, which was largely attributable to reinvested earnings in holding companies. In the United Kingdom, the $21.9 billion increase was accounted for by increases in "finance (except banks) and insurance" and manufacturing, especially "other" manufacturing. In "finance (except banks) and insurance," the increase reflected reinvested earnings and valuation adjustments. In "other" manufacturing, much of the increase reflected intercompany debt investment in petroleum refining and extraction. In Luxembourg, the $21.3 billion increase was attributable to increases in "finance (except banks) and insurance," holding companies, and information. In "finance (except banks) and insurance," capital contributions to existing affiliates were the main cause of the increase. In Ireland, a large share of the $19.3 billion increase was in holding companies, most of it due to reinvested earnings.

Latin America and Other Western Hemisphere. The outward position rose $87.6 billion, with Bermuda's accounting for more than a third of the increase. The $31.8 billion increase in Bermuda was largely in "finance (except banks) and insurance" and holding companies. The next largest dollar increases were in the United Kingdom Islands, Caribbean and in Brazil--each had increases slightly larger than $12.0 billion. In the United Kingdom Islands, Caribbean, the increase was concentrated in holding companies. In Brazil, the increase was broadly based by industry, the largest of which was manufacturing (particularly transportation equipment manufacturing). By industry, increases in the position were broadly based. The largest increases were in holding companies, "finance (except banks) and insurance" and mining.

Asia and Pacific. Although smallest in dollar terms, the $22.5 billion increase in the position was spread over several industries, with the largest increases in "finance (except banks) and insurance," and manufacturing, especially "other" manufacturing. Within "other" manufacturing, much of the increase was in glass and glass products manufacturing.

The largest increases were in Australia, Hong Kong, and the Republic of Korea. In Australia and the Republic of Korea, the largest increases were in manufacturing. Nearly half of the increase in Hong Kong was attributable to "finance (except banks) and insurance."

Within this region, the largest position decreases were in Singapore and China. In Singapore, the decrease was more than accounted for by holding companies. In China, the decrease was more than accounted for by a decrease in banking.

Canada. In 2009, the position increased $20.6 billion, with the largest increases in holding companies and "other industries." In "other industries," the largest increases were in accommodations and food services and in retail trade (particularly general merchandise stores).

Africa. The $7.6 billion increase in the outward position in Africa, though relatively small in dollar terms, represented the largest percentage increase (20 percent) of the major regions. Within Africa, the countries with the largest dollar increases were Nigeria, Egypt, and South Africa. In Nigeria and Egypt, the increase was largely accounted for by mining. In South Africa, the largest increase was in manufacturing and the increase was broadly spread over several manufacturing subindustries.

Middle East. Although smallest in dollar terms, the $5.1 billion increase in the Middle East position was the second largest percentage increase (16 percent) of any major region. Within the region, Saudi Arabia and "Other" Middle East (especially Qatar) had the largest dollar increases.

Foreign Direct Investment in the United States

At the end of 2009, 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 $2,319.6 billion (table A and chart 1). The United Kingdom remained the largest investing country, with a position of $453.9 billion, or 20 percent of the total. Japan had the next largest position at $264.2 billion, or 11 percent of the total (table 2.2 and chart 4). Foreign direct investors in the Netherlands and Canada each accounted for 10 percent of the total position. See the box "Indirect Ownership in the Statistics on Foreign Direct Investment in the United States."

In 2009, the inward direct investment position grew 7 percent, or $153.8 billion, after growing 5 percent in 2008. The higher growth in 2009 was the result of a shift in valuation adjustments from negative to positive, which more than offset a sizable decrease in net equity investment.

Changes by component

The $153.8 billion increase in the inward direct investment position resulted from financial inflows of $129.9 billion and valuation adjustments of $24.0 billion (table D and chart 5).

Financial flows

Direct investment financial flows were $129.9 billion in 2009, down from $324.6 billion in 2008. Financial flows in 2009 consisted of $94.8 billion in net equity investment, $23.7 billion in reinvested earnings, and $11.5 billion in net intercompany debt investment.

Equity investment. In 2009, foreign parents' net equity investment in their U.S. affiliates was $94.8 billion, down from $261.6 billion. Net equity investment in 2009 was the lowest since 2005, when it was $70.7 billion. In 2009, net equity investment resulted from equity increases of $117.4 billion that were partly offset by equity decreases of $22.6 billion. Equity increases were down 63 percent, largely reflecting a slowdown in worldwide merger and acquisition activity, compared with those in 2008. Equity decreases, which reduce the inward position, were down by 62 percent from those in 2008, as the number of returns of capital and large selloffs of U.S. affiliates declined in 2009.

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Equity investment from all major regions and all industries declined except in real estate and rental and leasing and in information. By industry, the largest decreases were in manufacturing, particularly "other manufacturing" (especially beverages) and in "finance (except banks) and insurance"; equity investment in these industries had been boosted in 2008 by large acquisitions. By country, the largest decreases were for parents in the Netherlands, Japan, and the United Kingdom.

In 2009, equity increases were largest in manufacturing and "finance (except banks) and insurance," closely followed by "other industries." Within manufacturing, equity increases were largest in transportation equipment and in chemicals manufacturing. By country, the largest equity increases were from the United Kingdom, Luxembourg, France, and the Netherlands. Equity decreases were widely dispersed by industry.

Reinvested earnings. The foreign parents' share of U.S. affiliates' current-period earnings less distributions to the parents from affiliates' current and cumulative retained earnings added $23.7 billion to the inward direct investment position in 2009. Reinvested earnings were largest for affiliates in "other industries," manufacturing, and "finance (except banks) and insurance," which together more than accounted for the overall total. Within manufacturing, reinvested earnings in chemicals manufacturing more than accounted for the total. By country, reinvested earnings were largest for affiliates with parents in Germany, Switzerland, and France.

Reinvested earnings were down 45 percent in 2009, following a 13 percent decline in 2008. Reinvested earnings in 2009 were the lowest since 2003, when they were $3.7 billion. By industry, the decrease in reinvested earnings was more than accounted for by wholesale trade, resulting from a sizable shift to negative reinvested earnings in that industry.

The decrease in reinvested earnings reflected both lower earnings and a lower reinvestment ratio--the ratio of reinvested earnings to total earnings. The reinvestment ratio decreased from 50 percent in 2008 to 37 percent in 2009, as earnings fell more sharply than distributions to foreign parents. In 2009, U.S. affiliates' earnings decreased 26 percent, to $63.9 billion, following a 13 percent decline in 2008. The decline in both years coincided with declines in U.S. corporate profits, which fell 5 percent in 2009 and 12 percent in 2008. (6)

U.S. affiliates' earnings were down in several industries. Earnings fell sharply in wholesale trade and in manufacturing (particularly in primary and fabricated metals) and to a lesser extent in professional, scientific, and technical services. Additionally, earnings shifted to losses in banking and in real estate and rental and leasing. In wholesale trade, much of the decrease was attributable to U.S. affiliates with foreign parents in the United Kingdom.

Intercompany debt investment. Borrowing and lending transactions between U.S. affiliates and foreign parent groups increased the inward direct investment position by $11.5 billion in 2009, compared with a $19.8 billion increase in 2008. Net debt investment in 2009 resulted from an $8.0 billion decrease in affiliates' debt claims on foreign parent group members and a $3.4 billion increase in U.S. affiliates' debt obligations to their foreign parents or other members of the foreign parent group. By industry, wholesale trade more than accounted for the increase in the debt position. By country, Belgium more than accounted for the increase; increases were also sizable in France and Luxembourg.

Valuation adjustments

Valuation adjustments increased the inward position $24.0 billion in 2009 after decreasing it $214.0 billion in 2008. Valuation adjustments in 2009 consisted of "other" valuation adjustments of $20.4 billion, which include capital gains and losses, and currency-translation adjustments of $3.6 billion. The shift to positive valuation adjustments was largely attributable to a shift to capital gains in 2009 from large capital losses in 2008. These losses largely reflected write-downs and writeoffs of financial assets as a result of turbulence in financial markets.

Changes by area and by country

Foreign direct investors from Europe had by far the largest increase in the inward direct investment position, accounting for 85 percent of the overall increase (table E). The increase in the position for Canada was also substantial. In contrast, the positions for "Latin America and Other Western Hemisphere" and Africa decreased.

Europe. The position increased $130.1 billion in 2009. The largest component of the increase was capital contributions to existing affiliates. Increases in the position for Europe were broadly based by country and by industry. The Netherlands, France, and Switzerland accounted for the largest dollar increases. By industry, the largest increases were in "finance (except banks) and insurance," and "other industries."

By country, the Netherlands had the largest increase, $38.8 billion, with over half of the increase accounted for by "other industries," mainly due to valuation adjustments reflecting transfer of ownership of existing U.S. affiliates from foreign parents in other countries to the Netherlands. (7) For France, the $32.1 billion increase was largest in manufacturing (primarily in chemicals manufacturing, and to a lesser extent, in electrical equipment, appliances, and components manufacturing); the increase in manufacturing was evenly due to equity investment, intercompany debt investment, and reinvested earnings. For Switzerland, the $24.8 billion increase was largely accounted for by increases in manufacturing and "other industries." Within manufacturing, "other" manufacturing, especially medical equipment and supplies manufacturing, accounted for most of the increase as a result of inter-company debt investment and valuation adjustments reflecting transfer of ownership of existing U.S. affiliates to Switzerland.

Canada. The $31.7 billion increase in the position for Canada was the largest percentage increase (16 percent) of any region. The increase was largely due to acquisitions in manufacturing (especially transportation equipment manufacturing). "Finance (except banking) and insurance" and banking also contributed to the increase.

Asia and Pacific. The position increased $10.6 billion and was largely attributable to parents in Australia and Japan. For Australia, the $5.0 billion increase was more than accounted for by an increase in "other industries," primarily holding companies, largely due to intercompany debt investment. For Japan, the $4.5 billion increase in position was more than accounted for by increases in "finance (except banks) and insurance" and in banking. In "finance (except banks) and insurance," intercompany debt investment was a large contributor to the increase. In banking, the increase largely reflected capital contributions to existing affiliates.

Middle East and Africa. The position for the Middle East increased $0.4 billion, with the largest increase in "finance (except banks) and insurance" and manufacturing (primarily chemicals manufacturing). In contrast, the position for Africa decreased $0.6 billion, largely in manufacturing; the largest decrease was in "other" manufacturing, primarily integrated petroleum refining and extraction.

Latin America and Other Western Hemisphere. The position decreased $18.3 billion. Bermuda accounted for most of the change, with a $17.3 billion decrease. In Bermuda, valuation adjustments largely reflecting transfers of ownership of existing U.S. affiliates from Bermuda to other countries reduced the position.

Revisions

The statistics on direct investment positions presented in this article for 2009 are preliminary. The revised statistics for both outward and inward direct investment positions and related financial flows for 2007-2008 incorporate new survey data collected in BEA's quarterly surveys of transactions between parents and their affiliates and in annual surveys of multinational companies' financial and operating data. (8)

The historical-cost outward direct investment position for 2007 was revised up $77.1 billion to $2,994.0 billion. The upward revision was attributable to a $61.9 billion upward revision to valuation adjustments and a $15.2 billion upward revision to financial flows. The outward position for 2008 was revised up $57.7 billion to $3,219.7 billion. The revision was the result of the $77.1 billion upward revision to the 2007 position, an $18.7 billion upward revision to 2008 financial flows, and a $38.0 billion downward revision to 2008 valuation adjustments.

The historical-cost inward direct investment position for 2007 was revised down $54.7 billion to $2,055.2 billion. The revision resulted from a $49.5 billion downward revision to valuation adjustments and a $5.2 billion downward revision to financial inflows. The inward position for 2008 was revised down $113.1 billion to $2,165.7 billion. The revision was the result of a $54.7 billion downward revision to the 2007 position, a $66.9 billion downward revision to 2008 valuation adjustments, and an $8.4 billion upward revision to 2008 financial flows.

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. Grayton, Anthony A. Ippoliti, Marie K. Laddomada, Sherry Lee, Louis C. Luu, Leila C. Morrison, 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 Gregory G. Fouch, who was assisted by Peter J. Fox, Barbara C. Huang, 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.

(1.) In this article, "outward direct investment" and "outward" are shorthand for "U.S. direct investment abroad." Likewise, "inward direct investment" or "inward" are shorthand for "foreign direct investment in the United States."

