Direct investment positions for 2004: country and industry detail.

Koncz, Jennifer L. ; Yorgason, Daniel R.

IN 2004, the historical-cost position of U.S. direct investment abroad (USDIA) grew 15 percent after growing 11 percent in 2003. The historical-cost position of foreign direct investment in the United States (FDIUS) grew 8 percent after growing 5 percent in 2003 (table A and chart 1). The growth in the positions largely resulted from high reinvested earnings and strong equity capital flows.

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Highlights of the USDIA estimates include the following:

* The 15-percent increase in 2004 was the largest increase since 1999. For 1994-2003, the average annual growth rate was 13 percent.

* Reinvested earnings was the largest contributor to the increase, as it had been in the previous 2 years. Earnings reinvested abroad increased 40 percent in 2004, reflecting an increase in the earnings of affiliates and a high reinvestment rate. The increase in earnings partly reflected a continued drop in the value of the U.S. dollar (which tends to raise foreign-currency-denominated earnings as translated into dollars) and coincided with a pickup in economic growth in a number of host countries during 2004.

* Equity capital outflows were strong. The outflows (in dollars) were more than four times larger than in 2003 and the second highest on record. A single corporate restructuring had a disproportionate effect on total equity capital outflows, hut even excluding this, equity capital outflows were higher than in the previous year.

Highlights of the FDIUS estimates include the following:

* The 8-percent increase in the FDIUS position in 2004 was the most rapid growth since an extraordinary 32-percent increase in 2000. In 1994-2003, the average annual growth rate was 13 percent.

* Equity capital inflows contributed the most to the increase in the FDIUS position in 2004, despite dropping from the previous year. These inflows have historically been the largest contributor to the change in position and reflect the funding of both new and existing affiliates.

* Reinvested earnings--broadly spread across countries--far exceeded those in any previous year and accounted for much of the growth of the FDIUS position in 2004. The growth in reinvested earnings reflects the stronger underlying earnings of U.S. affiliates and an increase in the share of those earnings that was reinvested.

This article provides a discussion of the USDIA position by type of capital flow and by host country and the FDIUS position by type of capital flow and by country of foreign parent.

U.S. Direct Investment Abroad

The USDIA position valued at historical cost--the book value of U.S. direct investors' equity in, and net outstanding loans to, their foreign affiliates--was $2,064.0 billion at yearend 2004 (table A and chart 1). Three host countries--the United Kingdom, Canada, and the Netherlands--accounted for more than a third of the total position (table 1.2 and chart 2), though the shares of each declined slightly from 2003. The position in the United Kingdom was $302.5 billion, or 15 percent of the total position. The position in Canada was $216.6 billion (11 percent), and the position in the Netherlands was $201.9 billion (10 percent).

The USDIA position increased $272.1 billion in 2004, a 15-percent increase. The increase was the largest dollar increase and the second largest percentage increase since 1994.

Changes by component

The $272.1 billion increase in the USDIA position consisted of capital outflows of $229.3 billion, or 84 percent of the total increase, and valuation adjustments of $42.8 billion, or 16 percent of the total (table B and chart 3).

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Capital outflows

Capital outflows increased from $119.4 billion in 2003 to $229.3 billion in 2004. The outflows in 2004 were composed of $153.8 billion of reinvested earnings and $80.7 billion of equity capital outflows, offset in small part by $5.2 billion of inflows of intercompany debt.

Equity capital outflows. Equity capital outflows increased to $80.7 billion in 2004, up from $19.2 billion in 2003, and accounted for 35 percent of total USDIA capital outflows in 2004. Equity capital increases rose $74.6 billion to $123.0 billion, while equity capital decreases rose $13.1 billion to $42.4 billion. Of the equity capital increases, $89.0 billion, or 72 percent, financed the acquisition or establishment of new foreign affiliates. Capital contributions to existing foreign affiliates accounted for the remaining $34.1 billion, or 28 percent.

Equity capital increases were largest in Asia and Pacific and in Europe. In Asia and Pacific, they were dominated by the restructuring of a large Australian media company as a U.S. company. (2) In Europe, the United Kingdom accounted for more than half of the equity capital increases, with increases in medical equipment and supplies manufacturing especially prominent. Elsewhere, increases in Canada, particularly in printing and other support activities, were relatively strong.

Decreases in equity capital were primarily due to sales or liquidations of affiliates (rather than returns of capital from continuing affiliates) and were largest in Asia and Pacific and in Europe.

Reinvested earnings. Earnings that were reinvested in foreign affiliates increased from $109.8 billion in 2003 to $153.8 billion in 2004 and accounted for two-thirds of the capital outflows. Reinvested earnings also increased substantially in 2002 and in 2003. As a result, reinvested earnings in 2004 were nearly triple their 2001 value.

Earnings increased $38.3 billion in 2004, to $204.2 billion. In part, the increase was due to the larger USDIA position in 2004. In addition, host-country growth was relatively strong in 2004, and the U.S. dollar declined in value against the currencies of several important host countries. (3) Earnings grew sharply in several industries, including mining (which includes oil and gas extraction--higher oil prices contributed to earnings growth in this industry); a number of manufacturing industries; information; and professional, scientific, and technical services.

The share of earnings that was reinvested was 75 percent, a large share by historical standards, despite recent legislation--the American Jobs Creation Act of 2004--that provided tax benefits to U.S. companies who received dividends from their foreign affiliates. (4) The effect of the act on 2004 dividends may have been mitigated because the act was signed late in the year and because of companies' desire to obtain regulatory guidance before proceeding. (5)

Reinvested earnings were highest in Europe and in Asia and Pacific, primarily reflecting the large existing positions there, followed by Latin America and Other Western Hemisphere, where the share of earnings that were reinvested rose 21 percentage points to 71 percent. Among individual countries, the highest reinvested earnings were in Canada. By industry, reinvested earnings were highest in holding companies (in "other industries" in table 1.2), in "finance (except depository institutions) and insurance," and in wholesale trade.

Intercompany debt. In 2004, there were net inflows of intercompany debt of $5.2 billion; there were also inflows in 2003 ($9.6 billion). In both years, there were net increases in both borrowing by U.S. parent companies from their foreign affiliates and borrowing by foreign affiliates from their U.S. parents, but the increase in borrowing by the parents was larger. The inflows in 2004 were largest from Europe, particularly from the Netherlands and the United Kingdom, and Latin America and Other Western Hemisphere, particularly from Bermuda.

Valuation adjustments

Valuation adjustments were $42.8 billion and accounted for 16 percent of the change in the direct investment position (see the box "Key Terms"). Currency-translation adjustments accounted for the majority of the adjustments and largely resulted from the euro's continued appreciation against the dollar.

Changes by area and by country

The USDIA position increased in each of the major geographic areas (table C). The position grew by 38 percent in Asia and Pacific and by more than 10 percent in the other areas except for Latin America and Other Western Hemisphere.

Asia and Pacific. The USDIA position grew $107.7 billion, the largest dollar and percentage increase of the major geographic areas. The increase in the position was dominated by the restructuring of the large Australian media company. Even excluding this transaction, however, the position grew at a rapid rate. Increases in Japan, Singapore, Hong Kong, Korea, and China were all substantial. In Japan and Singapore, reinvested earnings of affiliates in "finance (except depository institutions) and insurance" and in holding companies, respectively, accounted for much of the increases. In Hong Kong, the position grew in "finance (except depository institutions) and insurance," partly because of intercompany debt outflows. In Korea, the position grew sharply in depository institutions, as equity capital increases were substantial. In China, the position grew in several manufacturing industries, because of equity capital flows and reinvested earnings.

Africa. Nearly 85 percent of the increase in the USDIA position occurred in three countries: South Africa, Equatorial Guinea, and Egypt. In the first two of these, the increases were roughly one-third of the respective 2003 country positions. The increase in South Africa was spread over several industries. The increases in Equatorial Guinea and Egypt were concentrated in mining, particularly oil and gas extraction. Most of the increases were accounted for by reinvested earnings, reflecting increases in petroleum prices that boosted earnings in this industry.

Canada. The increase in the position was due in large part to reinvested earnings of affiliates in several industries including mining, "finance (except depository institutions) and insurance:' and holding companies. Positions also rose significantly for affiliates in a number of manufacturing industries.

Europe. The increase in the USDIA position, while lower in percentage terms than in some other regions, was essentially equal to the increase in Asia and Pacific in dollar terms. Overall in Europe, the largest component of the increase in the position was reinvested earnings. The depreciation of the U.S. dollar against European currencies was a factor contributing to an increase in the level of earnings available for reinvestment. (6) Position increases in six countries--the United Kingdom, the Netherlands, Switzerland, Germany, France, and Ireland--accounted for nearly four-fifths of the increase in Europe. In the United Kingdom, the USDIA position increased in several industries, including "finance (except depository institutions) and insurance;' medical equipment and supplies manufacturing, holding companies, and professional, scientific, and technical services; with contributions from both reinvested earnings and equity capital outflows. In the Netherlands and Switzerland, reinvested earnings of affiliates in holding companies accounted for a majority of the increases. In Germany and France, increases were broadly based, both by type of flow and by industry. The increase in Ireland was primarily due to reinvested earnings of affiliates in information, chemicals, and holding companies.

Middle East. Increases were largely due to intercompany debt flows and reinvested earnings of affiliates in oil and gas extraction (included in mining) in Qatar and reinvested earnings of affiliates in holding companies (with U.S. parents in the oil industry) in Saudi Arabia. Increased petroleum prices contributed to increased earnings of these affiliates.

Latin America and Other Western Hemisphere. A substantial majority (94 percent) of the increase in the position was attributable to the reinvestment of affiliate earnings. Reinvested earnings of affiliates in "finance (except depository institutions) and insurance" in Mexico, the United Kingdom Islands-Caribbean, and Bermuda were particularly strong. In the United Kingdom Islands-Caribbean and in Bermuda, reinvested earnings were also strong for affiliates in holding companies. (7)

Foreign Direct Investment in the United States

The FDIUS position valued at historical cost--the book value of foreign direct investors' equity in, and outstanding loans to, their U.S. affiliates--was $1,526.3 billion at the end of 2004 (table A and chart 1). In 2004, as in 2003, the United Kingdom and Japan had the two largest positions. The position of the United Kingdom was $251.6 billion, or 17 percent of the total position, and the position of Japan was $176.9 billion, or 12 percent of the total (table 2.2 and chart 4). The Netherlands, Germany, and France had the next largest positions, with each accounting for about a tenth of the total FDIUS position.