(2.) 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. See the box "Key Terms" for more information. In this article, "(direct investment) financial flows" is shorthand for "(direct investment) financial flows without current-cost adjustment," and "reinvested earnings" is shorthand for "reinvested earnings without current-cost adjustment."

(3.) Balance of Payments and International Investment Position Manual, 6 ed. (Washington, DC: International Monetary Fund, 2009) and Benchmark Definition of Foreign Direct Investment, 4th ed. (Paris: Organisation for Economic Co-operation and Development, 2008). See Kristy L. Howell and Robert E. Yuskavage, "Modernizing and Enhancing BEA's International Economic Accounts," Survey of Current Business 90 (May 2010): 6-20 for a discussion of BEA's plan to introduce other new international statistical standards in its international economic accounts.

(4.) 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.

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

(6.) The measure of U.S. corporate profits referenced here excludes inventory valuation and capital consumption adjustments as does the measure of affiliates' earnings (see table 1.12 of the national income and product accounts).

(7.) Although transfer of ownership of affiliates increases the position for the countries to which ownership is transferred, the overall inward position is not affected because of offsetting decreases for the position of the countries from which ownership was transferred.

(8.) For the previously published statistics, see Marilyn Ibarra and Jennifer Koncz, "Direct Investment Positions for 2008: Country and Industry Detail," Survey 89 (July 2009): 20-34.

Data Availability

This article summarizes the preliminary statistics on direct investment positions for 2009. It also presents revised statistics on both outward and inward direct investment positions for 2007-2008. More detailed statistics on the positions and financial transactions and related income flows for both outward and inward investment will be published in the September 2010 Survey of Current Business.

Detailed statistics on the outward direct investment position and related financial and income flows for 1982-2009 and statistics on the inward direct investment position and related financial and income flows for 1980-2009 are available on BEA's Web site. To access these files, which can be downloaded at no charge, go to BEA's Web site at www.bea.gov.

For more information on these products and how to access them, see the guide to BEA information on direct investment at www.bea.gov/scb/account_articles/ international/ iidguide.htm.

Alternative Measures of the Direct Investment Positions

The detailed statistics on the positions of U.S. direct investment abroad and of foreign direct investment in the United States by country and industry are prepared only on a historical-cost basis, so they largely reflect the price levels of earlier periods. The statistics are also prepared on current-cost and market-value bases but only at an aggregate level. The current-cost statistics value the U.S. and foreign parents' shares of their affiliates' investment in plant and equipment, using the current cost of capital equipment; in land, using general price indexes; and 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 on the positions tend to be less than the current-cost and market-value statistics on the positions. The current-cost statistics on the position are discussed in "The International Investment Position of the United States at Yearend 2009" in this issue.

Alternative Direct Investment Positions, 2008 and 2009

[Millions of dollars]

 Position at Changes in 2009
 Valuation method yearend
 2008 (r) Total

U.S. direct investment abroad:
 Historical cost 3,219,725 288,418
 Current cost 3,742,835 308,356
 Market value 3,103,704 1,199,147

Foreign direct investment in the
 United States:
 Historical cost 2,165,748 153,838
 Current cost 2,521,353 151,433
 Market value 2,552,572 568,011

 Changes in 2009

 Valuation method Financial Valuation
 flows adjustments

U.S. direct investment abroad:
 Historical cost 248,074 40,345
 Current cost 268,680 39,676
 Market value 268,680 930,467

Foreign direct investment in the
 United States:
 Historical cost 129,883 23,955
 Current cost 134,707 16,726
 Market value 134,707 433,304

 Position at
 Valuation method yearend
 2009 (p)

U.S. direct investment abroad:
 Historical cost 3,508,142
 Current cost 4,051,191
 Market value 4,302,851

Foreign direct investment in the
 United States:
 Historical cost 2,319,585
 Current cost 2,672,786
 Market value 3,120,583

(p) Preliminary

(r) Revised

Indirect Ownership in the Statistics on U.S. Direct Investment Abroad

For the past three decades, the share of direct investments 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) Foreign affiliates classified as holding companies accounted for 36 percent of the U.S. direct investment position abroad in 2009. (2) In 1982, foreign affiliates classified as holding companies accounted for 9 percent of the U.S. direct investment position abroad (chart A).

One consequence of the rising use of indirect ownership arrangements is that U.S. direct investment abroad statistics on positions and related flows show industry and country patterns that are increasingly different from the industries and countries in which the production and sale of goods and services by foreign affiliates 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 foreign affiliates are classified in the country where the affiliate's physical assets are located or where its primary activity is carried out, and they are classified in the industry that reflects the affiliate's primary activity. Thus, these statistics reflect more closely the countries and industries in which the production of goods and services by foreign affiliates actually occurs than do 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 reason 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 2007, three-fourths of foreign affiliates' equity investment in other foreign affiliates was by holding companies, but there were also sizable holdings by affiliates in "finance (except banks) and insurance" and manufacturing. Other factors also contribute to the differences between the position statistics and the operations statistics, including the fact that the operations statistics, unlike the position statistics, are not adjusted for percentage of U.S. ownership, and 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 direct investment position with the statistics on the assets and the net property, plant, and equipment (PP&E) of foreign affiliates for 2007 (the latest year for which detailed operations statistics are available) illustrates the differences in distribution between the position statistics and the operations statistics. In that year, manufacturing's share of the outward position, 17 percent, was similar to its 12 percent share of the assets but much lower than its 35 percent share of the PP&E of foreign affiliates. By country, the Netherlands' share of the direct investment position was 14 percent, compared with its 9 percent share of assets and 2 percent share of PP&E. (5)

For further discussion of the effects of holding companies on the direct investment abroad 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.

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

(2.) In 2009, the 36 percent share was virtually unchanged from that in 2008. In 2007 and 2004, the share was 35 percent. The shares in 20052006 were lower--32 percent in 2005 and 34 percent in 2006--primarily as the result of large earnings distributions (and the resulting negative reinvested earnings) in 2005 associated with the American Jobs Creation Act of 2004. 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 International Monetary Fund's sixth edition of the Balance of Payments Manual and International Investment Position Manual.

(4.) Besides chain-of-ownership information, data collected on the operations survey include items such as assets, sales, employment, and net property, plant, and equipment.

(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.

[GRAPHIC A OMITTED]

Indirect Ownership in the Statistics on Foreign Direct Investment in the United States

Foreign multinational firms may own their U.S. affiliates indirectly through ownership chains that extend across countries. The 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 (henceforth, by the country of foreign parent) with a positive or negative net debt investment in the U.S. affiliate, which is consistent with the international statistical guidelines. (1) As such, the position is classified by the first country outside of the United States with a direct claim on the U.S. affiliate. In addition to the data collected by country of foreign parent, the Bureau of Economic Analysis (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"). For the first time in this article, BEA is also presenting the inward direct investment 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 87 percent of affiliates. Together, these affiliates accounted for more than four-fifths of the total assets, sales, and employment of all affiliates. (3) However for some countries, especially financial centers through which multinational firms may channel their investments, the position classified by country of UBO can differ significantly from those classified by country of foreign parent.

For some foreign parent countries--most notably, Luxembourg, the Netherlands, and Ireland--the positions classified by country of foreign parent were much higher than those classified by country of UBO. For other UBO countries--most notably, Bermuda and a number of countries in the Middle East--positions classified by country of UBO were much higher than those classified by country of foreign parent. (4)

Bermuda is an example of a country that uses tax and regulatory policies to attract the corporate headquarters of multinational firms. (5) For Bermuda, the higher position by country of UBO than by country of the foreign parent represent investments by multinational companies organized with entities in Bermuda at the top-tier of the corporate group, including U.S. corporations that reorganize their ownership structure. (6)

For countries in the Middle East, positions by country of foreign parent are lower than those classified by country of UBO because investments from the Middle East are often routed through affiliates in other countries.

(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 281 in the September 2009 SURVEY. This September, preliminary statistics for 2009 and revised statistics for 2007 and 2008 will be published. Table 16 will also be available in late July on BEA's Web site.

(3.) Data are preliminary results from the 2007 benchmark survey.

(4.) The position for Bermuda when classified by country of foreign parent was -$13.2 billion in 2009. A negative direct investment position may result when affiliates' financial claims on direct investors exceed direct investors' claims on their affiliates. Typically, a negative position will result from debt transactions in which affiliates act as net lenders to their foreign parents.

(5.) 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.

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

Historical-Cost of Inward Direct Investment Position by Country
of Foreign-Parent-Group Member and the UBO, 2009 (1)

[Billions of dollars]

 By country By country
 of each of ultimate
 member of beneficial
 the foreign owner
 parent group

All countries 2,319.6 2,319.6

 Canada 225.8 251.2

 Europe 1,685.3 1,464.4
 Of which:
 Ireland 32.6 24.0
 Luxembourg 127.8 4.1
 Netherlands 238.0 119.0
 United Kingdom 453.9 557.9

 Latin America and Other
 Western Hemisphere 27.9 154.5
 Of which:
 Bermuda -13.2 92.6
 Mexico 11.4 34.2
 United Kingdom Islands, Caribbean 17.5 8.4

 Africa 1.7 1.8

 Middle East 17.6 47.2

 Asia and Pacific 361.3 381.0
 Of which:
 Japan 264.2 271.9

(1.) The ultimate beneficial owner 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 ultimate beneficial owner is often the same
as that of the foreign parent, but it may be a different country or
the United States.

Change in the Treatment of Permanent Bank Debt

As a part of its ongoing efforts to introduce new international standards, BEA has changed the treatment of "permanent" debt transactions between affiliated depository institutions--banks, bank holding companies, and financial holding companies--by removing these transactions from direct investment and recording them in other investment accounts. Permanent debt is debt that is deemed to represent a lasting interest in the institution receiving the funds, such as funding used for working capital or to finance plant and equipment. The previous treatment was consistent with the recommendations of the International Monetary Fund's (IMF's) fifth edition of its Balance of Payments Manual. In the sixth edition of the manual, entitled the Balance of Payments and International Investment Position Manual (BPM6) released in 2009, the IMF recommends that all debt between affiliated financial intermediaries be excluded from direct investment and recorded in other investment accounts. Following this recommendation, beginning with the statistics for the first quarter of 2007, permanent debt between these affiliated financial intermediaries is excluded from direct investment, and like loans and deposits made in the ordinary course of carrying out financial intermediation, it is recorded in the international transactions accounts table 1 as claims (line 54) and liabilities (line 69) reported by U.S. banks. (1)

For the outward direct investment position, roughly $5.3 billion of net permanent bank debt included in the yearend 2008 position was reclassified from direct investment to U.S.-bank-reported claims and liabilities; for 2007, the amount was $6.5 billion. In the inward direct investment position, roughly $6.5 billion of permanent bank debt in the yearend 2008 position was reclassified; for 2007, the amount was $3.3 billion. (2)

(1.) In the prototype BPM6 tables presented in "Modernizing and Enhancing BEA's International Economic Accounts" in the May 2010 SURVEY, these permanent debt transactions would fall under the new category "other investment." However, this change in treatment was not reflected in the data presented in those tables.

(2.) For these previously published statistics, see "Table 4. U.S. Direct Investment Position Abroad on a Historical-Cost Basis by Account, 2006-2008 (page 216) and "Table 4. Foreign Direct Investment Position in the United States on a Historical-Cost Basis by Account, 2006-2008" (page 251) in the September 2009 Survey.

Key Terms

For a more detailed discussion of the terms in this box, see Foreign Direct Investment in the United States: Final Results From the 2002 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 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 (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 (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, as well as net debt investments 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 to the affiliate's ownership chain, that is not more than 50 percent-owned by another person, beginning with the foreign parent. 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 prepares statistics of 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. This valuation 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 arise 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 arise from transactions that increase U.S. assets or decrease U.S. liabilities. Financial inflows arise 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 arise 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. A related measure of reinvested earnings is featured in the international transactions accounts; this measure includes a current-cost adjustment that reflects current-period prices. This 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. (Unlike the positions on current-cost and marketvalue 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 that are 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) write-offs resulting from uncompensated expropriations of affiliates, (4) the reclassification of investment positions between direct investment and other investment, and (5) capital gains and losses (excluding currency-translation adjustments) on transactions, 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, for individual industries, offsetting adjustments may be made to effect changes in the industry classification of an affiliate. For individual countries, offsetting adjustments are made when the political boundaries of countries change. In addition, for inward direct investment, offsetting adjustments are made when transactions between foreign residents result in a change in the country of the foreign parent.

Chart 2. Outward Direct Investment Position by
Country of Foreign Affiliate at Yearend 2009

Other (22.0%)
Netherlands (13.4%)
United Kingdom (13.4%)
Canada (7.4%)
Bermuda (7.0%)
Luxembourg (5.0%)
Ireland (4.7%)
United Kingdom Islands, Caribbean (4.0%)
Switzerland (4.2%)
Germany (3.3%)
Australia (3.0%)
Japan (3.0%)
Mexico (2.8%)
France (2.4%)
Singapore (2.2%)
Belgium (2.0%)

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 2009

United Kingdom (19.6%)
Japan (11.4%)
Netherlands (10.3%)
Canada (9.7%)
Germany (9.4%)
Switzerland (8.2%)
France (8.2%)
Luxembourg (5.5%)
Other (17.8%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.

Table A. Direct Investment Positions on a Historical-Cost Basis,
1982-2009

 Billions of dollars Percent change
 from preceding year

Yearend Outward Inward Outward Inward
 position (1) position (2) position (1) position (2)

1982 207.8 124.7
1983 212.2 137.1 2.1 9.9
1984 218.1 164.6 2.8 20.1
1985 238.4 184.6 9.3 12.2
1986 270.5 220.4 13.5 19.4
1987 326.3 263.4 20.6 19.5
1988 347.2 314.8 6.4 19.5
1989 381.8 368.9 10.0 17.2
1990 430.5 394.9 12.8 7.0
1991 467.8 419.1 8.7 6.1
1992 502.1 423.1 7.3 1.0
1993 564.3 467.4 12.4 10.5
1994 612.9 480.7 (3) (3)
1995 699.0 535.6 14.1 11.4
1996 795.2 598.0 13.8 11.7
1997 871.3 681.8 9.6 14.0
1998 1,000.7 778.4 14.8 14.2
1999 1,216.0 955.7 21.5 22.8
2000 1,316.2 1,256.9 8.2 31.5
2001 1,460.4 1,344.0 10.9 6.9
2002 1,616.5 1,327.2 10.7 -1.3
2003 1,769.6 1,395.2 9.5 5.1
2004 2,160.8 1,520.3 22.1 9.0
2005 2,241.7 1,634.1 3.7 7.5
2006 2,477.3 1,840.5 10.5 12.6
2007 2,994.0 (r) 2,055.2 (r) (4) (4)
2008 3,219.7 (r) 2,165.7 (r) 7.5 5.4
2009 3,508.1 (p) 2,319.6 (p) 9.0 7.1

(p) Preliminary

(r) Revised

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

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

(3.) The direct investment positions reflect a discontinuity between
1993 and 1994 because of the reclassification of 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. In 2007, if permanent bank debt had
remained in direct investment, the outward direct investment position
would have increased 21.1 percent, and the inward direct investment
position would have increased 11.8 percent.

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

[Billions of dollars]

 2008 2009

Total 225.7 288.4
 Financial flows without
 current-cost adjustment 330.5 248.1
 Equity 145.5 18.4
 Increases 208.2 68.5
 Decreases 62.7 50.0
 Intercompany debt -33.9 10.3
 Reinvested earnings without
 current-cost adjustment 218.9 219.3
 Valuation adjustments -104.7 40.3
 Currency translation -64.2 57.4
 Other -40.6 -17.1

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

 Change (2008-2009)

 Billions of
 dollars Percent

All countries 288.4 9

 Canada 20.6 9

 Europe 145.0 8
 Of which:
 Netherlands 44.8 11
 United Kingdom 21.9 5
 Luxembourg 21.3 14
 Ireland 19.3 13
 Switzerland 16.1 12
 Germany 8.6 8
 Belgium 4.7 7
 France 4.0 5
 Sweden -10.6 -28

 Latin America and Other Western Hemisphere 87.6 15
 Of which:
 Bermuda 31.8 15
 United Kingdom Islands, Caribbean 12.3 10
 Brazil 12.2 27
 Mexico 8.3 9
 Chile 6.2 38
 Netherlands Antilles 4.2 31
 Africa 7.6 20

 Middle East 5.1 16

 Asia and Pacific 22.5 5
 Of which:
 Australia 11.9 13
 Hong Kong 10.4 26
 Korea, Republic of 4.6 21
 India 2.0 12
 Singapore -9.2 -11
 China -3.1 -6

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

[Billions of dollars]

 2008 2009

Total 110.6 153.8
 Financial flows without
 current-cost adjustment 324.6 129.9
 Equity 261.6 94.8
 Increases 320.8 117.4
 Decreases 59.2 22.6
 Intercompany debt 19.8 11.5
 Reinvested earnings without
 current-cost adjustment 43.2 23.7
 Valuation adjustments -214.0 24.0
 Currency translation -7.1 3.6
 Other -206.9 20.4

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

 Change (2008-2009)

 Billions of
 dollars Percent

All countries 153.8 7

 Canada 31.7 16

 Europe 130.1 8
 Of which:
 Netherlands 38.8 19
 France 32.1 20
 Switzerland 24.8 15
 Germany 16.7 8
 Belgium 15.5 67
 Luxembourg 9.5 8
 Ireland 6.5 25
 Spain 4.8 12
 Sweden 3.1 9
 Italy -9.0 -48
 United Kingdom -0.5 (*)

 Latin America and Other Western Hemisphere -18.3 -40
 Of which:
 Bermuda -17.3 (1)
 United Kingdom Islands, Caribbean -6.9 -28

 Africa -0.6 -27

 Middle East 0.4 2

 Asia and Pacific 10.6 3
 Of which:
 Australia 5.0 12
 Japan 4.5 2

* Less than -0.5 percent.

(1.) The percent change cannot be computed because of a change in sign
attributable to a negative inward position in 2009. A negative direct
investment position may result when affiliates' financial claims on
direct investors exceed direct investors' claims on their affiliates.
Typically, a negative position will result from debt transactions in
which affiliates act as net lenders to their foreign parents.

Table 1.1. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2008

[Millions of dollars]

 All Manufacturing
 industries Mining
 Total

All countries 3,219,725 153,442 484,596

Canada 239,170 21,967 62,558

Europe (1) 1,831,246 46,351 247,959

 Austria 15,926 1 4,061
 Belgium 65,028 12 23,342
 Czech Republic 5,548 0 2,084
 Denmark 10,278 (D) 2,993
 Finland 2,072 0 898
 France 81,753 99 25,527
 Germany 108,217 29 26,817
 Greece 2,139 -5 750
 Hungary 7,724 (D) 4,798
 Ireland 146,672 (D) 13,778
 Italy 28,679 23 11,437
 Luxembourg 152,825 163 7,357
 Netherlands 426,762 5,757 27,850
 Norway 24,389 5,816 1,497
 Poland 13,021 0 3,742
 Portugal 2,969 1 705
 Russia 20,628 13,093 4,815
 Spain 50,809 78 13,285
 Sweden 38,003 0 3,401
 Switzerland 132,126 190 19,966
 Turkey 5,721 -2 1,390
 United Kingdom 449,521 7,248 45,550
 Other 40,436 12,011 1,914

Latin America and Other
 Western Hemisphere 591,363 29,116 61,088
 South America 100,442 17,825 32,399
 Argentina 12,518 3,075 2,973
 Brazil 44,532 2,027 20,552
 Chile 16,412 5,955 2,254
 Colombia 5,553 2,452 1,439
 Ecuador 1,092 236 166
 Peru 4,772 2,231 574
 Venezuela 13,473 1,380 3,779
 Other 2,089 469 661

 Central America 104,128 4,014 24,688
 Costa Rica 2,596 (*) 1,028
 Honduras 787 0 (D)
 Mexico 89,610 3,971 22,493
 Panama 6,236 63 31
 Other 4,900 -21 (D)

 Other Western Hemisphere 386,792 7,277 4,001
 Barbados 2,873 8 173
 Bermuda 213,863 -201 1,412
 Dominican Republic 714 0 364
 United Kingdom Islands,
 Caribbean 129,243 (D) 566
 Other 40,099 (D) 1,487

Africa 37,221 19,103 2,937
 Egypt 8,385 (D) (D)
 Nigeria 3,298 2,075 (D)
 South Africa 4,919 (D) 2,031
 Other 20,618 (D) 716

Middle East 31,886 6,209 11,059
 Israel 9,729 0 (D)
 Saudi Arabia 5,189 626 341
 United Arab Emirates 3,424 415 602
 Other 13,546 5,167 (D)

Asia and Pacific 488,839 30,696 98,994
 Australia 94,451 17,361 12,395
 China 52,521 3,022 22,584
 Hong Kong 40,014 (*) 3,928
 India 16,571 429 3,268
 Indonesia 16,284 5,831 414
 Japan 101,918 1 17,450
 Korea, Republic of 22,361 -1 8,651
 Malaysia 12,295 2,258 5,883
 New Zealand 4,802 124 1,191
 Philippines 5,593 24 2,939
 Singapore 86,048 557 10,536
 Taiwan 18,070 (*) 4,281
 Thailand 9,309 214 5,026
 Other 8,603 876 447

Addenda:
 European Union (27) (2) 1,613,037 15,612 219,728
 OPEC (3) 62,866 17,796 9,892

 Manufacturing

 Primary and
 fabricated
 Food Chemicals metals

All countries 41,201 114,171 20,078

Canada 4,456 11,740 4,051

Europe (1) 23,888 67,474 10,561

 Austria 1 245 (D)
 Belgium 1,002 11,266 478
 Czech Republic (D) 89 94
 Denmark (D) 49 24
 Finland (D) 31 28
 France 5,619 3,085 3,049
 Germany 818 6,487 1,834
 Greece 73 87 0
 Hungary 155 115 17
 Ireland 261 4,747 92
 Italy 741 2,039 1,063
 Luxembourg 0 (D) (*)
 Netherlands 1,405 4,452 452
 Norway (D) 378 59
 Poland 1,039 948 341
 Portugal 12 108 12
 Russia (D) 61 (D)
 Spain 837 4,333 254
 Sweden (D) (D) 398
 Switzerland 149 14,880 37
 Turkey 20 619 5
 United Kingdom 6,955 8,760 1,933
 Other 361 (D) 156

Latin America and Other
 Western Hemisphere 5,590 14,281 2,654
 South America 2,571 10,283 (D)
 Argentina 114 1,483 13
 Brazil 1,411 6,476 (D)
 Chile 33 674 -1
 Colombia 148 436 6
 Ecuador (D) 28 1
 Peru (D) 248 (D)
 Venezuela 703 863 5
 Other (D) 76 (D)

 Central America 2,879 3,822 816
 Costa Rica 169 (D) 46
 Honduras 9 12 0
 Mexico 2,549 3,693 776
 Panama 36 -32 4
 Other 115 (D) -11

 Other Western Hemisphere 141 176 (D)
 Barbados (D) 11 9
 Bermuda 0 (D) (*)
 Dominican Republic (D) -174 50
 United Kingdom Islands,
 Caribbean 11 44 -35
 Other (D) (D) (D)

Africa 79 347 294
 Egypt 27 -79 8
 Nigeria 19 28 (D)
 South Africa -21 344 221
 Other 54 54 (D)

Middle East 145 1,294 85
 Israel 139 -33 0
 Saudi Arabia 2 (D) (D)
 United Arab Emirates (D) 91 (D)
 Other (D) (D) 0

Asia and Pacific 7,044 19,035 2,434
 Australia 2,274 3,675 637
 China 2,659 5,266 672
 Hong Kong 18 283 64
 India -13 1,228 (D)
 Indonesia 2 206 (*)
 Japan 267 2,395 187
 Korea, Republic of 850 1,052 (D)
 Malaysia 259 921 19
 New Zealand (D) 135 36
 Philippines 132 627 2
 Singapore 1 1,197 148
 Taiwan 82 712 89
 Thailand 141 1,220 150
 Other (D) 118 (D)