The FDIUS position increased $115.6 billion, or 8 percent, in 2004. This was the largest increase, in both dollar and percentage terms, since 2000.

Changes by component

The $115.6 billion increase in the FDIUS position consisted of capital inflows of $95.9 billion, or 83 percent of the increase, and valuation adjustments of $19.8 billion, or 17 percent of the increase (table D and chart 5).

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Capital inflows

In 2004, capital inflows increased from $56.8 billion in 2003 to $95.9 billion. This marked the first increase in capital inflows following 3 years of decline; capital inflows peaked at $314.0 billion in 2000. The inflows in 2004 were composed of equity capital inflows of $68.7 billion, reinvested earnings of $45.0 billion, and partly offsetting intercompany debt outflows of $17.8 billion.

Equity capital inflows. Inflows of equity capital were $68.7 billion in 2004, down from $87.0 billion in 2003. This decrease marks the fourth consecutive year of decline since equity capital inflows reached their peak of $259.6 billion in 2000. Equity capital increases--which reflect both new acquisitions and additional funding to existing affiliates--were $84.8 billion in 2004. Equity capital decreases of $16.1 billion partly offset these increases.

In 2004, the largest acquisitions by foreign direct investors were in "finance (except depository institutions) and insurance," depository institutions, "other industries" (mainly oil and gas extraction), and chemicals manufacturing. (8) In "finance (except depository institutions) and insurance," Canada had the largest equity capital increases, while the United Kingdom accounted for much of the increase in depository institutions. The continued strength of merger activity in banking and other finance industries reflects foreign investors' attempts to tap the large, profitable, and relatively open U.S. market, and it parallels the overall movement toward increasing consolidation in that industry. In "other industries" Canada had the largest equity capital increases. Germany had the largest increases in chemicals manufacturing.

Reinvested earnings. In 2004, reinvested earnings increased sharply to $45.0 billion, up from just $1.5 billion in 2003 and far above those recorded in any previous year. Both earnings and the share of earnings reinvested--at 58 percent, up from 3 percent--increased sharply. This contrasts with the negative reinvested earnings that persisted from 1998 until the shift to small positive reinvested earnings in 2003.9 In 2004, reinvested earnings either increased or shifted from negative to positive in all of the major industries shown in table 2.2. The largest change was in wholesale trade, where reinvested earnings shifted from negative to positive. The upturn reflected both stronger earnings in recent years and a return of dividends, which were unusually large in 2003, to more modest levels. Following wholesale trade, reinvested earnings growth was strongest in information and in "finance (except depository institutions) and insurance."

U.S. affiliates' earnings grew strongly in 2004--increasing 76 percent, to $77.0 billion. Overall U.S. corporate profits for domestic industries rose 17 percent, reflecting improved business conditions and economic expansion. U.S. affiliate earnings increased in many major industries and shifted from losses to profits in the other major industries. The industry with the largest increase was wholesale trade, which includes petroleum and automobile wholesaling. The increase mainly reflected higher oil prices and growth in foreign automakers' U.S. sales.

Earnings growth also reflected factors particular to FDIUS. First, growth in the FDIUS position in recent years has provided a larger base on which earnings can accrue. Additionally, as U.S. affiliates have matured and gained experience, their profitability has improved. (10) This is especially true for affiliates established during the merger and acquisition wave of 1998-2000, which as a group have recently reduced their debt and improved profitability.

Intercompany debt. In 2004, the inflows for equity capital and reinvested earnings were partly offset by intercompany debt outflows. These outflows decreased to $17.8 billion from $31.7 billion, reversing the trend of the past 2 years toward increasingly large outflows. The intercompany debt outflows in 2002 and 2003 resulted partly because U.S. affiliates in several industries continued to reduce outstanding debt to their foreign parents by paying back loans, many of which had been used to finance acquisitions in previous years. Although debt repayment continued in some industries in 2004, several other industries had decreased outflows or shifted from outflows to inflows. The largest decreases in outflows occurred in "finance (except depository institutions) and insurance" and in machinery manufacturing. Wholesale trade had the largest shift to inflows, followed by real estate, rental, and leasing.

Valuation adjustments

Positive valuation adjustments also contributed to the increase in the FDIUS position in 2004. Valuation adjustments totaled $19.8 billion, a $10.6 billion increase from 2003. Currency-translation adjustments, which reflected the dollar's continued depreciation against many major foreign currencies, accounted for $1.9 billion of total valuation adjustments.

Changes by area and by country

In 2004, U.S. affiliates with parents in Europe accounted for the largest dollar increase in FDIUS position (table E). Outside Europe, the position of Canada had the largest increase, followed by Asia and Pacific.

Europe. Parents in European countries accounted for almost half of the increase in position in 2004. The United Kingdom had the largest increase, followed by the Netherlands, France, and Germany. Parents in Switzerland had the largest decrease, both in Europe and overall. Within Europe, transfers of ownership of U.S. affiliates to parents in the United Kingdom and the Netherlands from members of foreign parent groups located in other countries boosted the positions of these two countries. While the transfers increased the FDIUS positions of these countries, the overall FDIUS position was not affected, because there were offsetting decreases in the positions of the countries from which ownership was transferred.

The United Kingdom accounted for 28 percent of the increase in the total FDIUS position in 2004. Acquisitions of depository institutions and the abovementioned transfers of ownership contributed to its high share of the overall increase. The increase for the Netherlands was accounted for by the increases in petroleum manufacturing and in "finance (except depository institutions) and insurance." In petroleum manufacturing, transfers of ownership to Dutch parents and strong reinvested earnings--boosted by higher earnings--contributed to the increase. In "finance (except depository institutions) and insurance" the increase was attributable to additional funding of existing affiliates. The increase in the position of France was boosted by acquisitions and reinvested earnings in "finance (except depository institutions) and insurance" and by acquisitions in depository institutions. For Germany, the increase was largely attributable to equity capital inflows associated with acquisitions in chemicals manufacturing. Germany's position also grew in wholesale trade and in "finance (except depository institutions) and insurance."

Canada. The FDIUS position of Canada increased 32 percent in 2004, and it had the largest dollar increase ($32.2 billion) of any single country, accounting for 28 percent of the total increase in the FDIUS position. The increase was largely due to acquisitions in "finance (except depository institutions) and insurance," in "other industries" (mainly in oil and gas extraction) and in retail trade.

Asia and Pacific. Parents in Japan accounted for almost three-fourths of the increase in the position. The increase for Japan was mostly due to growth in wholesale trade and in computers and electronic products manufacturing. In wholesale trade, inflows of intercompany debt and reinvested earnings--boosted by strengthened earnings of automobile wholesalers in particular--contributed to the increase. In computers and electronic products manufacturing, reinvested earnings--fueled by a shift to profits in that industry--accounted for most of the increase.

Revisions

The estimates of direct investment positions presented here for 2004 are preliminary. The revised estimates of the USDIA and FDIUS positions for 2002-2003 incorporate new information from BEA's quarterly, annual and benchmark surveys. (11)

The historical-cost USDIA position for 2002 was revised up $15.1 billion, to $1,616.5 billion, as capital outflows were revised up $19.5 billion and valuation adjustments were revised down $4.4 billion. The preliminary estimate for the 2003 USDIA position was revised up $3.0 billion, to $1,791.9 billion. This revision is the net result of the $15.1 billion upward revision to the 2002 position, a $32.5 billion downward revision to 2003 capital outflows, and a $20.4 billion upward revision to 2003 valuation adjustments.

The historical-cost FDIUS position for 2002 was revised up $4.7 billion, to $1,344.7 billion. The revision is the net result of an $8.4 billion upward revision to capital inflows and a $3.8 billion downward revision (to a larger negative value) to valuation adjustments. The estimate for the 2003 FDIUS position was revised up $32.7 billion, to $1,410.7 billion. This revision resulted from the $4.7 billion upward revision to the 2002 position, a $27.0 billion upward revision to 2003 capital inflows, and a $0.9 billion upward revision to 2003 valuation adjustments.

Alternative Measures of the Direct Investment Positions

The detailed estimates of the positions of the 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 these estimates largely reflect the price levels of earlier periods. The estimates are also prepared on current-cost and market-value bases, but only at an aggregate level. The current-cost estimates 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 estimates value the equity portion of direct investment, using indexes of stock market prices.

The historical-cost estimates are not ordinarily adjusted to reflect the 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 estimates of the positions are less than the current-cost and market-value estimates of the positions. The current-cost and market-value estimates of the position are discussed in "The International Investment Position of the United States at Yearend 2004" in this issue.

Alternative Direct Investment Position Estimates,
2003 and 2004

[Millions of dollars]

 Changes in 2004

 Position at
Valuation method yearend Capital
 2003 (r) Total flows

USDIA:
 Historical cost 1,791,891 272,107 229,294
 Current cost 2,062,551 304,835 252,012
 Market value 2,718,203 569,170 252,012

FDIUS:
 Historical cost 1,410,672 115,634 95,859
 Current cost 1,585,898 122,979 106,832
 Market value 2,457,217 229,673 106,832

 Changes
 in 2004

 Position at
Valuation method Valuation yearend
 adjustments 2004 (p)

USDIA:
 Historical cost 42,813 2,063,998
 Current cost 52,823 2,367,386
 Market value 317,158 3,287,373

FDIUS:
 Historical cost 19,775 1,526,306
 Current cost 16,147 1,708,877
 Market value 122,841 2,686,890

(p) Preliminary.

(r) Revised.

Holding Companies in the Data on U.S. Direct Investment Abroad

For the past two decades, U.S. parent companies have been funneling an increasing share of their direct investments abroad through holding company affiliates. (1) In 2004, foreign affiliates classified as holding companies accounted for 34 percent of the U.S. direct investment position abroad; in 1982, they accounted for only 9 percent of the position (see the chart). The increased use of these affiliates is part of a broader trend in which U.S. parents own foreign affiliates that own other foreign affiliates.