Addenda:
 European Union (27) (2) 19,911 51,522 10,381
 OPEC (3) 809 2,446 137

 Manufacturing

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

All countries 39,093 65,530 23,582

Canada 3,421 2,251 2,341

Europe (1) 24,629 26,220 16,117

 Austria 197 (D) (D)
 Belgium 976 916 307
 Czech Republic (D) 112 21
 Denmark (D) 1,401 49
 Finland (D) 200 (D)
 France 1,532 1,865 305
 Germany 3,737 3,871 (D)
 Greece 1 10 0
 Hungary (D) 161 -8
 Ireland 462 3,128 -138
 Italy 892 1,409 59
 Luxembourg (D) 60 (*)
 Netherlands 1,648 1,280 (D)
 Norway 959 48 -6
 Poland 28 144 -5
 Portugal (D) 150 15
 Russia -6 52 5
 Spain 216 1,712 144
 Sweden 299 698 184
 Switzerland 1,102 1,369 482
 Turkey 3 20 1
 United Kingdom 7,599 5,317 2,028
 Other 66 (D) 50

Latin America and Other
 Western Hemisphere 3,660 1,368 1,529
 South America 2,520 (D) (D)
 Argentina 179 87 -134
 Brazil 2,161 (D) 56
 Chile 72 45 (D)
 Colombia 17 (*) (D)
 Ecuador 1 3 0
 Peru 4 1 0
 Venezuela 89 (D) (D)
 Other -3 (D) 0

 Central America 1,132 -1,755 1,454
 Costa Rica 0 (D) 126
 Honduras (*) 4 0
 Mexico 1,130 -2,102 1,328
 Panama 0 (*) 0
 Other 1 (D) (*)

 Other Western Hemisphere 8 (D) (D)
 Barbados (*) (D) 0
 Bermuda 6 (D) 0
 Dominican Republic 0 -20 0
 United Kingdom Islands,
 Caribbean 2 (D) (D)
 Other 0 (*) 0

Africa 313 168 95
 Egypt (D) 5 5
 Nigeria 1 0 0
 South Africa 183 (D) 90
 Other (D) (D) 0

Middle East 408 4,673 47
 Israel 114 (D) (D)
 Saudi Arabia (D) 0 0
 United Arab Emirates (D) (D) (D)
 Other 2 0 0

Asia and Pacific 6,663 30,851 3,453
 Australia 907 541 293
 China 1,447 6,416 556
 Hong Kong 647 2,173 229
 India 637 318 277
 Indonesia 19 8 (D)
 Japan 961 3,244 1,274
 Korea, Republic of 152 2,074 301
 Malaysia 151 4,071 4
 New Zealand 39 45 (D)
 Philippines 36 1,759 -4
 Singapore 1,313 6,352 252
 Taiwan 204 2,740 125
 Thailand 148 1,090 51
 Other 1 20 0

Addenda:
 European Union (27) (2) 22,532 24,729 15,636
 OPEC (3) 410 102 191

 Manufacturing

 Transportation Other
 equipment manufacturing

All countries 45,456 135,486

Canada 6,889 27,412

Europe (1) 20,734 58,336

 Austria 1,553 -378
 Belgium 911 7,487
 Czech Republic 819 157
 Denmark 2 (D)
 Finland (D) 113
 France 2,090 7,982
 Germany 2,363 (D)
 Greece 0 579
 Hungary (D) (D)
 Ireland 59 5,167
 Italy 1,501 3,732
 Luxembourg (D) (D)
 Netherlands -174 (D)
 Norway 5 (D)
 Poland 566 682
 Portugal 295 (D)
 Russia 2 (D)
 Spain 1,861 3,927
 Sweden 136 (D)
 Switzerland 303 1,644
 Turkey 290 433
 United Kingdom 7,494 5,466
 Other 112 615

Latin America and Other
 Western Hemisphere 9,153 22,855
 South America 3,973 (D)
 Argentina 499 733
 Brazil 1,990 6,101
 Chile (D) (D)
 Colombia (D) (D)
 Ecuador (D) (D)
 Peru 0 225
 Venezuela (D) (D)
 Other 26 (D)

 Central America 5,180 11,161
 Costa Rica 0 (D)
 Honduras -7 (D)
 Mexico 5,192 9,927
 Panama 0 22
 Other -5 (D)

 Other Western Hemisphere -1 (D)
 Barbados (*) 2
 Bermuda 0 (D)
 Dominican Republic 0 (D)
 United Kingdom Islands,
 Caribbean 0 488
 Other -1 (D)

Africa 808 834
 Egypt (D) 11
 Nigeria 0 (D)
 South Africa 747 (D)
 Other (D) (D)

Middle East 33 4,374
 Israel 0 (D)
 Saudi Arabia 33 50
 United Arab Emirates 0 (D)
 Other 0 (D)

Asia and Pacific 7,840 21,676
 Australia 654 3,415
 China 2,007 3,561
 Hong Kong 36 477
 India 415 (D)
 Indonesia (D) (D)
 Japan 2,489 6,632
 Korea, Republic of 712 (D)
 Malaysia 79 379
 New Zealand (D) 518
 Philippines 24 363
 Singapore 677 596
 Taiwan 50 279
 Thailand 631 1,595
 Other 119 108

Addenda:
 European Union (27) (2) 20,094 54,924
 OPEC (3) 1,071 4,727

 Wholesale Information Depository
 trade institutions

All countries 176,869 135,037 116,874

Canada 19,795 5,331 4,423

Europe (1) 93,305 94,023 80,948

 Austria 1,051 -55 (D)
 Belgium 5,391 -736 (D)
 Czech Republic 317 225 (D)
 Denmark 1,015 1,027 (D)
 Finland 776 151 (D)
 France 5,132 2,608 3,427
 Germany 10,775 3,784 1,617
 Greece 739 20 -141
 Hungary 375 107 (D)
 Ireland 4,250 26,640 (D)
 Italy 3,224 2,823 412
 Luxembourg -24 1,546 (D)
 Netherlands 15,144 11,326 (D)
 Norway 717 625 (D)
 Poland 2,106 622 3,950
 Portugal 850 96 0
 Russia 502 64 1,217
 Spain 3,273 478 2,660
 Sweden 752 711 (D)
 Switzerland 17,561 3,476 7,180
 Turkey 1,729 -16 (D)
 United Kingdom 16,192 38,429 13,854
 Other 1,458 73 2,246

Latin America and Other
 Western Hemisphere 26,104 8,746 -14,300
 South America 4,036 4,023 6,340
 Argentina 539 904 526
 Brazil 1,187 2,502 3,098
 Chile 900 121 1,386
 Colombia 391 33 (D)
 Ecuador 122 2 (D)
 Peru 454 61 (D)
 Venezuela 198 142 (D)
 Other 244 258 100

 Central America 2,798 2,902 5,227
 Costa Rica 36 16 (D)
 Honduras 58 (*) 112
 Mexico 2,130 2,876 2,539
 Panama 349 -5 (D)
 Other 225 15 1,291

 Other Western Hemisphere 19,270 1,821 -25,867
 Barbados 3,956 17 0
 Bermuda 4,464 518 46
 Dominican Republic 137 (D) (D)
 United Kingdom Islands,
 Caribbean 9,605 533 -23,977
 Other 1,108 (D) (D)

Africa 1,068 171 1,899
 Egypt (D) (D) (D)
 Nigeria (D) (D) (D)
 South Africa 795 147 (D)
 Other 118 29 632

Middle East 1,993 1,568 718
 Israel (D) 1,499 (D)
 Saudi Arabia (D) (D) 0
 United Arab Emirates (D) (D) (D)
 Other 12 (D) 63

Asia and Pacific 34,604 25,198 43,186
 Australia 4,375 13,912 (D)
 China 2,781 427 (D)
 Hong Kong 7,012 1,034 3,220
 India 827 3,528 (D)
 Indonesia 56 -75 (D)
 Japan 8,063 4,300 (D)
 Korea, Republic of (D) 491 (D)
 Malaysia 242 76 1,435
 New Zealand (D) 294 (D)
 Philippines 253 35 (D)
 Singapore 4,880 1,012 3,123
 Taiwan 3,123 147 (D)
 Thailand 426 15 1,689
 Other (D) 1 (D)

Addenda:
 European Union (27) (2) 72,088 89,872 67,873
 OPEC (3) 1,662 171 (D)

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

All countries 688,160 74,691

Canada 40,191 4,597

Europe (1) 341,423 50,566

 Austria 2,148 410
 Belgium 30,403 1,466
 Czech Republic (D) 31
 Denmark 204 335
 Finland 26 -33
 France 6,066 2,795
 Germany 19,139 5,504
 Greece 552 12
 Hungary 102 -70
 Ireland 13,942 10,377
 Italy 3,270 1,318
 Luxembourg 29,178 (D)
 Netherlands 47,027 3,803
 Norway (D) (D)
 Poland 1,353 (D)
 Portugal 471 83
 Russia -26 125
 Spain 4,711 520
 Sweden 11,630 448
 Switzerland 7,919 1,207
 Turkey (D) 18
 United Kingdom 157,566 21,442
 Other (D) (D)

Latin America and Other
 Western Hemisphere 197,327 2,171
 South America 14,773 1,335
 Argentina 1,196 73
 Brazil 9,308 590
 Chile 3,186 236
 Colombia 356 40
 Ecuador 46 2
 Peru 108 76
 Venezuela 371 287
 Other 202 31

 Central America 18,755 511
 Costa Rica (D) 126
 Honduras (D) (*)
 Mexico 14,917 399
 Panama 790 -20
 Other (D) 6

 Other Western Hemisphere 163,800 324
 Barbados 1,051 4
 Bermuda 76,624 272
 Dominican Republic 1 1
 United Kingdom Islands,
 Caribbean 72,118 98
 Other 14,005 -51

Africa 1,776 362
 Egypt (D) (D)
 Nigeria (D) (D)
 South Africa 135 279
 Other (D) 82

Middle East 526 1,171
 Israel 60 354
 Saudi Arabia (D) 299
 United Arab Emirates (D) 200
 Other 355 318

Asia and Pacific 106,917 15,824
 Australia 22,042 3,696
 China 1,877 359
 Hong Kong 8,560 2,955
 India 2,529 2,195
 Indonesia 736 125
 Japan 50,524 2,108
 Korea, Republic of 3,415 269
 Malaysia 479 207
 New Zealand 1,184 345
 Philippines (D) 310
 Singapore 7,033 2,777
 Taiwan 7,273 209
 Thailand 837 270
 Other (D) (*)

Addenda:
 European Union (27) (2) 328,793 48,802
 OPEC (3) 1,497 1,258

 Holding
 companies Other
 (nonbank) industries

All countries 1,181,323 208,733

Canada 48,985 31,322

Europe (1) 763,137 113,533

 Austria (D) 763
 Belgium 2,808 (D)
 Czech Republic (D) -4
 Denmark 1,015 3,003
 Finland (D) 233
 France 24,915 11,184
 Germany 33,958 6,592
 Greece (D) (D)
 Hungary 178 (D)
 Ireland 38,564 (D)
 Italy 1,022 5,150
 Luxembourg 108,292 (D)
 Netherlands 296,856 (D)
 Norway (D) (D)
 Poland (D) (D)
 Portugal 48 714
 Russia 9 829
 Spain 23,100 2,705
 Sweden 19,234 (D)
 Switzerland 65,235 9,392
 Turkey -4 (D)
 United Kingdom 110,950 38,290
 Other 16,190 (D)

Latin America and Other
 Western Hemisphere 254,726 26,385
 South America 16,176 3,537
 Argentina 3,053 179
 Brazil 5,164 103
 Chile 626 1,748
 Colombia 203 (D)
 Ecuador (D) (D)
 Peru (D) 348
 Venezuela 6,539 (D)
 Other 1 124

 Central America 33,090 12,143
 Costa Rica 876 -258
 Honduras -2 (D)
 Mexico 29,527 10,757
 Panama 2,699 (D)
 Other -10 (D)

 Other Western Hemisphere 205,460 10,705
 Barbados (D) (D)
 Bermuda 124,223 6,504
 Dominican Republic (*) 10
 United Kingdom Islands,
 Caribbean 65,855 (D)
 Other (D) 784

Africa 8,472 1,433
 Egypt (D) (D)
 Nigeria (D) (D)
 South Africa (D) 296
 Other (D) 1,054

Middle East 7,912 731
 Israel 1,145 (D)
 Saudi Arabia 3,435 187
 United Arab Emirates (D) 88
 Other (D) (D)

Asia and Pacific 98,092 35,329
 Australia 11,208 (D)
 China 3,099 (D)
 Hong Kong 11,229 2,075
 India 137 (D)
 Indonesia 7,887 (D)
 Japan 7,260 (D)
 Korea, Republic of (D) (D)
 Malaysia 1,336 380
 New Zealand (D) 653
 Philippines (D) 449
 Singapore 54,221 1,909
 Taiwan 102 (D)
 Thailand 192 640
 Other -62 (D)

Addenda:
 European Union (27) (2) 668,362 101,905
 OPEC (3) 26,454 (D)

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

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

(1.) In 2008, the "euro area" includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovenia and Spain. For 2008, the U.S.
direct investment position in the "euro area" was $1,086,231 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
2008, its members were Algeria, Angola, Ecuador, Indonesia, Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab
Emirates, and Venezuela.

NOTE. Estimates for 2008 are revised.

Table 1.2. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2009

[Millions of dollars]

 All Manufacturing
 industries Mining
 Total

 All countries 3,508,142 171,106 541,080
Canada 259,792 18,839 65,019

Europe (1) 1,976,222 47,315 284,809
 Austria 18,203 1 4,841
 Belgium 69,773 12 26,127
 Czech Republic 5,871 0 2,512
 Denmark 9,318 123 3,079
 Finland 2,094 0 863
 France 85,801 101 28,077
 Germany 116,832 48 31,800
 Greece 2,028 -6 703
 Hungary 9,287 150 6,288
 Ireland 165,924 (D) 16,174
 Italy 31,470 -11 12,582
 Luxembourg 174,092 158 8,305
 Netherlands 471,567 5,815 30,669
 Norway 26,984 8,483 3,263
 Poland 13,957 0 3,946
 Portugal 2,461 1 714
 Russia 21,328 (D) 4,774
 Spain 50,644 88 15,029
 Sweden 27,418 0 3,436
 Switzerland 148,239 (D) 24,449
 Turkey 6,268 -1 1,607
 United Kingdom 471,384 5,321 53,386
 Other 45,281 13,236 2,182

Latin America and Other
 Western Hemisphere 678,956 39,780 69,838
 South America 125,949 25,721 38,497
 Argentina 14,108 3,728 2,787
 Brazil 56,692 2,986 25,569
 Chile 22,608 (D) 2,712
 Colombia 6,728 3,153 1,683
 Ecuador 1,269 237 177
 Peru 6,232 3,462 725
 Venezuela 14,506 (D) 4,508
 Other 3,806 303 335

 Central America 113,793 5,062 26,988
 Costa Rica 2,419 (*) 1,076
 Honduras 844 0 494
 Mexico 97,897 4,961 24,432
 Panama 7,845 121 136
 Other 4,788 -21 850

 Other Western Hemisphere 439,214 8,997 4,354
 Barbados 3,650 8 330
 Bermuda 245,671 -65 1,781
 Dominican Republic 1,006 0 617
 United Kingdom Islands,
 Caribbean 141,527 (D) 598
 Other 47,360 (D) 1,029

Africa 44,805 25,045 3,550
 Egypt 9,826 (D) (D)
 Nigeria 5,369 3,875 (D)
 South Africa 5,922 (D) 2,600
 Other 23,688 (D) 769

Middle East 37,012 7,229 12,516
 Israel 10,013 0 6,193
 Saudi Arabia 8,122 677 484
 United Arab Emirates 3,993 (D) (D)
 Other 14,885 (D) (D)

Asia and Pacific 511,355 32,898 105,348
 Australia 106,370 18,880 15,428
 China 49,403 3,648 22,618
 Hong Kong 50,459 (*) 4,433
 India 18,610 658 3,580
 Indonesia 16,005 4,863 326
 Japan 103,643 (*) 16,882
 Korea, Republic of 26,953 -1 10,899
 Malaysia 13,486 2,657 6,367
 New Zealand 5,816 136 1,391
 Philippines 5,806 29 2,945
 Singapore 76,862 823 10,060
 Taiwan 19,534 (*) 4,280
 Thailand 10,209 271 5,673
 Other 8,199 934 465

Addenda:
 European Union (27) (2) 1,733,787 12,459 250,080
 OPEC (3) 55,978 16,217 11,072

 Manufacturing

 Primary and
 fabricated
 Food Chemicals metals

 All countries 45,247 129,529 23,186
Canada 4,973 13,514 4,124

Europe (1) 25,896 78,252 12,800
 Austria (D) 234 187
 Belgium 1,452 12,343 437
 Czech Republic (D) 132 157
 Denmark 108 50 29
 Finland (D) 40 50
 France 5,850 4,324 3,138
 Germany 845 7,372 2,176
 Greece 87 108 0
 Hungary 182 (D) 14
 Ireland 280 (D) 93
 Italy 890 2,237 1,133
 Luxembourg 0 (D) 1
 Netherlands 1,359 4,682 603
 Norway (D) (D) (D)
 Poland 1,073 1,043 407
 Portugal 6 129 -15
 Russia (D) 55 (D)
 Spain 1,223 5,020 184
 Sweden 69 290 91
 Switzerland 369 18,683 36
 Turkey 2 707 (*)
 United Kingdom 7,173 10,206 2,088
 Other 553 (D) (D)

Latin America and Other
 Western Hemisphere 5,861 17,039 2,940
 South America 2,795 11,684 1,269
 Argentina 123 1,408 15
 Brazil 1,298 7,443 1,052
 Chile 39 680 (D)
 Colombia 231 509 6
 Ecuador 42 30 1
 Peru (D) 316 (D)
 Venezuela 974 1,220 (D)
 Other (D) 78 (D)

 Central America (D) 5,084 869
 Costa Rica 175 95 54
 Honduras 4 15 0
 Mexico (D) 4,822 821
 Panama 38 70 4
 Other 125 83 -11

 Other Western Hemisphere (D) 272 803
 Barbados (D) 11 9
 Bermuda 0 (D) (*)
 Dominican Republic (D) 31 (D)
 United Kingdom Islands,
 Caribbean 10 66 (D)
 Other (D) (D) (D)

Africa 127 542 328
 Egypt 30 -38 8
 Nigeria 19 33 7
 South Africa -9 487 277
 Other 88 60 37

Middle East 193 1,402 97
 Israel 158 -87 3
 Saudi Arabia 2 200 (D)
 United Arab Emirates 36 (D) (D)
 Other -3 (D) 0

Asia and Pacific 8,196 18,781 2,897
 Australia 2,957 4,426 905
 China 2,874 4,987 691
 Hong Kong -2 235 77
 India 116 1,129 (D)
 Indonesia -35 120 (D)
 Japan 226 2,555 228
 Korea, Republic of (D) 1,152 392
 Malaysia 282 712 23
 New Zealand (D) 150 42
 Philippines 186 710 2
 Singapore -1 477 132
 Taiwan 79 601 86
 Thailand 111 1,402 209
 Other (D) 125 (D)

Addenda:
 European Union (27) (2) 21,501 58,392 10,862
 OPEC (3) 1,084 2,766 150

 Manufacturing

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

 All countries 43,612 65,598 24,694
Canada 3,177 2,645 2,432

Europe (1) 28,221 25,897 16,834
 Austria 160 (D) (D)
 Belgium 1,078 1,045 357
 Czech Republic 303 137 22
 Denmark 352 1,370 62
 Finland (D) 114 (D)
 France 1,907 1,789 330
 Germany 4,034 4,172 838
 Greece 1 5 0
 Hungary (D) (D) -3
 Ireland 508 2,868 (D)
 Italy 1,316 1,564 70
 Luxembourg (D) 90 (*)
 Netherlands 2,090 1,073 12,217
 Norway 923 47 -15
 Poland 30 151 2
 Portugal (D) 126 14
 Russia -16 38 5
 Spain 247 1,689 137
 Sweden 513 818 220
 Switzerland 1,060 1,367 287
 Turkey 3 22 1
 United Kingdom 8,019 4,901 2,101
 Other 36 (D) 57

Latin America and Other
 Western Hemisphere 4,504 1,126 1,820
 South America 3,080 1,498 195
 Argentina 209 80 -146
 Brazil 2,680 1,276 96
 Chile 79 (D) (D)
 Colombia (D) (*) (D)
 Ecuador 1 3 0
 Peru 4 1 0
 Venezuela (D) (D) 236
 Other -3 2 0

 Central America 1,379 -2,165 1,663
 Costa Rica 0 (D) 133
 Honduras (*) 4 0
 Mexico 1,378 -2,586 1,530
 Panama 0 (*) 0
 Other 1 (D) (*)

 Other Western Hemisphere 45 1,793 -37
 Barbados (*) (D) 0
 Bermuda (D) (D) 0
 Dominican Republic 0 -26 0
 United Kingdom Islands,
 Caribbean (D) 83 -37
 Other 0 (*) 0

Africa 344 190 117
 Egypt (D) 16 5
 Nigeria 5 (D) 0
 South Africa 204 114 112
 Other (D) (D) 0

Middle East 527 4,526 43
 Israel (D) (D) 35
 Saudi Arabia -3 0 0
 United Arab Emirates (D) (D) 9
 Other 2 0 0

Asia and Pacific 6,840 31,214 3,449
 Australia 905 575 341
 China 1,186 5,745 493
 Hong Kong 636 2,495 246
 India 730 362 316
 Indonesia 20 8 (D)
 Japan 998 2,717 1,412
 Korea, Republic of 155 2,253 90
 Malaysia 286 4,615 1
 New Zealand 43 58 (D) 1
 Philippines 27 1,687
 Singapore 1,421 6,473 263
 Taiwan 134 2,862 133
 Thailand 296 1,342 55
 Other 1 21 0

Addenda:
 European Union (27) (2) 26,248 24,421 16,556
 OPEC (3) 410 111 245

 Manufacturing

 Transportation Other
 equipment manufacturing

 All countries 47,235 161,978
Canada 2,470 31,684

Europe (1) 24,401 72,507
 Austria 1,624 282
 Belgium 901 8,515
 Czech Republic 992 (D)
 Denmark 2 1,105
 Finland 88 169
 France 2,108 8,630
 Germany 4,182 8,181
 Greece 0 501
 Hungary 408 (D)
 Ireland 63 (D)
 Italy 1,390 3,982
 Luxembourg 283 (D)
 Netherlands -116 8,761
 Norway (D) -2
 Poland 540 701
 Portugal (D) 86
 Russia -39 (D)
 Spain 2,279 4,252
 Sweden 201 1,233
 Switzerland 358 2,289
 Turkey 303 569
 United Kingdom 8,340 10,558
 Other 144 733

Latin America and Other
 Western Hemisphere 11,079 25,469
 South America 5,665 12,311
 Argentina 331 767
 Brazil 4,177 7,547
 Chile (D) 1,795
 Colombia (D) (D)
 Ecuador 43 57
 Peru 0 289
 Venezuela 775 1,121
 Other 29 (D)

 Central America (D) (D)
 Costa Rica 0 (D)
 Honduras (D) (D)
 Mexico (D) (D)
 Panama 0 24
 Other (D) (D)

 Other Western Hemisphere (D) (D)
 Barbados (*) 0
 Bermuda 0 (D)
 Dominican Republic 0 507
 United Kingdom Islands,
 Caribbean 0 (D)
 Other (D) 82

Africa 919 983
 Egypt 24 (D)
 Nigeria 0 (D)
 South Africa 853 563
 Other 42 464

Middle East 42 5,686
 Israel 0 (D)
 Saudi Arabia 42 (D)
 United Arab Emirates 0 92
 Other 0 (D)

Asia and Pacific 8,324 25,648
 Australia 932 4,387
 China 2,736 3,904
 Hong Kong 39 706
 India 486 (D)
 Indonesia -86 (D)
 Japan 1,394 7,353
 Korea, Republic of 1,121 (D)
 Malaysia 51 396
 New Zealand 11 620
 Philippines 25 308
 Singapore 833 462
 Taiwan 71 315
 Thailand 576 1,681
 Other 135 104