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Estimates of the USDIA position and of related flows for recent years do not reflect as closely the industries and the countries in which the production of goods and services by foreign affiliates occurs as estimates for earlier years, because the estimates are allocated to the countries and industries of the affiliates with which the U.S. parent companies have direct transactions and positions rather than to the countries and industries of the affiliates whose operations the parents ultimately own or control. (2)

The Bureau of Economic Analysis also prepares estimates of the operations of U.S. parent companies and their foreign affiliates. (3) Because the estimates of 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 because they are classified in the industry that reflects the affiliate's primary activity, these estimates more accurately reflect the industries and countries in which the production of goods and services by foreign affiliates actually occurs. (However, as measures of overall operations, these estimates are not adjusted for the percentage of U.S. ownership nor for double-counting in some measures of affiliate size or operations--such as assets, liabilities, and earnings--when foreign affiliates hold ownership interests or debt positions in one another.)

As a result of the use of holding-company affiliates, the industry patterns and the country patterns of the position estimates differ from those of the estimates of the operations of foreign affiliates. (4) For example, in a comparison of the estimates of the USDIA position with the closely related estimates of the net property, plant, and equipment (PP&E) of foreign affiliates, the 21-percent share of the position accounted for by manufacturing differs sharply from the 41-percent share of PP&E accounted for by manufacturing. By country, the share of the direct investment position accounted for by the Netherlands was 10 percent, but its share of PP&E was only 3 percent.

For a further discussion of the effect of holding companies on the estimates of USDIA series, see the "Technical Note" in Maria Borga and Raymond J. Mataloni Jr., "Direct Investment Positions for 2000: Country and Industry Detail" SURVEY OF CURRENT BUSINESS 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.) This convention for allocating these estimates by country and by industry follows international guidelines in the International Monetary Fund's Balance of Payments Manual, 5th edition, and in the Organisation for Economic Co-operation and Development's Benchmark Definition of Foreign Direct Investment, 3rd edition.

(3.) The operations estimates include items such as assets, sales, employment, value added, and net property, plant, and equipment.

(4.) The use of holding-company affiliates appears to be the primary factor for the differences in the patterns of investment by country or by industry between the position estimates and PP&E in the operations estimates, but other factors might also contribute.

Key Terms

The key terms used in this statistical presentation are described in this box. For a more detailed discussion of these terms and the methodologies used to prepare the estimates, see Foreign Direct Investment in the United States: Final Results From the 1997 Benchmark Survey and U.S. Direct Investment Abroad: Final Results From the 1999 Benchmark Survey on BEA's Web site at <www.bea.gov>.

Direct investment. Investment in which a resident 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, the criterion used to distinguish direct investment from other types of 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 (USDIA). The ownership or control, directly or indirectly, by one U.S. resident of 10 percent or more of the voting securities of an incorporated foreign business enterprise or the equivalent interest in an unincorporated foreign business enterprise.

Foreign direct investment in the United States (FDIUS). The ownership or control, directly or indirectly, by one foreign resident of 10 percent or more of the voting securities of an incorporated U.S. business enterprise or the equivalent interest in an unincorporated U.S. business enterprise.

Foreign affiliate. A foreign business enterprise in which a single U.S. investor (a U.S. parent) owns at least 10 percent of the voting securities, or the equivalent.

U.S. affiliate. A U.S. business enterprise in which a single foreign investor (a foreign parent) owns at least 10 percent of the voting securities, or the equivalent.

Ultimate beneficial owner (UBO). For a U.S. affiliate, that person (in the broad legal sense, including a company), proceeding up the affiliate's ownership chain beginning with the foreign parent, that is not owned more than 50 percent by another person. The UBO ultimately owns or controls the affiliate and derives the benefits associated with ownership or control. Unlike the foreign parent, the UBO of a U.S. affiliate may be located in the United States.

Foreign parent group. Consists of (1) the foreign parent, (2) any foreign person, proceeding up the foreign parent's ownership chain, that owns more than 50 percent of the person below it, up to and including the 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.

Direct investment capital flows. Funds that parent companies provide to their affiliates net of funds that affiliates provide to their parents. For USDIA, capital flows include the funds that U.S. direct investors pay to unaffiliated foreign parties when affiliates are acquired, the funds that U.S. investors receive from them when affiliates are sold, and debt and equity transactions between U.S. parents and their foreign affiliates. Similarly, FDIUS capital flows include the funds that foreign direct investors pay to unaffiliated U.S. residents when affiliates are acquired, the funds that foreign investors receive from them when affiliates are sold, and debt and equity transactions between U.S. affiliates and members of their foreign parent group. Capital inflows arise from transactions that increase U.S. liabilities or decrease U.S. assets. Capital outflows arise from transactions that decrease U.S. liabilities or increase U.S. assets.

Direct investment capital flows consist of equity capital, intercompany debt, and reinvested earnings. Equity capital flows are the net of equity capital increases and decreases. Equity capital increases consist of U.S. parents' establishments of new affiliates, payments by parents to unaffiliated third parties for the purchase of capital stock when they acquire an existing business, payments made to acquire additional ownership interests in their affiliates, and capital contributions to their affiliates. Equity capital decreases are the funds parents receive when they reduce their equity interest in their affiliates. Intercompany debt flows result from changes in net outstanding loans between parents (and for FDIUS, other members of the foreign parent groups) and their affiliates, including loans by parents to affiliates and loans by affiliates to parents. Reinvested earnings are the parents' claim on the current-period undistributed earnings of their affiliates.

Direct investment position. The value of direct investors' equity in, and net outstanding loans to, their affiliates. The position may be viewed as the direct investors' net financial claims on their affiliates, whether in the form of equity (including retained earnings) or debt.

BEA prepares estimates of the positions for USDIA and for FDIUS that are valued on three bases-historical cost, current cost, and market value. See the box "Alternative Measures of the Direct Investment Positions" in this article.

Valuation adjustments to the historical-cost position. Adjustments that are made to account for the differences between changes in the historical-cost position, which are measured at book value, and direct investment capital flows, which are measured at transaction value. (Unlike the positions on a current-cost and market-value basis, the historical-cost position is not ordinarily 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 and "other" adjustments. Currency-translation adjustments are made to account for changes in the exchange rates that are used to translate affiliates' foreign-currency-denominated assets and liabilities into U.S. dollars. The effects of currency fluctuations on these adjustments depend on the value and currency composition of affiliates' assets and liabilities. If an affiliate's assets exceed its liabilities denominated in a particular foreign currency, depreciation (appreciation) of the currency against the dollar will result in negative (positive) translation adjustments. In the less common, but not unusual, case of a net liability position in a foreign currency, depreciation (appreciation) of the currency will result in positive (negative) translation adjustments.

"Other" valuation adjustments are made to account for differences between the proceeds from the sale or liquidation of affiliates and their book values, for differences between the purchase prices of affiliates and their book values, for writeoffs resulting from uncompensated expropriations of affiliates, and for capital gains and losses (other than currency-translation adjustments) that represent the revaluation of the assets of ongoing affiliates for reasons other than exchange-rate changes, such as the sale of assets (other than inventory) for an amount different from their book value. In addition, for individual industries, adjustments may be made to effect changes in the industry of an affiliate. For individual countries, offsetting adjustments are made when the political boundaries of countries change, such as when countries merge or are newly formed. In addition, for FDIUS, offsetting adjustments are made when transactions between foreign residents result in a change in the country of the foreign parent.

Acknowledgments

The estimates of the U.S. direct investment position abroad are based 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 Laura A. Downey, Antonio M. Gomez, Javier J. Hodge, Marie K. Laddomada, Sherry Lee, Leila C. Morrison, John E. Terpening, and Dwayne Torney. Computer programming for data estimation and tabulation was provided by Marie Colosimo, who was assisted by Alexandra E. Karaer.

The estimates of the foreign direct investment position in the United States are based 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, Michelle L. Granson, Barbara C. Huang, Y. Louise Ku-Graf, Susan M. LaPorte, and Beverly E. Palmer. Computer programming for data estimation and tabulation was provided by Karen E. Poffel, Paula D. Brown, and Tracy K. Leigh.

(1.) Capital outflows arise from transactions that decrease U.S. liabilities or increase U.S. assets. Capital inflows arise from transactions that increase U.S. liabilities or decrease U.S. assets.

(2.) To preserve the confidentiality of company information, individual country position data have been suppressed for Australia in tables C and 1.2 and in chart 2.

(3.) Calculations using data published by the Organisation for Economic Co-operation and Development (OECD) show that total member country gross domestic product growth in countries other than the United States increased from 1.7 percent in 2003 to 3.1 percent in 2004 (data downloaded from the OECD Web site, on June 2, 2004). The OECD includes most of the major host countries for U.S. direct investment.

(4.) In BEA's estimates of USDIA, an increase in distributed earnings reduces reinvested earnings for any given level of earnings. This act, which was signed into law on October 22, 2004, allows dividends from foreign subsidiaries during a specified period (calendar year 2004 or calendar year 2005, at taxpayer option, for calendar year taxpayers) to be taxed at reduced rates. One condition that must be satisfied to realize the tax savings is the development of a domestic reinvestment plan for those funds. Another condition is that the dividends must exceed the amount that had historically been paid. (For more information on this act and its likely effects on BEA's international accounts, see "U.S. International Transactions: First Quarter of 2005" in this issue and FAQs on this topic on BEKs Web site at <www.bea.gov/bea/faq/international/FAQ.htm>.)

(5.) Regulatory guidance was issued by the Department of Treasury in early 2005, and data collected by BEA for the first quarter of 2005 show some evidence of increases in dividends in response to the act.

(6.) For example, the U.S. dollar depreciated 8 percent against the Swiss franc, 9 percent against the euro, and 11 percent against the British pound in 2004.

(7.) Holding companies derive virtually all of their earnings from affiliates that operate in other industries and that, in many cases, are located in other foreign countries. For more information, see the box "Holding Companies in the Data on U.S. Direct Investment Abroad."

(8.) According to preliminary data from BEA's survey of new foreign direct investment, total outlays to acquire or establish U.S. businesses, including those financed by capital inflows from foreign parents, were $79.8 billion in 2004. See Thomas W. Anderson, "Foreign Direct Investment in the United States: New Investment in 2004" SURVEY OF CURRENT BUSINESS 85 (June 2005): 30-37. These data include only those transactions in which U.S. businesses are newly acquired or established by foreign direct investors, regardless of whether the source of financing is funding from foreign parents or funding by existing U.S. affiliates. In contrast, changes to the FDIUS position reflect transactions of both new and existing U.S. affiliates with members of their foreign parent group, as well as valuation adjustments. Changes to the FDIUS position do not include financing from sources other than the foreign parent group.

Despite these differences, the two types of data are related. Any outlays to acquire or establish U.S. businesses that are funded by foreign parent groups are included in the capital flows that largely determine changes in the FDIUS position. Data from the new investment survey indicate that foreign parent groups financed 80 percent of outlays to acquire or establish U.S. businesses in 2004.

(9.) Negative reinvested earnings result when an affiliate incurs losses or distributes dividends to parents that exceed its current earnings.

(10.) For a discussion of the profitability of U.S. affiliates, see Raymond I. Mataloni Jr., "An Examination of the Low Rates of Return of Foreign-Owned U.S. Companies," SURVEY 80 (March 2000): 55-73.

(11.) For the previously published estimates, see Maria Borga and Daniel R. Yorgason, "Direct Investment Positions for 2003: Country and Industry Detail," SURVEY 84 (July 2004): 40-51.

Tables 1.1-2.2 follow.

Table A. USDIA and FDIUS Positions on a Historical-Cost Basis,
1982-2004

 Percent change
 Billions of from preceding
 dollars year

Yearend USDIA FDIUS USDIA FDIUS

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 (1) (1)
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 (f) 1,616.5 1,344.7 10.7 0.1
2003 (r) 1,791.9 1,410.7 10.8 4.9
2004 (p) 2,064.0 1,526.3 15.2 8.2

(p) Preliminary.

(r) Revised.

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

USDIA U.S. direct investment abroad

FDIUS Foreign direct investment in the United States

Table B. Change in the USDIA Position by Account

[Billions of dollars]

 2003 2004

Total 175.3 272.1
 Capital outflows 119.4 229.3
 Equity capital 19.2 80.7
 Increases 48.5 123.0
 Decreases 29.3 42.4
 Intercompany debt -9.6 -5.2
 Reinvested earnings 109.8 153.8
 Valuation adjustments 55.9 42.8
 Currency translation 41.8 23.8
 Other 14.1 19.0

Table C. Change in the USDIA Position
by Country of Foreign Affiliate

 Change (2003-2004)

 Billions of
 dollars Percent

All countries 272.1 15

 Canada 26.8 14

 Europe 107.2 11
 Of which:
 United Kingdom 23.8 9
 Netherlands 15.8 8
 Switzerland 11.8 13
 Germany 11.2 16
 France 10.7 22
 Ireland 10.6 17
 Luxembourg 4.9 7
 Spain 4.8 12
 Italy 3.8 13

 Latin America and Other Western Hemisphere 25.2 8
 Of which:
 Mexico 7.5 13
 United Kingdom Islands-Caribbean 6.4 11
 Bermuda 6.2 7

 Africa 3.3 17

 Middle East 1.9 11

 Asia and Pacific 107.7 38
 Of which:
 Australia (D) (D)
 Japan 12.1 18
 Singapore 6.6 13
 Hong Kong 6.2 16
 Korea, Republic of 4.3 33
 China 3.9 34

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

Table D. Change in the FDIUS Position by Account

[Billions of dollars]

 2003 2004

Total 66.0 115.6
 Capital inflows 56.8 95.9
 Equity capital 87.0 68.7
 Increases 104.2 84.8
 Decreases 17.1 16.1
 Intercompany debt -31.7 -17.8
 Reinvested earnings 1.5 45.0
 Valuation adjustments 9.1 19.8
 Currency translation 2.8 1.9
 Other 6.4 17.8

Table E. Change in the FDIUS Position by Country of Foreign Parent

 Change (2003-2004)

 Billions of
 dollars Percent

All countries 115.6 8

 Canada 32.2 32

 Europe 56.9 6
 Of which:
 United Kingdom 31.8 14
 Netherlands 14.6 10
 France 9.0 6
 Germany 7.1 5
 Sweden 3.5 17
 Ireland -3.1 -13
 Switzerland -6.1 -5

 Latin America and Other Western Hemisphere 4.1 5
 Of which:
 Panama 1.5 16
 Venezuela 1.2 27

 Africa -0.6 -26

 Middle East 0.6 7

 Asia and Pacific 22.4 11
 Of which:
 Japan 16.5 10
 Australia 3.1 13

Table 1.1. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2003

[Millions of dollars]

 All
 industries Mining Utilities

 All countries 1,791,891 87,697 21,822

Canada 189,754 24,104 2,256

Europe 982,737 21,007 6,105
 Austria 4,920 1 0
 Belgium 26,477 14 0
 Czech Republic 1,642 (*) 8
 Denmark 6,464 (D) 0
 Finland 1,620 0 0
 France 48,268 53 0
 Germany 68,358 358 3
 Greece 1,056 2 0
 Hungary 2,824 (*) 0
 Ireland 62,547 (D) 1
 Italy 29,611 -21 75
 Luxembourg 70,025 0 (*)
 Netherlands 186,102 3,218 18
 Norway 7,677 4,557 (*)
 Poland 4,632 (D) (D)
 Portugal 3,027 (*) 0
 Russia 1,753 1,089 0
 Spain 40,439 13 88
 Sweden 34,927 0 0
 Switzerland 88,940 (D) 0
 Turkey 1,985 17 89
 United Kingdom 278,745 7,568 5,667
 Other 10,700 (D) (D)

Latin America and Other Western
 Hemisphere 300,690 12,572 7,149
 South America 70,184 6,910 5,184
 Argentina 10,948 312 500
 Brazil 31,741 1,205 2,748
 Chile 9,218 694 (D)
 Colombia 2,956 226 125
 Ecuador 1,082 532 (*)
 Peru 3,678 1,652 172
 Venezuela 9,119 1,850 206
 Other 1,441 438 (D)
 Central America 67,010 521 1,131
 Costa Rica 863 (*) 0
 Honduras 262 0 (*)
 Mexico 59,070 424 677
 Panama 5,538 (D) 158
 Other 1,276 (D) 296
 Other Western Hemisphere 163,496 5,141 834
 Barbados 1,022 4 (D)
 Bermuda 85,077 42 93
 Dominican Republic 816 (*) 132
 United Kingdom Islands-
 Caribbean 56,670 1,881 38
 Other 19,911 3,214 (D)

Africa 18,978 11,149 316
 Egypt 3,518 2,918 0
 Nigeria 1,080 543 0
 South Africa 3,754 72 0
 Other 10,627 7,616 316

Middle East 17,363 4,688 138
 Israel 7,036 5 (D)
 Saudi Arabia 3,513 141 2
 United Arab Emirates 2,016 1,357 (D)
 Other 4,798 3,185 (D)

Asia and Pacific 282,370 14,178 5,859
 Australia 48,858 5,274 2,419
 China 11,541 1,263 509
 Hong Kong 37,567 (*) 47
 India 4,831 21 767
 Indonesia (D) 4,960 728
 Japan 68,097 16 0
 Korea, Republic of 13,030 1 0
 Malaysia 7,270 527 0
 New Zealand 3,886 272 0
 Philippines 5,790 (D) 1,355
 Singapore 50,343 -90 3
 Taiwan, 12,148 (*) 0
 Thailand 7,098 700 (*)
 Other (D) (D) 31

Addenda:
 European Union (15) (1) 862,586 11,641 5,852
 OPEC (2) 32,031 15,064 1,041

 Manufacturing

 Of Which:

 Primary
 and
 Total Food Chemi- fabri-
 cats cated
 metals

 All countries 375,250 23,851 96,283 22,126

Canada 70,091 3,639 12,859 4,028

Europe 187,237 12,523 59,368 10,435
 Austria 2,023 (D) (D) 60
 Belgium 8,200 324 4,837 -26
 Czech Republic 804 32 203 16
 Denmark 1,764 73 41 (D)
 Finland 764 4 81 20
 France 18,303 1,204 4,657 1,832
 Germany 17,198 202 2,814 1,744
 Greece 138 -4 125 (*)
 Hungary 2,023 18 99 (D)
 Ireland 17,869 183 8,557 33
 Italy 19,841 1,722 3,747 196
 Luxembourg 5,762 0 (D) (D)
 Netherlands 23,788 3,782 11,683 2,361
 Norway 818 25 16 30
 Poland 2,120 351 288 128
 Portugal 669 47 61 18
 Russia 113 238 106 0
 Spain 9,837 530 3,004 225
 Sweden 1,768 (D) 254 158
 Switzerland 8,088 -26 3,707 191
 Turkey 578 158 -141 1
 United Kingdom 43,260 2,998 12,234 1,953
 Other 1,511 199 67 (D)

Latin America and Other Western
 Hemisphere 43,347 4,557 10,486 4,714
 South America 19,006 2,179 5,688 1,105
 Argentina 1,828 (D) 991 11
 Brazil 10,507 710 3,181 1,082
 Chile 1,893 10 489 39
 Colombia 1,111 59 461 13
 Ecuador 43 37 1 -3
 Peru 226 65 98 -58
 Venezuela 3,188 489 393 21
 Other 211 (D) 73 (*)
 Central America 19,398 2,362 3,698 (D)
 Costa Rica 718 97 137 31
 Honduras 197 12 (*) 0
 Mexico 17,759 2,154 3,351 (D)
 Panama 158 26 (D) (*)
 Other 567 74 (D) -7
 Other Western Hemisphere 4,942 16 1,100 (D)
 Barbados 71 21 8 6
 Bermuda 77 1 73 0
 Dominican Republic 433 37 33 (D)
 United Kingdom Islands-
 Caribbean 1,127 (D) (D) -37
 Other 3,235 (D) (D) (D)