Addenda:
 European Union (27) (2) 23,720 68,380
 OPEC (3) 859 5,446

 Wholesale Information Depository
 trade institutions

 All countries 198,985 149,826 114,032
Canada 21,877 6,360 4,991

Europe (1) 102,359 103,857 77,516
 Austria 998 -50 (D)
 Belgium 5,682 -585 (D)
 Czech Republic 355 (D) (D)
 Denmark 997 376 263
 Finland 790 150 32
 France 5,623 2,475 4,517
 Germany 10,582 3,961 1,679
 Greece 778 5 -165
 Hungary 621 202 1,818
 Ireland 4,171 32,676 (D)
 Italy 3,151 2,212 149
 Luxembourg -20 6,006 (D)
 Netherlands 19,821 12,660 (D)
 Norway 952 693 (D)
 Poland 2,180 (D) (D)
 Portugal 382 143 0
 Russia (D) 90 1,565
 Spain 3,484 777 2,418
 Sweden (D) 693 (D)
 Switzerland 22,483 3,695 (D)
 Turkey 1,925 -52 (D)
 United Kingdom 14,560 36,749 17,491
 Other 1,550 71 2,431

Latin America and Other
 Western Hemisphere 32,887 10,349 -13,011
 South America 5,102 5,100 7,761
 Argentina 689 953 (D)
 Brazil 2,128 3,595 3,870
 Chile 775 141 1,547
 Colombia (D) (D) (D)
 Ecuador (D) 2 (D)
 Peru 474 77 501
 Venezuela (D) (D) (D)
 Other 260 256 105

 Central America 3,037 2,975 6,493
 Costa Rica 15 17 (D)
 Honduras 74 (*) 116
 Mexico 2,366 2,979 2,909
 Panama 353 -5 1,886
 Other 229 -15 (D)

 Other Western Hemisphere 24,749 2,274 -27,265
 Barbados 4,420 24 0
 Bermuda 6,418 763 47
 Dominican Republic 138 (D) (D)
 United Kingdom Islands,
 Caribbean (D) 648 -25,094
 Other (D) (D) (D)

Africa 1,324 155 2,151
 Egypt (D) (D) (D)
 Nigeria (D) 1 (D)
 South Africa 889 (D) (D)
 Other (D) 24 750

Middle East 2,231 1,713 180
 Israel 817 1,641 (D)
 Saudi Arabia 453 10 0
 United Arab Emirates 949 (D) (D)
 Other 12 (D) (D)

Asia and Pacific 38,306 27,392 42,205
 Australia 5,238 14,500 2,366
 China 2,899 459 10,856
 Hong Kong 8,289 1,499 3,291
 India 759 3,806 3,191
 Indonesia 68 -101 (D)
 Japan 8,202 4,978 (D)
 Korea, Republic of 2,235 450 (D)
 Malaysia 333 76 1,355
 New Zealand 315 293 (D)
 Philippines 281 31 381
 Singapore 5,659 1,178 3,681
 Taiwan 3,259 214 (D)
 Thailand 576 7 1,741
 Other 194 1 405

Addenda:
 European Union (27) (2) 75,824 99,430 65,381
 OPEC (3) 2,015 170 (D)

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

 All countries 746,993 77,474
Canada 43,035 5,728

Europe (1) 363,940 48,859
 Austria 2,139 562
 Belgium 31,449 1,719
 Czech Republic 805 19
 Denmark 284 502
 Finland 31 -12
 France 6,139 2,832
 Germany 17,295 6,410
 Greece 537 11
 Hungary 129 -107
 Ireland 12,384 9,435
 Italy 4,065 1,214
 Luxembourg 37,620 111
 Netherlands 50,351 5,659
 Norway 365 426
 Poland 1,488 204
 Portugal 585 148
 Russia -82 149
 Spain 4,999 535
 Sweden 10,643 627
 Switzerland 4,422 1,604
 Turkey 108 16
 United Kingdom 173,535 16,687
 Other 4,649 110

Latin America and Other
 Western Hemisphere 220,254 2,307
 South America 18,127 1,489
 Argentina 1,461 95
 Brazil 11,227 706
 Chile 3,776 278
 Colombia 485 39
 Ecuador 58 2
 Peru 166 74
 Venezuela 544 271
 Other 410 25

 Central America 19,426 550
 Costa Rica (D) 152
 Honduras 158 (*)
 Mexico 15,893 408
 Panama 771 -16
 Other (D) 6

 Other Western Hemisphere 182,701 268
 Barbados 727 4
 Bermuda 96,069 307
 Dominican Republic 1 1
 United Kingdom Islands,
 Caribbean 70,778 101
 Other 15,126 -145

Africa 2,408 442
 Egypt (D) (D)
 Nigeria (D) (D)
 South Africa (D) 354
 Other (D) 86

Middle East 681 1,259
 Israel 88 395
 Saudi Arabia -60 318
 United Arab Emirates 231 129
 Other 422 416

Asia and Pacific 116,676 18,880
 Australia 23,872 4,469
 China 1,834 605
 Hong Kong 13,604 3,340
 India 2,730 3,101
 Indonesia 696 103
 Japan 49,916 2,426
 Korea, Republic of 4,237 351
 Malaysia 483 277
 New Zealand 1,802 333
 Philippines 491 304
 Singapore 7,837 3,088
 Taiwan 8,405 202
 Thailand 779 290
 Other -11 -9

Addenda:
 European Union (27) (2) 354,803 46,629
 OPEC (3) 1,012 1,166

 Holding
 companies Other
 (nonbank) industries

 All countries 1,279,952 228,693
Canada 58,244 35,700

Europe (1) 824,482 123,085
 Austria (D) 820
 Belgium 2,646 (D)
 Czech Republic 37 -20
 Denmark 608 3,086
 Finland -5 244
 France 25,827 10,209
 Germany 36,691 8,366
 Greece (D) (D)
 Hungary 90 94
 Ireland 53,571 (D)
 Italy 2,018 6,091
 Luxembourg 115,216 (D)
 Netherlands 331,624 (D)
 Norway (D) (D)
 Poland (D) (D)
 Portugal -228 716
 Russia 5 (D)
 Spain 20,076 3,237
 Sweden 9,701 (D)
 Switzerland 73,861 (D)
 Turkey -5 (D)
 United Kingdom 114,280 39,376
 Other 19,062 1,991

Latin America and Other
 Western Hemisphere 286,713 29,838
 South America 19,103 5,049
 Argentina 3,267 (D)
 Brazil 6,290 322
 Chile 761 (D)
 Colombia 176 (D)
 Ecuador 99 (D)
 Peru (D) (D)
 Venezuela 6,547 (D)
 Other (D) (D)

 Central America 36,180 13,082
 Costa Rica 889 (D)
 Honduras -2 4
 Mexico 32,361 11,587
 Panama 2,942 1,657
 Other -10 (D)

 Other Western Hemisphere 231,430 11,707
 Barbados -3,547 1,685
 Bermuda 133,287 7,064
 Dominican Republic (*) 13
 United Kingdom Islands,
 Caribbean 76,715 2,146
 Other 24,975 800

Africa 7,816 1,913
 Egypt (D) (D)
 Nigeria (D) (D)
 South Africa 437 452
 Other (D) 1,431

Middle East 10,409 794
 Israel 638 (D)
 Saudi Arabia 6,022 219
 United Arab Emirates (D) 176
 Other (D) (D)

Asia and Pacific 92,288 37,363
 Australia 12,550 9,067
 China 3,882 2,602
 Hong Kong 13,300 2,703
 India 224 560
 Indonesia 8,355 (D)
 Japan 8,324 (D)
 Korea, Republic of (D) (D)
 Malaysia 1,516 423
 New Zealand (D) 714
 Philippines (D) (D)
 Singapore 42,118 2,418
 Taiwan 87 (D)
 Thailand 265 607
 Other -63 6,283

Addenda:
 European Union (27) (2) 720,979 108,204
 OPEC (3) 21,002 (D)

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

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

(1.) In 2009, the "euro area" includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovakia, Slovenia and Spain. For 2009, the
U.S. direct investment position in the "euro area" was $1,194,266
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
2009, its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2009 are preliminary.

Table 2.1. Foreign Direct Investment Position in the United
States on a Historical-Cost Basis, 2008

[Millions of dollars]

 All Manufacturing
 industries Mining
 Total

All countries 2,165,748 746,475 23,849

Canada 194,140 40,635 1,081

Europe (1) 1,555,208 572,203 19,738
 Austria 2,947 1,632 5
 Belgium 23,066 9,809 -5
 Denmark 4,883 3,018 (D)
 Finland 7,341 3,580 (D)
 France 157,172 67,798 2,205
 Germany 201,424 74,979 45
 Ireland 26,146 16,282 1,492
 Italy 18,685 6,999 94
 Luxembourg 118,283 50,973 448
 Netherlands 199,137 79,467 (D)
 Norway 8,873 639 (*)
 Spain 39,142 3,787 599
 Sweden 35,843 28,242 (*)
 Switzerland 164,534 86,076 9,598
 United Kingdom 454,328 102,807 2,852
 Other 93,405 36,117 (D)

Latin America and Other
 Western Hemisphere 46,130 22,073 983

 South and Central America 16,539 3,100 954
 Brazil -294 -1,078 (D)
 Mexico 9,444 4,111 1,934
 Panama 822 75 0
 Venezuela 4,567 -129 -5
 Other 1,999 121 (D)

 Other Western Hemisphere 29,591 18,972 29
 Bahamas 67 82 (D)
 Bermuda 4,116 12,083 (D)
 Netherlands Antilles 5,752 (D) 2
 United Kingdom Islands,
 Caribbean 24,401 6,573 (D)
 Other -4,745 (D) 1

Africa 2,309 383 -1
 South Africa 685 -44 -1
 Other 1,624 427 0

Middle East 17,242 3,928 (D)
 Israel 7,284 3,890 (D)
 Kuwait 360 2 0
 Lebanon (D) (*) 0
 Saudi Arabia (D) 13 0
 United Arab Emirates 2,570 (D) 0
 Other 1,638 (D) 0

Asia and Pacific 350,718 107,254 (D)
 Australia 40,626 6,194 34
 China 1,205 -246 (*)
 Hong Kong 3,966 1,512 -1
 India 3,886 190 0
 Japan 259,753 78,739 1,559
 Korea, Republic of 12,132 (D) 466
 Malaysia 429 27 1
 New Zealand 1,059 (D) (D)
 Singapore 23,074 (D) -32
 Taiwan 3,917 1,463 -2
 Other 670 30 2

Addenda:
 European Union (27) (2) 1,362,433 478,541 10,089
 OPEC (3) 14,871 -152 -5

 Manufacturing

 Primary and
 fabricated
 Food Chemicals metals

All countries 187,332 47,645 88,730

Canada 7,149 5,104 1,224

Europe (1) 155,701 37,638 83,263
 Austria (D) 558 369
 Belgium 9,579 (D) 557
 Denmark 2,294 0 1,022
 Finland 202 (D) 1,950
 France 12,908 1,782 (D)
 Germany 27,350 1,871 23,338
 Ireland 4,218 (D) (D)
 Italy 590 (D) 434
 Luxembourg 2,128 10,857 (D)
 Netherlands 10,568 (D) (D)
 Norway (D) (D) (D)
 Spain 755 (D) -7
 Sweden (D) 5,344 4,234
 Switzerland 25,429 3,024 4,510
 United Kingdom 42,113 5,437 2,632
 Other (D) 5,214 (D)

Latin America and Other
 Western Hemisphere 1,954 1,140 (D)

 South and Central America 593 539 248
 Brazil -57 (D) -20
 Mexico 602 660 338
 Panama (D) (D) (*)
 Venezuela -30 -4 -23
 Other (D) -19 -48

 Other Western Hemisphere 1,362 601 (D)
 Bahamas (D) (D) 0
 Bermuda 1,038 (D) (D)
 Netherlands Antilles (D) (D) (*)
 United Kingdom Islands,
 Caribbean (D) (D) 204
 Other (D) (D) (D)

Africa -6 (D)
 South Africa -5 -1 (*)
 Other -1 (D) (*)

Middle East (D) (D) 103
 Israel (D) (D) 30
 Kuwait 0 0 0
 Lebanon 0 0 0
 Saudi Arabia 17 1 -4
 United Arab Emirates (D) 0 -1
 Other 0 0 77

Asia and Pacific (D) 3,708 (D)
 Australia 765 1,150 229
 China -12 5 -25
 Hong Kong (D) -7 -22
 India 71 (D) (D)
 Japan 17,862 2,446 4,133
 Korea, Republic of 53 82 (D)
 Malaysia 8 (D) (D)
 New Zealand (*) 8 3
 Singapore -4 8 (D)
 Taiwan 16 4 (D)
 Other -26 -2 -2