Africa 1,930 210 482 55
 Egypt 228 2 -33 7
 Nigeria 65 (*) 13 0
 South Africa 1,210 21 448 -21
 Other 428 186 54 69

Middle East 4,496 60 496 45
 Israel 3,591 53 12 -9
 Saudi Arabia 353 6 98 29
 United Arab Emirates (D) 0 (D) (D)
 Other (D) (*) (D) (D)

Asia and Pacific 68,149 2,861 12,590 2,848
 Australia 11,883 1,045 2,035 2,081
 China 5,910 530 1,322 140
 Hong Kong 3,117 10 216 63
 India 1,345 37 312 (D)
 Indonesia (D) 37 (D) (D)
 Japan 11,804 193 3,316 -70
 Korea, Republic of 6,798 552 1,147 118
 Malaysia 3,228 -11 270 15
 New Zealand 630 (D) 78 27
 Philippines 2,205 232 230 21
 Singapore 13,289 12 985 67
 Taiwan, 3,987 106 1,324 113
 Thailand 3,228 4 1,016 97
 Other (D) (D) (D) -3

Addenda:
 European Union (15) (1) 171,184 11,527 55,024 8,737
 OPEC (2) 4,604 532 1,154 104

 Manufacturing

 Of Which:

 Electrical
 Compu- equipment,
 Machin- tern and appli-
 ery electronic ances, and
 products components

 All countries 21,077 51,099 10,985

Canada 3,126 4,013 1,499

Europe 11,737 23,624 6,704
 Austria 106 892 -9
 Belgium 117 23 (D)
 Czech Republic 90 -57 14
 Denmark (D) (D) (*)
 Finland 101 235 16
 France 693 1,526 635
 Germany 1,118 3,046 1,507
 Greece 0 -1 0
 Hungary 1 -64 (D)
 Ireland 24 4,417 (D)
 Italy 3,123 6,938 541
 Luxembourg 7 0 4
 Netherlands 859 1,330 541
 Norway 334 -21 (*)
 Poland 17 12 12
 Portugal (D) (D) 2
 Russia 12 23 2
 Spain 46 377 674
 Sweden 111 398 -214
 Switzerland 330 -74 (D)
 Turkey (*) (*) -9
 United Kingdom 4,483 3,317 727
 Other 2 15 22

Latin America and Other Western
 Hemisphere 2,098 -1,565 1,021
 South America 1,327 (D) 92
 Argentina 123 39 -66
 Brazil 1,073 (D) 88
 Chile 32 2 16
 Colombia 0 (*) 13
 Ecuador 0 0 0
 Peru (*) 0 (*)
 Venezuela 94 1 41
 Other 5 0 0
 Central America 758 -2,604 921
 Costa Rica 1 -10 107
 Honduras 0 0 3
 Mexico 757 -2,672 812
 Panama 0 0 0
 Other 0 78 (*)
 Other Western Hemisphere 13 (D) 7
 Barbados 11 (D) 5
 Bermuda 1 1 0
 Dominican Republic 0 0 0
 United Kingdom Islands-
 Caribbean (*) (D) 0
 Other 1 1 3

Africa 273 -119 -18
 Egypt 110 0 5
 Nigeria 0 0 0
 South Africa 161 4 (D)
 Other 2 -123 (D)

Middle East 161 3,236 -6
 Israel 60 3,233 -21
 Saudi Arabia 22 3 15
 United Arab Emirates (D) 0 0
 Other (D) 0 0

Asia and Pacific 3,682 21,911 1,784
 Australia 615 468 42
 China 356 852 479
 Hong Kong 53 935 171
 India 415 265 (D)
 Indonesia (D) 6 13
 Japan 817 2,863 616
 Korea, Republic of 364 2,247 149
 Malaysia 103 2,398 (D)
 New Zealand 14 42 (*)
 Philippines 23 1,031 2
 Singapore 612 8,385 216
 Taiwan, 229 1,594 57
 Thailand 83 818 16
 Other (D) 7 0

Addenda:
 European Union (15) (1) 10,952 23,790 5,427
 OPEC (2) 182 11 69

 Manufac-
 turing

 Of
 Which:

 Trans-
 porta- Whole- Deposi-
 tion sale Infor- tory
 equip- trade mation insti-
 ment tutions

 All countries 47,496 121,956 49,057 62,611

Canada 18,134 10,466 2,306 2,449

Europe 17,715 72,283 28,667 36,323
 Austria (D) 485 -26 (D)
 Belgium 924 3,069 -288 672
 Czech Republic 327 -10 (D) (D)
 Denmark 2 1,747 (D) 0
 Finland 199 654 -2 0
 France 1,788 4,224 325 2,959
 Germany 3,784 13,896 1,639 1,485
 Greece 0 524 2 (D)
 Hungary 516 273 28 (D)
 Ireland 279 4,042 13,881 445
 Italy 1,133 2,330 1,844 121
 Luxembourg 0 202 (D) 575
 Netherlands 1,249 13,297 3,553 29
 Norway -24 394 95 29
 Poland 296 10 356 1,488
 Portugal (D) 483 314 3
 Russia 69 26 46 439
 Spain 1,396 2,875 900 1,659
 Sweden 183 993 221 (D)
 Switzerland (D) 9,198 -2,240 7,127
 Turkey 331 556 6 496
 United Kingdom 4,348 12,577 6,903 16,700
 Other (D) 438 (D) 186

Latin America and Other Western
 Hemisphere 4,925 11,119 7,849 9,998
 South America (D) 3,955 4,681 4,355
 Argentina -305 280 1,001 345
 Brazil 555 2,118 708 2,346
 Chile (D) 665 471 1,014
 Colombia (D) 280 583 (D)
 Ecuador (D) 84 (D) (D)
 Peru -1 71 (D) (D)
 Venezuela 436 224 (D) (D)
 Other 17 233 119 196
 Central America (D) 2,791 1,428 16,211
 Costa Rica 0 60 26 0
 Honduras (D) 33 (*) (D)
 Mexico (D) 1,917 1,298 16,005
 Panama -5 592 (D) 158
 Other 0 189 (D) (D)
 Other Western Hemisphere -13 4,373 1,740 -10,568
 Barbados -13 443 (D) 26
 Bermuda 0 1,799 362 0
 Dominican Republic 0 140 (D) (D)
 United Kingdom Islands-
 Caribbean (*) 1,310 506 -9,933
 Other 0 681 (D) (D)

Africa 500 771 1,130 615
 Egypt (D) 113 6 (D)
 Nigeria (D) 172 0 (D)
 South Africa 436 226 1,201 (D)
 Other 17 261 -77 241

Middle East -7 494 2,234 785
 Israel -22 784 (D) -1
 Saudi Arabia 14 206 (D) 580
 United Arab Emirates (*) -508 11 (D)
 Other 0 12 7 (D)

Asia and Pacific 6,230 26,822 6,869 12,442
 Australia 1,795 2,690 401 2,595
 China 1,243 1,502 205 413
 Hong Kong 24 8,237 880 2,093
 India -57 430 142 691
 Indonesia (D) 102 -186 406
 Japan 954 7,615 3,200 609
 Korea, Republic of 743 861 114 2,036
 Malaysia 21 260 254 (D)
 New Zealand 10 513 90 (D)
 Philippines 1 305 41 (D)
 Singapore 1,241 2,619 1,519 (D)
 Taiwan, (D) 1,258 73 942
 Thailand 30 514 (D) 588
 Other (D) -85 (D) 241

Addenda:
 European Union (15) (1) 15,763 61,399 30,127 25,969
 OPEC (2) 480 199 1,763 1,348

 Finance Profes-
 (excep sional,
 depository scientific, Other
 institu- and industries
 tions) and technical
 insurance services

 All countries 328,916 35,268 709,314

Canada 31,036 2,103 44,940

Europe 151,197 18,432 461,486
 Austria 23 133 (D)
 Belgium 8,428 987 5,395
 Czech Republic 226 98 136
 Denmark (D) 158 (D)
 Finland 1 151 52
 France 3,508 1,385 17,512
 Germany 9,322 2,988 21,469
 Greece (D) 25 227
 Hungary 26 63 (D)
 Ireland 9,895 2,231 (D)
 Italy 1,867 986 2,568
 Luxembourg 1,246 23 (D)
 Netherlands 23,310 1,000 117,890
 Norway (D) 196 (D)
 Poland 242 78 317
 Portugal 655 48 855
 Russia -84 16 108
 Spain 3,603 287 21,178
 Sweden 4,284 195 (D)
 Switzerland 3,689 355 (D)
 Turkey 36 41 166
 United Kingdom 77,443 6,947 101,679
 Other (D) 40 (D)

Latin America and Other Western
 Hemisphere 87,339 1,929 119,389
 South America 8,328 908 16,859
 Argentina 909 23 5,751
 Brazil 4,461 309 7,339
 Chile 2,157 38 (D)
 Colombia 245 28 (D)
 Ecuador 12 -2 (D)
 Peru 127 42 1,005
 Venezuela 328 455 1,412
 Other 89 15 (D)
 Central America 10,288 473 14,767
 Costa Rica 21 20 20
 Honduras 7 0 (D)
 Mexico 9,350 473 11,167
 Panama 889 -20 3,430
 Other 22 1 (D)
 Other Western Hemisphere 68,723 548 87,763
 Barbados -272 -7 126
 Bermuda 46,155 75 36,475
 Dominican Republic -49 1 22
 United Kingdom Islands-
 Caribbean (D) 631 (D)
 Other (D) -152 (D)

Africa 120 80 2,866
 Egypt (D) 3 (D)
 Nigeria 0 -1 (D)
 South Africa 44 55 (D)
 Other (D) 23 (D)

Middle East 869 716 2,944
 Israel 194 462 (D)
 Saudi Arabia -61 182 (D)
 United Arab Emirates (D) 36 157
 Other (D) 35 (D)

Asia and Pacific 58,355 12,008 77,689
 Australia 4,654 1,705 17,236
 China -49 472 1,316
 Hong Kong 9,024 1,110 13,060
 India 337 345 754
 Indonesia (D) 34 1,998
 Japan 32,733 6,265 5,855
 Korea, Republic of 1,207 635 1,376
 Malaysia (D) 155 (D)
 New Zealand 699 44 (D)
 Philippines 908 -61 334
 Singapore (D) 430 (D)
 Taiwan, 5,349 116 421
 Thailand 645 752 (D)
 Other -4 6 1,975

Addenda:
 European Union (15) (1) 145,313 17,544 393,557
 OPEC (2) 986 739 6,286

* Less than $500,000 (+/-).

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

(1.) The European Union (15) comprises Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, the
Netherlands, Portugal, Spain, Sweden, and the United Kingdom.

(2.) OPEC is the Organization of Petroleum Exporting Countries. Its
members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria,
Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

NOTE. Estimates for 2003 are revised.

Table 1.2. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2004

[Millions of dollars]

 All
 industries Mining Utilities

 All countries 2,063,998 101,477 18,985

Canada 216,571 30,879 1,387

Europe 1,089,941 21,813 5,366
 Austria 5,278 1 0
 Belgium 27,761 13 0
 Czech Republic 2,188 (*) 22
 Denmark 6,618 -137 0
 Finland 2,071 0 0
 France 58,927 59 0
 Germany 79,579 579 23
 Greece 1,255 (*) 0
 Hungary 3,285 (*) (D)
 Ireland 73,153 (D) 1
 Italy 33,378 (D) (D)
 Luxembourg 74,902 0 (*)
 Netherlands 201,918 3,850 102
 Norway 9,104 5,333 (*)
 Poland 6,059 (D) 22
 Portugal 3,151 (*) 0
 Russia 2,231 1,674 0
 Spain 45,251 (D) 91
 Sweden 36,399 0 0
 Switzerland 100,727 (D) 0
 Turkey 2,225 17 116
 United Kingdom 302,523 5,544 4,835
 Other 11,956 4,298 (D)

Latin America and Other Western
 Hemisphere 325,891 15,388 7,041
 South America 72,584 8,340 5,151
 Argentina 11,629 236 458
 Brazil 33,267 1,576 2,831
 Chile 10,196 1,274 (D)
 Colombia 2,987 590 21
 Ecuador 814 499 (*)
 Peru 3,934 1,830 (D)
 Venezuela 8,493 1,888 229
 Other 1,264 447 16
 Central America 75,433 1,796 1,171
 Costa Rica 1,098 (*) 0
 Honduras 339 0 (*)
 Mexico 66,554 1,703 568
 Panama 5,868 84 172
 Other 1,574 10 429
 Other Western Hemisphere 177,873 5,252 719
 Barbados 1,369 4 (D)
 Bermuda 91,265 -5 111
 Dominican Republic 1,041 (*) 94
 United Kingdom Islands-
 Caribbean 63,066 1,749 -72
 Other 21,133 3,505 (D)

Africa 22,259 12,746 332
 Egypt 4,240 3,550 0
 Nigeria 955 303 0
 South Africa 4,966 120 0
 Other 12,097 8,773 332

Middle East 19,235 5,571 248
 Israel 6,790 22 (D)
 Saudi Arabia 3,835 138 2
 United Arab Emirates 2,368 1,468 89
 Other 6,242 3,943 (D)

Asia and Pacific 390,101 15,080 4,610
 Australia (D) 4,495 502
 China 15,430 1,740 (D)
 Hong Kong 43,743 (*) 47
 India 6,203 -1 919
 Indonesia (D) 6,027 (D)
 Japan 80,246 10 0
 Korea, Republic of 17,332 1 0
 Malaysia 8,690 555 0
 New Zealand 4,481 265 0
 Philippines 6,338 333 1,718
 Singapore 56,900 -209 0
 Taiwan, (D) (*) 0
 Thailand 7,747 724 (*)
 Other (D) 1,140 -3

Addenda:
 European Union (15) (1) 965,379 10,150 5,212
 OPEC (2) 34,482 16,727 1,335

 Manufacturing

 Of which:

 Chemi-
 Total Food cals

 All countries 428,235 26,021 107,908

Canada 76,786 3,762 14,280

Europe 217,088 14,010 67,234
 Austria 2,122 290 100
 Belgium 8,912 336 5,273
 Czech Republic 870 31 232
 Denmark 2,337 93 35
 Finland 1,116 4 112
 France 21,330 1,387 5,954
 Germany 20,147 237 3,337
 Greece 168 -15 148
 Hungary 2,238 15 96
 Ireland 21,290 241 10,019
 Italy 22,039 1,961 4,389
 Luxembourg 6,632 0 3,373
 Netherlands 24,977 4,075 12,069
 Norway 1,002 26 31
 Poland 3,071 510 397
 Portugal 703 50 93
 Russia 36 198 186
 Spain 11,359 706 3,669
 Sweden 1,435 (D) 323
 Switzerland 10,785 55 4,758
 Turkey 575 (D) -191
 United Kingdom 52,295 3,249 12,755
 Other 1,650 233 76

Latin America and Other Western
 Hemisphere 46,913 4,710 11,030
 South America 20,444 2,140 6,075
 Argentina 1,562 (D) 780
 Brazil 12,220 982 3,560
 Chile 1,767 12 626
 Colombia 995 82 457
 Ecuador 22 38 9
 Peru 250 70 107
 Venezuela 3,438 162 459
 Other 190 (D) 77
 Central America 21,279 2,531 4,158
 Costa Rica 791 96 106
 Honduras 213 14 (*)
 Mexico 19,438 2,289 3,809
 Panama 183 32 137
 Other 655 100 105
 Other Western Hemisphere 5,190 39 796
 Barbados 128 24 8
 Bermuda -42 1 -77
 Dominican Republic 484 (D) 29
 United Kingdom Islands-
 Caribbean 1,255 7 (D)
 Other 3,365 (D) (D)

Africa 2,255 180 534
 Egypt 144 (*) -45
 Nigeria 67 (*) 14
 South Africa 1,679 14 511
 Other 364 166 54

Middle East 4,657 73 616
 Israel 3,592 65 3
 Saudi Arabia 364 8 108
 United Arab Emirates (D) 0 (D)
 Other (D) (*) (D)

Asia and Pacific 80,537 3,265 14,214
 Australia 13,915 1,118 2,391
 China 8,222 593 1,643
 Hong Kong 3,608 29 196
 India 1,555 40 415
 Indonesia (D) 47 (D)
 Japan 14,598 245 2,858
 Korea, Republic of 7,826 680 1,424
 Malaysia 4,003 -11 483
 New Zealand 857 144 104
 Philippines 2,291 250 266
 Singapore 14,435 14 1,316
 Taiwan, 4,564 99 1,573
 Thailand 3,637 1 1,126
 Other (D) 36 (D)

Addenda:
 European Union (15) (1) 204,253 13,392 62,432
 OPEC (2) 5,286 217 1,421

 Manufacturing

 Of which:

 Primary Compu-
 and Machin- ters and
 fabricated ery electronic
 metals products

 All countries 26,328 24,543 58,615

Canada 4,497 4,029 5,736

Europe 11,733 13,025 27,121
 Austria 73 127 (D)
 Belgium -7 56 59
 Czech Republic 10 117 -71
 Denmark 85 210 1,474
 Finland 24 144 404
 France 2,106 645 1,368
 Germany 2,325 1,404 3,665
 Greece -1 0 4
 Hungary (D) 3 -54
 Ireland 51 26 5,571
 Italy 361 3,358 7,268
 Luxembourg (D) 7 5
 Netherlands 2,591 851 1,503
 Norway 30 445 -30
 Poland 155 (D) 14
 Portugal 18 (D) (D)
 Russia 0 -42 29
 Spain 199 42 444
 Sweden 154 138 385
 Switzerland 214 726 (D)
 Turkey 1 (*) (*)
 United Kingdom 1,853 4,758 3,625
 Other 1,098 (D) 13

Latin America and Other Western
 Hemisphere 5,237 2,310 -1,244
 South America 1,262 1,592 1,114
 Argentina (*) 130 41
 Brazil 1,253 1,321 1,069
 Chile 42 34 2
 Colombia 12 0 (*)
 Ecuador -3 0 0
 Peru -70 (*) 0
 Venezuela 29 103 1
 Other (*) 4 0
 Central America 894 738 -2,586
 Costa Rica 33 1 (D)
 Honduras 0 0
 Mexico 871 738 -2,676
 Panama (*) 0 0
 Other -10 0 (D)
 Other Western Hemisphere 3,080 -20 228
 Barbados 6 (D) (D)
 Bermuda 0 (D) 1
 Dominican Republic 44 0 0
 United Kingdom Islands-
 Caribbean -39 (*) (D)
 Other 3,069 1 1

Africa 13 313 -120
 Egypt 5 118 0
 Nigeria 0 0 0
 South Africa -15 193 4
 Other 23 2 -124

Middle East 49 198 3,177
 Israel -15 88 3,174
 Saudi Arabia 31 23 3
 United Arab Emirates 30 74 0
 Other 2 13 0

Asia and Pacific 4,799 4,668 23,945
 Australia 3,759 757 547
 China 149 455 1,341
 Hong Kong 66 111 983
 India (D) 481 249
 Indonesia 36 181 -1
 Japan 123 987 3,048
 Korea, Republic of 126 419 2,551
 Malaysia 15 123 2,796
 New Zealand 30 18 52
 Philippines (D) 31 1,065
 Singapore 82 681 8,804
 Taiwan, 124 272 1,749
 Thailand 108 148 754
 Other -1 3 7

Addenda:
 European Union (15) (1) 11,337 11,883 26,961
 OPEC (2) 127 388 3

 Manufacturing

 Of which:

 Electrical
 equipment, Trans- Whole-
 appliances, portation sale
 and equipment trade
 components

 All countries 12,392 48,418 136,949

Canada 1,669 15,344 11,797

Europe 7,248 19,771 81,805
 Austria (D) (D) 641
 Belgium (D) 1,014 4,085
 Czech Republic 14 358 -34
 Denmark (*) 2 1,851
 Finland 39 228 774
 France 644 1,953 5,778
 Germany 1,595 4,251 16,406
 Greece 0 0 730
 Hungary (D) 564 291
 Ireland 491 285 4,598
 Italy 664 1,183 2,664
 Luxembourg 3 0 179
 Netherlands 215 1,216 13,397
 Norway (*) -17 547
 Poland 12 559 61
 Portugal 2 260 586
 Russia 1 90 -138
 Spain 817 1,382 2,933
 Sweden -207 -279 1,100
 Switzerland 481 (D) 10,083
 Turkey -13 355 616
 United Kingdom 876 5,564 14,146
 Other 27 48 513