Addenda:
 European Union (27) (2) 127,771 30,728 77,810
 OPEC (3) -52 -38 -31

 Manufacturing

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

All countries 59,757 20,561 83,907

Canada -190 -73 10,919

Europe (1) 31,988 16,595 36,346
 Austria 3 (*) 15
 Belgium 10 71 (D)
 Denmark (D) 0 (*) 1
 Finland (D) 2
 France 14,387 (D) 3,691
 Germany 539 727 11,589
 Ireland 30 0 (*)
 Italy (D) 60 (D)
 Luxembourg (D) -200 317
 Netherlands 5,522 (D) (D)
 Norway 438 (D) (D)
 Spain 38 -146 95
 Sweden (D) (D) (D)
 Switzerland 429 60 (D)
 United Kingdom 2,472 1,395 21,768
 Other (D) (D) 167

Latin America and Other
 Western Hemisphere 2,228 (D) 186

 South and Central America -62 (D) -652
 Brazil -50 -5 3
 Mexico -29 (D) (D)
 Panama (D) (*) (D)
 Venezuela 8 (D) (D)
 Other (D) -2 -10

 Other Western Hemisphere 2,290 (D) 839
 Bahamas (*) 0 0
 Bermuda (D) (D) 0
 Netherlands Antilles -2 0 -4
 United Kingdom Islands,
 Caribbean (D) 7 842
 Other 2 0 0

Africa (D) (*) (D)
 South Africa 0 0 4
 Other (D) (*) (D)

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

Asia and Pacific 25,420 (D) 36,447
 Australia -9 4 -26
 China 85 9 -164
 Hong Kong (D) (*) 1
 India (D) -3 38
 Japan 7,060 1,346 36,512
 Korea, Republic of (D) -1 84
 Malaysia 22 (*) 3
 New Zealand -8 0 -2
 Singapore 17,149 7 19
 Taiwan 101 (D) -68
 Other 45 -30 50

Addenda:
 European Union (27) (2) 31,120 16,508 35,630
 OPEC (3) 2 (D) (D)

 Manufacturing

 Transportation Other
 equipment manufacturing

All countries 234,695 316,581

Canada 15,420 4,431

Europe (1) 190,935 157,638
 Austria (D) 553
 Belgium 1,539 6,276
 Denmark -1,499 1,098
 Finland 1,386 (D)
 France 21,941 9,911
 Germany 9,519 11,294
 Ireland 8,962 274
 Italy 196 1,695
 Luxembourg (D) 2,336
 Netherlands 44,612 26,301
 Norway (D) 3,537
 Spain (D) 151
 Sweden 1,056 5,659
 Switzerland (D) 7,401
 United Kingdom 24,138 77,608
 Other (D) (D)

Latin America and Other
 Western Hemisphere 13,944 13,380

 South and Central America (D) 5,883
 Brazil -32 (D)
 Mexico 1,247 1,397
 Panama 14 -89
 Venezuela 46 (D)
 Other (D) 604

 Other Western Hemisphere (D) 7,497
 Bahamas (*) (D)
 Bermuda (D) 257
 Netherlands Antilles 175 (D)
 United Kingdom Islands,
 Caribbean 2,494 (D)
 Other 57 (D)

Africa 403 453
 South Africa -41 (D)
 Other 444 (D)

Middle East 351 6,001
 Israel (D) (D)
 Kuwait 0 (D)
 Lebanon (*) (*)
 Saudi Arabia (*) (D)
 United Arab Emirates (D) (D)
 Other (D) (D)

Asia and Pacific 13,642 134,678
 Australia 4,048 141
 China -144 873
 Hong Kong 9 1,758
 India 82 -48
 Japan 7,822 119,949
 Korea, Republic of 82 (D)
 Malaysia 12 68
 New Zealand (D) 460
 Singapore -69 272
 Taiwan (D) (D)
 Other -7 537

Addenda:
 European Union (27) (2) 148,885 146,451
 OPEC (3) 86 9,076

 Wholesale Information
 trade

All countries 40,129 164,491

Canada 5,203 -7

Europe (1) 27,957 161,243
 Austria (D) (*)
 Belgium (D) 4
 Denmark 5 (*)
 Finland (D) (D)
 France 353 22,570
 Germany 4,408 47,489
 Ireland (D) -135
 Italy 1,730 92
 Luxembourg (D) 16,385
 Netherlands 5,324 16,997
 Norway (*) 358
 Spain (D) 98
 Sweden 86 626
 Switzerland 3,990 (D)
 United Kingdom 2,244 31,492
 Other 3,536 13,024

Latin America and Other
 Western Hemisphere 2,058 514

 South and Central America 10 -181
 Brazil (D) -19
 Mexico (D) -135
 Panama 2 -6
 Venezuela (*) -11
 Other 8 -10

 Other Western Hemisphere 2,048 695
 Bahamas (*) (D)
 Bermuda 0 (D)
 Netherlands Antilles (D) (D)
 United Kingdom Islands,
 Caribbean 2,030 983
 Other (D) (D)

Africa -1 18
 South Africa (*) (D)
 Other -1 (D)

Middle East (D) 936
 Israel (D) 981
 Kuwait 0 2
 Lebanon 0 0
 Saudi Arabia 0 6
 United Arab Emirates (*) (D)
 Other 0 (D)

Asia and Pacific (D) 1,787
 Australia 1 (D)
 China -5 (D)
 Hong Kong (D) (D)
 India (*) 58
 Japan 4,769 1,167
 Korea, Republic of (D) (D)
 Malaysia (D) 3
 New Zealand 0 (D)
 Singapore -4 8
 Taiwan 35 59
 Other (*) (*)

Addenda:
 European Union (27) (2) 23,420 141,141
 OPEC (3) (*) 2

 Finance
 (except
 depository
 institutions)
 Depository and
 institutions insurance

All countries 92,565 238,875

Canada 27,680 47,391

Europe (1) 45,258 194,977
 Austria (D) 1
 Belgium (D) 775
 Denmark 0 (*)
 Finland (D) (*)
 France 5,720 26,387
 Germany 8,655 33,511
 Ireland (D) 6,764
 Italy (D) (D)
 Luxembourg 0 1,779
 Netherlands -8,803 40,213
 Norway (D) -2
 Spain 20,095 (D)
 Sweden (D) 270
 Switzerland (D) 33,326
 United Kingdom 28,166 45,258
 Other 313 (D)

Latin America and Other
 Western Hemisphere 4,115 -29,782

 South and Central America 3,314 294
 Brazil 514 13
 Mexico 1,114 77
 Panama (D) 194
 Venezuela (D) 1
 Other 688 9

 Other Western Hemisphere 801 -30,076
 Bahamas (D) -3
 Bermuda 0 -21,078
 Netherlands Antilles (D) -11
 United Kingdom Islands,
 Caribbean 161 (D)
 Other (D) (D)

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

Middle East (D) (D)
 Israel 250 (D)
 Kuwait (D) (D)
 Lebanon 0 0
 Saudi Arabia (D) 2
 United Arab Emirates (D) 1
 Other (D) 0

Asia and Pacific (D) 26,032
 Australia 3,033 4,909
 China (D) 135
 Hong Kong 436 4
 India 352 -1
 Japan 10,136 19,116
 Korea, Republic of 150 152
 Malaysia (D) (*)
 New Zealand 0 1
 Singapore 387 (D)
 Taiwan 840 (D)
 Other 173 (D)

Addenda:
 European Union (27) (2) 53,518 161,382
 OPEC (3) 1,232 (D)

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

All countries 57,459 62,934 446,238

Canada 3,946 3,221 61,639

Europe (1) 27,874 48,583 319,475
 Austria 83 (D) 32
 Belgium (D) 346 2,043
 Denmark 5 (D) (D)
 Finland (D) (D) 295
 France 490 3,831 20,111
 Germany 6,459 789 13,840
 Ireland 652 (D) 513
 Italy (D) (D) 6,553
 Luxembourg (D) (D) 41,695
 Netherlands 7,853 10,981 20,804
 Norway 17 1,202 (D)
 Spain 130 305 11,384
 Sweden (D) (D) 1,227
 Switzerland 2,366 525 27,413
 United Kingdom 6,140 27,991 132,621
 Other 146 (D) 37,202

Latin America and Other
 Western Hemisphere 10,086 1,834 21,854

 South and Central America 473 -83 3,728
 Brazil 45 -32 -30
 Mexico (D) -36 2,895
 Panama (D) 4 260
 Venezuela 11 -5 36
 Other 26 -14 567

 Other Western Hemisphere 9,613 1,917 18,125
 Bahamas (D) 5 -806
 Bermuda (D) 1,264 11,508
 Netherlands Antilles 768 (*) -141
 United Kingdom Islands,
 Caribbean 8,191 617 7,340
 Other 246 32 223

Africa (D) (D) 1,267
 South Africa 1 -2 (D)
 Other (D) (D) (D)

Middle East (D) (D) 5,860
 Israel 159 81 1,219
 Kuwait (D) (*) (D)
 Lebanon (D) 0 (D)
 Saudi Arabia 30 (*) (D)
 United Arab Emirates -80 (D) 2,749
 Other (D) (*) 1,718

Asia and Pacific 15,221 9,214 36,144
 Australia (D) 329 20,020
 China 2 (D) 117
 Hong Kong 151 (D) 105
 India (*) 2,148 1,186
 Japan 6,981 6,535 12,360
 Korea, Republic of 81 -3 (D)
 Malaysia (D) 1 280
 New Zealand (D) -2 16
 Singapore (D) 27 1,295
 Taiwan 10 -35 267
 Other (D) -9 (D)

Addenda:
 European Union (27) (2) 25,411 46,846 285,722
 OPEC (3) 6 (D) 4,697

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

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

(1.) In 2008, the "euro area" includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovenia, and Spain. For 2008, the "euro
area" direct investment position in the United States was $793,642
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
2008, Its members were Algeria, Angola, Ecuador, Indonesia, Iran,
Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab
Emirates, and Venezuela.

NOTE. Estimates for 2008 are revised.

Table 2.2. Foreign Direct Investment Position in the United
States on a Historical-Cost Basis, 2009

[Millions of dollars]

 All Manufacturing
 industries Mining
 Total

All countries 2,319,585 790,568 20,004

Canada 225,836 60,924 1,365

Europe (1) 1,685,279 609,358 15,857
 Austria 2,868 1,386 5
 Belgium 38,541 19,211 -3
 Denmark 5,246 3,572 (D)
 Finland 7,628 4,343 (D)
 France 189,285 81,835 2,285
 Germany 218,153 79,286 38
 Ireland 32,610 18,593 1,763
 Italy 9,693 1,063 (D)
 Luxembourg 127,768 50,394 (D)
 Netherlands 237,959 82,822 -747
 Norway 7,260 -295 (*)
 Spain 43,901 4,102 (D)
 Sweden 38,929 28,872 (*)
 Switzerland 189,371 97,400 10,503
 United Kingdom 453,875 106,217 (D)
 Other 82,192 30,558 (D)

Latin America and Other
 Western Hemisphere 27,864 9,548 624
 South and Central America 17,733 3,049 (D)
 Brazil -647 -2,820 (D)
 Mexico 11,361 5,408 3,043
 Panama 1,045 245 0
 Venezuela 4,850 44 (D)
 Other 1,125 172 9
 Other Western Hemisphere 10,131 6,499 (D)
 Bahamas 466 82 (D)
 Bermuda -13,181 1,501 (D)
 Netherlands Antilles 7,354 96 2
 United Kingdom Islands,
 Caribbean 17,529 4,544 (D)
 Other -2,037 277 -4

Africa 1,689 89
 South Africa 621 -107 (*)
 Other 1,068 196 1
Middle East 17,614 4,193 (D)
 Israel 7,306 4,120 (D)
 Kuwait 345 2 0
 Lebanon (D) (*) 0
 Saudi Arabia (D) 8 0
 United Arab Emirates 2,628 (D) 0
 Other 1,691 (D) 0

Asia and Pacific 361,303 106,456 (D)
 Australia 45,663 6,958 (D)
 China 791 -187 -3
 Hong Kong 3,836 1,630 -2
 India 4,366 275 0
 Japan 264,208 76,636 1,737
 Korea, Republic of 12,020 1,796 492
 Malaysia 430 6 -1
 New Zealand 1,641 (D) 7
 Singapore 22,893 (D) (D)
 Taiwan 4,211 1,453 -2
 Other 1,244 44 3