Latin America and Other Western
 Hemisphere 1,284 4,678 11,116
 South America 155 834 2,832
 Argentina -81 -305 345
 Brazil 159 405 755
 Chile 16 (D) 693
 Colombia 14 (D) 387
 Ecuador 0 (D) 95
 Peru (*) -1 77
 Venezuela 47 462 239
 Other 0 (D) 241
 Central America 1,122 3,792 3,056
 Costa Rica 103 (D) 2
 Honduras 89
 Mexico 1,010 (D) 1,954
 Panama 0 -5 611
 Other (*) 0 187
 Other Western Hemisphere 7 52 5,230
 Barbados 5 (D) 517
 Bermuda 0 (D) 1,691
 Dominican Republic 0 0 158
 United Kingdom Islands-
 Caribbean 0 (*) 2,337
 Other 3 0 528

Africa -3 833 1,116
 Egypt 5 (D) 119
 Nigeria 0 (D) 168
 South Africa (D) 762 436
 Other (D) (D) 394

Middle East -9 -13 581
 Israel -27 (D) 769
 Saudi Arabia 17 (D) 244
 United Arab Emirates 0 (*) -442
 Other 0 0 10

Asia and Pacific 2,204 7,804 30,531
 Australia 103 1,919 3,162
 China 493 1,832 1,825
 Hong Kong 241 27 8,625
 India (D) -43 555
 Indonesia 16 19 132
 Japan 704 1,167 8,242
 Korea, Republic of 209 870 1,089
 Malaysia (D) 94 261
 New Zealand 1 11 632
 Philippines 3 -4 (D)
 Singapore 288 1,469 (D)
 Taiwan, 64 (D) (D)
 Thailand 19 140 706
 Other 0 (D) -13

Addenda:
 European Union (15) (1) 6,772 18,833 70,187
 OPEC (2) 80 498 341

 Finance
 (except
 Deposi- deposi-
 Informa- tory tory
 tion institu- institu-
 tions tions) and
 insurance

 All countries 56,422 68,100 370,965

Canada 3,485 2,981 36,889

Europe 34,849 40,293 163,393
 Austria 89 (D) 11
 Belgium -306 809 8,240
 Czech Republic 89 439
 Denmark 203 (DO (D)
 Finland -12 0 1
 France 1,238 3,269 4,407
 Germany 2,216 1,674 10,518
 Greece 2 -125 204
 Hungary 52 (D) 36
 Ireland 17,029 (D) 11,101
 Italy 2,862 -26 2,135
 Luxembourg (D) 667 2,083
 Netherlands 4,431 34 22,495
 Norway 143 40 (D)
 Poland 364 1,583
 Portugal 339 3 630
 Russia 74 439 -75
 Spain 1,295 1,861 4,672
 Sweden 227 (D) 4,344
 Switzerland -2,373 7,920 4,528
 Turkey 10 624 39
 United Kingdom 6,217 18,009 84,475
 Other (D) 234 409

Latin America and Other Western
 Hemisphere 7,061 8,555 98,998
 South America 3,028 4,791 9,312
 Argentina 1,099 450 1,177
 Brazil 732 2,433 4,688
 Chile 522 1,184 2,329
 Colombia 69 (D) 296
 Ecuador 2 (D 19
 Peru 86 (D) 143
 Venezuela 410 (D) 543
 Other 108 156 118
 Central America 1,565 17,048 12,118
 Costa Rica (D) 0 (D)
 Honduras (*) (D) (D)
 Mexico 1,495 16,811 11,160
 Panama (*) 184 899
 Other (D) (D) 29
 Other Western Hemisphere 2,468 -13,284 77,568
 Barbados (D) 26 -395
 Bermuda 487 0 50,960
 Dominican Republic (D) (D) -57
 United Kingdom Islands-
 Caribbean 668 -12,452 22,881
 Other 258 (D) 4,180

Africa 1,273 797 141
 Egypt 6 (D) 9
 Nigeria 0 (D) 0
 South Africa 1,468 (D) 51
 Other -202 247 81

Middle East 1,745 237 1,064
 Israel (D) (D) 293
 Saudi Arabia (D) 0 -58
 United Arab Emirates -1 (D) 634
 Other 8 (D) 195

Asia and Pacific 8,010 15,237 70,480
 Australia 486 2,898 5,284
 China 368 534 -2
 Hong Kong 927 2,178 12,291
 India 217 889 528
 Indonesia (D) 440 113
 Japan 3,701 244 39,189
 Korea, Republic of 211 3,833 2,062
 Malaysia 370 (D) 260
 New Zealand 105 (D) 924
 Philippines 46 (D) 1,005
 Singapore 1,383 835 2,529
 Taiwan, 73 1,099 5,685
 Thailand 166 660 611
 Other (D) 260 (*)

Addenda:
 European Union (15) (1) 36,779 31,113 157,841
 OPEC (2) 749 (D) 1,249

 Profes-
 sional,
 scientific, Other
 and industries
 technical
 services

 All countries 42,110 840,755

Canada 2,281 50,085

Europe 21,987 503,346
 Austria 161 (D)
 Belgium 1,129 4,880
 Czech Republic 57 (D)
 Denmark 189 (D)
 Finland 122 71
 France 1,724 21,122
 Germany 3,646 24,371
 Greece 24 251
 Hungary 41 (D)
 Ireland 1,968 16,094
 Italy 969
 Luxembourg 29 (D)
 Netherlands 1,573 131,059
 Norway 284 544
 Poland
 Portugal 54 837
 Russia 12 210
 Spain (D) 22,751
 Sweden 243 (D)
 Switzerland 513 (D)
 Turkey 41 187
 United Kingdom 8,772 108,230
 Other (D) (D)

Latin America and Other Western
 Hemisphere 2,194 128,622
 South America 1,206 17,481
 Argentina 26 6,276
 Brazil 378 7,654
 Chile 36 (D)
 Colombia 26 (D)
 Ecuador -2 (D)
 Peru 39 (D)
 Venezuela 690 (D)
 Other 11 -24
 Central America 579 16,821
 Costa Rica 27 (D)
 Honduras 0 (D)
 Mexico 567 12,858
 Panama -15 3,751
 Other 1 (D)
 Other Western Hemisphere 409 94,320
 Barbados -2 150
 Bermuda 111 37,953
 Dominican Republic 1 27
 United Kingdom Islands-
 Caribbean 479 46,221
 Other -180 9,968

Africa 141 3,459
 Egypt 3 (D)
 Nigeria -1 (D)
 South Africa 113 (D)
 Other 26 2,083

Middle East 852 4,280
 Israel 466 297
 Saudi Arabia 216 (D)
 United Arab Emirates (D) (D)
 Other (D) 1,279

Asia and Pacific 14,654 150,963
 Australia 1,718 (D)
 China 688 (D)
 Hong Kong 1,451 14,614
 India 735 806
 Indonesia 39 (D)
 Japan 7,697 6,565
 Korea, Republic of 781 1,529
 Malaysia 153 (D)
 New Zealand 103 (D)
 Philippines -61 (D)
 Singapore 425 (D)
 Taiwan, 146 270
 Thailand 773 470
 Other 6 2,463

Addenda:
 European Union (15) (1) 21,107 428,738
 OPEC (2) 1,112 (D)

* Less than $500,000 (+/-).

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

(1.) The European Union (25) comprises the European Union (15) whose
member countries are listed in footnote 1 of table 1.1 and the 10
countries--Cyprus, the Czech Republic, Estonia, Hungary, Latvia,
Lithuania, Malta, Poland, Slovakia, and Slovenia--that joined
the Union in May 2004.

(2.) OPEC is the Organization of Petroleum Exporting Countries. Its
members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria,
Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

NOTE. Estimates for 2004 are preliminary.

Table 2.1. Foreign Direct Investment Position in the United States
on a Historical-Cost Basis, 2003

[Millions of dollars]

 Manufacturing

 Of
 which:

 All
 industries Total Food

 All countries 1,410,672 491,963 19,517

Canada 101,568 27,680 1,035

Europe 1,021,349 381,881 16,087
 Austria 3,775 2,223 2
 Belgium 10,871 3,950 (D)
 Denmark 4,561 2,404 234
 Finland 5,446 3,679 (*)
 France 139,265 47,096 2,130
 Germany 156,290 54,413 169
 Ireland 24,228 3,223 865
 Italy 6,820 971 338
 Liechtenstein 267 30 -1
 Luxembourg 108,124 26,726 351
 Netherlands 152,708 67,445 4,489
 Norway 4,036 2,820 2
 Spain 5,603 1,702 (D)
 Sweden 20,388 7,733 0
 Switzerland 129,032 85,792 5,336
 United Kingdom 219,735 61,482 1,982
 Other 30,201 10,192 (D)

Latin America and Other Western
 Hemisphere 81,768 20,291 1,152
 South and Central America 22,172 121 1,005
 Brazil 666 -210 (D)
 Mexico 7,707 407 (D)
 Panama 9,203 (D) (D)
 Venezuela 4,359 176 -3
 Other 237 (D) 255
 Other Western Hemisphere 59,596 20,171 147
 Bahamas 1,112 (D) (D)
 Bermuda 8,837 2,677 (D)
 Netherlands Antilles 4,144 581 2
 United Kingdom Islands-
 Caribbean 25,575 2,041 70
 Other 19,929 (D) 10

Africa 2,179 602 (D)
 South Africa 399 -37 (*)
 Other 1,780 639 (D)

Middle East 7,641 1,415 (D)
 Israel 3,777 1,426 (D)
 Kuwait 1,069 2 0
 Lebanon 1 (*) 0
 Saudi Arabia (D) -18 0
 United Arab Emirates 45 5 0
 Other (D) 1 0