Addenda:
 European Union (27) (2) 1,475,071 508,024 5,329
 OPEC (3) 15,457 49 (D)

 Manufacturing

 Primary and
 fabricated
 Food Chemicals metals

All countries 203,760 48,693 95,585

Canada (D) 3,333 1,090

Europe (1) 169,200 40,150 88,968
 Austria (D) 545 350
 Belgium 9,036 4,369 792
 Denmark 2,723 1 1,388
 Finland (D) (D) 2,482
 France 21,477 1,651 (D)
 Germany 29,134 1,912 (D)
 Ireland 3,757 (D) (D)
 Italy 632 (D) 401
 Luxembourg -816 8,833 (D)
 Netherlands 11,378 (D) (D)
 Norway (D) (D) (D)
 Spain (D) (D) -2
 Sweden (D) 6,007 3,766
 Switzerland 26,353 2,014 4,583
 United Kingdom 46,817 7,852 2,636
 Other 1,440 4,381 (D)

Latin America and Other
 Western Hemisphere 2,665 990 (D)
 South and Central America 542 (D) 46
 Brazil -84 (D) -15
 Mexico 465 690 119
 Panama (D) (D) -3
 Venezuela -25 -3 -17
 Other (D) -4 -38
 Other Western Hemisphere 2,122 (D) (D)
 Bahamas (D) (D) 0
 Bermuda (D) (D) 38
 Netherlands Antilles (D) (D) (*)
 United Kingdom Islands,
 Caribbean (D) (D) 203
 Other (D) (D) (D)

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

Asia and Pacific (D) 4,221 5,033
 Australia 637 1,438 80
 China -72 -9 -16
 Hong Kong (D) -3 -5
 India 55 (D) (*)
 Japan 19,230 2,659 4,241
 Korea, Republic of 61 111 (D)
 Malaysia -5 (D) (D)
 New Zealand -2 8 3
 Singapore -54 9 12
 Taiwan 30 2 1
 Other -27 -6 -3

Addenda:
 European Union (27) (2) 139,700 35,211 84,360
 OPEC (3) -21 (D) -20

 Manufacturing

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

All countries 55,349 24,004 96,872

Canada 93 -91 (D)

Europe (1) 28,854 22,659 36,519
 Austria 6 (D) 10
 Belgium 4 78 (D)
 Denmark (D) 0 (*)
 Finland (D) (*) 2
 France 13,365 (D) 5,006
 Germany 613 675 10,281
 Ireland 29 (D) (*)
 Italy (D) (D) (D)
 Luxembourg 498 (D) (D)
 Netherlands 5,018 (D) -249
 Norway (D) (D) (D)
 Spain 48 (D) (D)
 Sweden (D) (D) 2,776
 Switzerland 418 57 (D)
 United Kingdom 2,401 (D) 21,737
 Other (D) (D) 186

Latin America and Other
 Western Hemisphere 1,190 (D) 632
 South and Central America (D) (D) -217
 Brazil -47 -5 18
 Mexico -41 -8 -225
 Panama (*) (*) (D)
 Venezuela 8 (D) (D)
 Other (D) 0
 Other Western Hemisphere (D) 8 849
 Bahamas (*) 0 0
 Bermuda (D) (*) 0
 Netherlands Antilles -2 0 -4
 United Kingdom Islands,
 Caribbean 1,196 7 853
 Other 7 0 0

Africa 1 (*) 12
 South Africa (*) 0 12
 Other 1 (*) 0
Middle East 297 2 (D)
 Israel 301 0 (D)
 Kuwait 2 0
 Lebanon (*) 0 0
 Saudi Arabia 0 0 -1
 United Arab Emirates -4 0 (D)
 Other 0 0 0

Asia and Pacific 24,913 (D) 33,028
 Australia -5 (D) -25
 China 79 34 -132
 Hong Kong (D) (*) (*)
 India (D) -3 (D)
 Japan 6,828 1,275 32,995
 Korea, Republic of (D) (D) (D)
 Malaysia 11 -2 4
 New Zealand (D) 0 -1
 Singapore (D) (D) (D)
 Taiwan 93 (D) -74
 Other 50 -17 55

Addenda:
 European Union (27) (2) 28,043 22,576 35,818
 OPEC (3) 4 (D) (D)

 Manufacturing

 Transportation Other
 equipment manufacturing

All countries 246,302 328,430

Canada 20,563 3,861

Europe (1) 207,151 171,114
 Austria 378 701
 Belgium (D) 6,810
 Denmark (D) 1,046
 Finland 1,557 2,258
 France 23,209 12,054
 Germany (D) 13,317
 Ireland 8,911 -148
 Italy 185 2,000
 Luxembourg 20,282 3,387
 Netherlands 44,807 27,116
 Norway (D) 3,067
 Spain 813 89
 Sweden 1,177 7,287
 Switzerland (D) 9,331
 United Kingdom 24,537 82,053
 Other (D) 746

Latin America and Other
 Western Hemisphere 3,027 13,912
 South and Central America (D) 6,436
 Brazil -95 (D)
 Mexico 1,365 718
 Panama 16 -90
 Venezuela (D) (D)
 Other (D) 125
 Other Western Hemisphere (D) 7,476
 Bahamas (*) -33
 Bermuda (D) 234
 Netherlands Antilles 172 (D)
 United Kingdom Islands,
 Caribbean 830 (D)
 Other 77 244

Africa (D) 437
 South Africa (D) (D)
 Other 196 (D)
Middle East (D) 6,086
 Israel (D) 417
 Kuwait 0 (D)
 Lebanon (*) (*)
 Saudi Arabia -7 (D)
 United Arab Emirates -5 -160
 Other (D) (D)

Asia and Pacific 15,102 133,021
 Australia 4,812 211
 China -67 486
 Hong Kong 55 1,462
 India 183 -49
 Japan 7,671 118,216
 Korea, Republic of 88 9,685
 Malaysia 7 87
 New Zealand (D) 427
 Singapore -64 200
 Taiwan (D) 1,493
 Other -11 804

Addenda:
 European Union (27) (2) 156,986 158,466
 OPEC (3) 170 9,523

 Wholesale Information Depository
 trade institutions

All countries 44,330 146,114 111,913

Canada 4,946 -87 31,805

Europe (1) 32,074 142,292 56,732
 Austria (D) (*) (D)
 Belgium (D) (*) (D)
 Denmark 5 (*) 0
 Finland (D) (D) (D)
 France 385 20,873 9,908
 Germany 4,591 50,441 7,897
 Ireland -4 968 2,138
 Italy 1,809 (D) 478
 Luxembourg (D) (D) 0
 Netherlands (D) 14,016 (D)
 Norway (*) 353 (D)
 Spain (D) 87 22,877
 Sweden (D) 708 -361
 Switzerland 3,077 (D) (D)
 United Kingdom (D) 25,203 (D)
 Other (D) (D) 384

Latin America and Other
 Western Hemisphere 2,183 1,365 4,636
 South and Central America 20 215 3,810
 Brazil (D) -18 (D)
 Mexico (D) (D) (D)
 Panama 2 (D) (D)
 Venezuela (*) (D) (D)
 Other (D) -10 793
 Other Western Hemisphere 2,164 1,150 826
 Bahamas 0 (D) (D)
 Bermuda 0 (D) 0
 Netherlands Antilles (D) (D) (D)
 United Kingdom Islands,
 Caribbean 2,153 986 165
 Other (D) (D) (D)

Africa -1 -3 (D)
 South Africa (*) (*) 0
 Other -1 -3 (D)
Middle East (D) 758 (D)
 Israel (D) 804 427
 Kuwait 0 2 (D)
 Lebanon 0 0 0
 Saudi Arabia 0 6 (D)
 United Arab Emirates (*) (D) (D)
 Other 0 (D) (D)

Asia and Pacific (D) 1,790 (D)
 Australia (*) 418 2,663
 China -14 -4 (D)
 Hong Kong (D) (D) 471
 India 1 32 384
 Japan 5,000 1,180 13,387
 Korea, Republic of (D) (D) 122
 Malaysia (D) 2 (D)
 New Zealand 0 (*) 0
 Singapore -4 52 346
 Taiwan 41 (D) 1,075
 Other (*) -1 174

Addenda:
 European Union (27) (2) 28,419 124,842 65,775
 OPEC (3) (*) 8 999

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

All countries 293,204 54,539

Canada 54,792 3,933

Europe (1) 243,460 25,768
 Austria -1 (D)
 Belgium 1,449 7
 Denmark (*) 5
 Finland -1 (D)
 France 32,391 533
 Germany 41,130 6,896
 Ireland 10,099 (D)
 Italy (D) 107
 Luxembourg 8,075 (D)
 Netherlands 50,627 7,479
 Norway (*) 15
 Spain 3,215 (D)
 Sweden 264 (D)
 Switzerland 39,447 903
 United Kingdom 53,156 5,217
 Other (D) (D)

Latin America and Other
 Western Hemisphere -32,855 8,653
 South and Central America 210 512
 Brazil (D) 45
 Mexico 47 (D)
 Panama 194 (D)
 Venezuela 3 11
 Other (D) 31
 Other Western Hemisphere -33,065 8,141
 Bahamas -3 202
 Bermuda -24,053 52
 Netherlands Antilles -3 (D)
 United Kingdom Islands,
 Caribbean (D) 5,320
 Other (D) (D)

Africa 4 (D)
 South Africa 4 1
 Other (*) (D)
Middle East 415 (D)
 Israel (D) (D)
 Kuwait (D) (D)
 Lebanon 0 (D)
 Saudi Arabia 2 29
 United Arab Emirates (D) (D)
 Other 0 112

Asia and Pacific 27,389 15,775
 Australia 2,961 6,106
 China (D) 2
 Hong Kong 5 177
 India (*) (*)
 Japan 22,383 6,935
 Korea, Republic of (D) (D)
 Malaysia -1 (D)
 New Zealand 2 (D)
 Singapore (D) (D)
 Taiwan (D) 10
 Other (D) (D)

Addenda:
 European Union (27) (2) 203,991 24,770
 OPEC (3) (D) (D)

 Holding
 companies Other
 (nonbank) industries

All countries 46,087 504,399

Canada 2,588 63,075

Europe (1) 30,936 373,545
 Austria (D) 24
 Belgium 252 3,444
 Denmark (D) (D)
 Finland (D) 204
 France 4,928 26,378
 Germany 803 13,792
 Ireland (D) 199
 Italy (D) 3,696
 Luxembourg 2,069 51,203
 Netherlands 11,647 41,924
 Norway 1,339 (D)
 Spain (D) 13,012
 Sweden 84 1,225
 Switzerland 527 36,543
 United Kingdom 9,282 142,695
 Other 113 35,904

Latin America and Other
 Western Hemisphere 2,366 18,056
 South and Central America -76 3,557
 Brazil -34 -80
 Mexico -30 3,310
 Panama 4 261
 Venezuela -8 35
 Other -8 31
 Other Western Hemisphere 2,442 14,499
 Bahamas 5 (D)
 Bermuda (D) 7,314
 Netherlands Antilles -1 -103
 United Kingdom Islands,
 Caribbean 1,011 7,394
 Other (D) (D)

Africa 1,164
 South Africa (*) (D)
 Other (*) (D)
Middle East 207 5,515
 Israel (D) 851
 Kuwait 0 (D)
 Lebanon (*) (D)
 Saudi Arabia (*) -32
 United Arab Emirates (D) 2,604
 Other (*) (D)

Asia and Pacific 9,990 43,044
 Australia 260 26,085
 China 87 129
 Hong Kong -1 95
 India 2,415 1,307
 Japan 7,241 13,230
 Korea, Republic of -4 43
 Malaysia 9 226
 New Zealand -2 20
 Singapore 29 1,517
 Taiwan -42 223
 Other -2 169

Addenda:
 European Union (27) (2) 28,980 331,804
 OPEC (3) (D) 4,672

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

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

(1.) In 2009, the "euro area" includes Austria, Belgium, Cyprus,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Malta,
the Netherlands, Portugal, Slovakia, Slovenia, and Spain. For 2009,
the "euro area" direct investment position in the United States was
$908,632 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
2009, Its members were Algeria, Angola, Ecuador, Iran, Iraq, Kuwait,
Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and
Venezuela.

NOTE. Estimates for 2009 are preliminary.