Asia and Pacific 196,167 60,093 1,167
 Australia 24,934 3,512 (D)
 Hong Kong 1,831 618 (*)
 Japan 160,452 55,305 1,277
 Korea, Republic of 2,558 727 (D)
 Malaysia 264 -63 (*)
 New Zealand 644 (*) 6
 Philippines 22 -14 0
 Singapore 1,484 -1,043 -36
 Taiwan 2,956 990 (*)
 Other 1,021 61 -20

Addenda:
 European Union (15)1 858,694 283,415 10,625
 OPEC 2 8,251 155 -3

 Manufacturing

 Of which:

 Primary
 Chemi- and Machin-
 cals fabricated ery
 metals

 All countries 136,466 17,702 48,093

Canada 4,186 2,614 608

Europe 123,886 12,840 29,457
 Austria (D) 268 97
 Belgium 2,607 (D) 113
 Denmark (D) -1 312
 Finland 716 (D) 695
 France 17,703 578 (D)
 Germany 19,929 3,748 5,208
 Ireland -144 (D) 100
 Italy 260 -17 96
 Liechtenstein (*) -3 (*)
 Luxembourg 7 (D) 3,149
 Netherlands 25,418 312 4,709
 Norway 2,235 554 (D)
 Spain 277 (D) 1
 Sweden (D) 795 878
 Switzerland 39,060 1,772 3,100
 United Kingdom 14,284 2,730 3,731
 Other (D) (D) (D)

Latin America and Other Western
 Hemisphere 1,277 -301 14,639
 South and Central America -60 -489 -160
 Brazil -81 7 -73
 Mexico -150 -35 12
 Panama (D) (D) -51
 Venezuela -1 2 -16
 Other (D) (D) -33
 Other Western Hemisphere 1,337 188 14,799
 Bahamas 1 (D) (*)
 Bermuda (D) (D) (D)
 Netherlands Antilles (D) -7 4
 United Kingdom Islands-
 Caribbean (D) (D) (D)
 Other 4 6 (D)

Africa (D) -5 (D)
 South Africa -5 0 -5
 Other (D) -5 (D)

Middle East (D) 1 (D)
 Israel (D) 0 (D)
 Kuwait (*) 0 0
 Lebanon 0 0 0
 Saudi Arabia -1 0 (*)
 United Arab Emirates -1 0 10
 Other 0 1 0

Asia and Pacific 6,124 2,554 3,147
 Australia 118 0 171
 Hong Kong -32 (*) -14
 Japan 5,305 2,177 3,020
 Korea, Republic of 28 102 2
 Malaysia 3 -1 1
 New Zealand 4 0 -2
 Philippines -12 (*) -1
 Singapore -82 (*) -4
 Taiwan 815 1 (D)
 Other -23 (D) (D)

Addenda:
 European Union (15)1 82,001 10,425 25,671
 OPEC 2 -6 2 -7

 Manufacturing

 Of which:

 Electrical
 Compu- equipment, Trans-
 ters and appliances, portation
 electronic and equipment
 products components

 All countries 44,026 12,573 66,455

Canada 5,083 117 3,789

Europe 27,767 9,753 38,746
 Austria (D) 0 39
 Belgium 15 8 -54
 Denmark 413 0 3
 Finland (D) 7 7
 France 3,791 2,644 1,596
 Germany 895 545 18,258
 Ireland (D) (D) (*)
 Italy 93 (D) 62
 Liechtenstein (*) 5 (D)
 Luxembourg (D) (D) 173
 Netherlands 7,032 (D) (D)
 Norway 1 (*) -2
 Spain (*) -1 (D)
 Sweden 132 (D) (D)
 Switzerland 540 (D) (D)
 United Kingdom 12,542 478 8,327
 Other (D) (D) 361

Latin America and Other Western
 Hemisphere -799 2,295 -13
 South and Central America -273 -4 -181
 Brazil -84 (*) 34
 Mexico -126 5 -213
 Panama -18 (*) (*)
 Venezuela -3 (*) -1
 Other -42 -9 -2
 Other Western Hemisphere -526 2,299 168
 Bahamas (*) (D) 0
 Bermuda -170 2,269 0
 Netherlands Antilles -6 1 -3
 United Kingdom Islands-
 Caribbean (D) 0 171
 Other (D) (D) 0

Africa 7 -3 -33
 South Africa 7 0 (D)
 Other (*) -3 (D)

Middle East 262 -18 (*)
 Israel 266 (*) (*)
 Kuwait (*) 2 0
 Lebanon 0 0 0
 Saudi Arabia 2 -20 0
 United Arab Emirates -5 0 (*)
 Other 0 0 0

Asia and Pacific 11,706 429 23,966
 Australia -3 -78 -18
 Hong Kong 370 3 -3
 Japan 11,751 421 23,909
 Korea, Republic of 475 -3 29
 Malaysia -84 -2 1
 New Zealand -7 -1 -1
 Philippines (D) 4 1
 Singapore -978 21 26
 Taiwan 159 28 -4
 Other (D) 36 26

Addenda:
 European Union (15)1 25,582 6,630 37,652
 OPEC 2 -7 -19 -1

 Whole-
 sale Retail Informa-
 trade trade tion

 All countries 180,802 23,656 124,734

Canada 2,357 1,424 5,183

Europe 104,113 17,851 104,031
 Austria 322 (D) -2
 Belgium 1,594 (D) (D)
 Denmark (D) (D) -1
 Finland (D) (D) 237
 France 11,450 631 26,051
 Germany 10,447 1,424 24,232
 Ireland 3,136 (D) (D)
 Italy 1,063 1,189 (D)
 Liechtenstein 137 0 0
 Luxembourg 1,557 (D) 6,093
 Netherlands 8,331 (D) 9,239
 Norway 663 (*) (D)
 Spain 204 (D) (D)
 Sweden 5,847 (D) 77
 Switzerland 4,456 292 13,491
 United Kingdom 52,454 1,901 14,659
 Other 725 (D) (D)

Latin America and Other Western
 Hemisphere 8,981 1,464 3,787
 South and Central America 5,542 (D) 149
 Brazil 553 (D) 16
 Mexico 1,305 (D) 119
 Panama 4 3 -6
 Venezuela (D) 0 -3
 Other (D) (D) 23
 Other Western Hemisphere 3,439 (D) 3,637
 Bahamas 463 (D) 1
 Bermuda -36 148 1,549
 Netherlands Antilles 341 (D) (D)
 United Kingdom Islands-
 Caribbean 2,315 269 (D)
 Other 357 (D) (D)

Africa 447 (D) (D)
 South Africa (D) 0 (D)
 Other (D) (D) (D)

Middle East 2,901 (D) (D)
 Israel 200 7 (D)
 Kuwait (D) 0 0
 Lebanon 0 0 0
 Saudi Arabia (D) 0 6
 United Arab Emirates -1 (D) (*)
 Other (D) 0 (D)

Asia and Pacific 62,002 2,871 11,491
 Australia 505 -4 (D)
 Hong Kong 331 -5 (D)
 Japan 58,739 (D) (D)
 Korea, Republic of 1,232 43 10
 Malaysia -15 (D) 4
 New Zealand (D) (D) 9
 Philippines 2 0 -2
 Singapore -117 (D) (D)
 Taiwan 863 24 34
 Other (D) 2 10

Addenda:
 European Union (15)1 98,113 17,285 81,109
 OPEC 2 (D) (D) 7

 Finance
 (except Real
 Deposi- deposi- estate
 tory tory and rental
 institu- institu- and
 tions tions) and leasing
 insurance

 All countries 87,512 190,152 44,450

Canada 12,286 22,602 4,428

Europe 60,094 132,530 21,755
 Austria (D) 1 38
 Belgium (D) 446 317
 Denmark (D) -4 (D)
 Finland (D) 2 (D)
 France 11,107 28,038 399
 Germany 18,707 17,882 5,146
 Ireland (D) 2,645 1,543
 Italy 1,288 (D) 86
 Liechtenstein 0 3 77
 Luxembourg 0 (D) 152
 Netherlands (D) 35,645 4,724
 Norway (D) (D) 26
 Spain 2,274 499 (D)
 Sweden (D) 64 (D)
 Switzerland (D) 16,740 600
 United Kingdom 17,164 28,881 5,008
 Other 700 596 (D)

Latin America and Other Western
 Hemisphere 3,092 17,159 5,902
 South and Central America 2,467 8,892 597
 Brazil 477 72 (D)
 Mexico 572 504 47
 Panama 72 (D) 356
 Venezuela 781 2 -24
 Other 565 (D) (D)
 Other Western Hemisphere 624 8,267 5,305
 Bahamas (D) 8 (D)
 Bermuda (D) (D) (D)
 Netherlands Antilles 161 17 890
 United Kingdom Islands-
 Caribbean 115 4,836 3,127
 Other 31 (D) 105

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

Middle East (D) (D) (D)
 Israel 1,487 (D) 10
 Kuwait (D) (D) (D)
 Lebanon 0 0 (*)
 Saudi Arabia (D) 2 57
 United Arab Emirates (D) 1 8
 Other -48 0 (D)

Asia and Pacific 10,448 17,739 11,051
 Australia (D) 3,754 2,835
 Hong Kong 279 (D) 86
 Japan 7 12,449 7,178
 Korea, Republic of 327 95 53
 Malaysia (D) (D) 1
 New Zealand 0 0 (D)
 Philippines 14 14 7
 Singapore 2,451 1,363 (D)
 Taiwan 728 34 40
 Other (D) 19 (D)

Addenda:
 European Union (15)1 59,145 115,190 20,062
 OPEC 2 981 7 (D)

 Profes-
 sional,
 scientific, Other
 and industries
 technical
 services

 All countries 34,507 232,896

Canada 1,167 24,441

Europe 32,109 166,984
 Austria (D) -3
 Belgium -58 1,401
 Denmark (D) 1,243
 Finland (D) 201
 France 4,939 9,554
 Germany 479 23,560
 Ireland (D) 9,199
 Italy (D) 1,563
 Liechtenstein (*) 20
 Luxembourg (D) 66,959
 Netherlands 2,629 12,671
 Norway 410 -51
 Spain (D) (D)
 Sweden 339 3,657
 Switzerland 557 (D)
 United Kingdom 14,820 23,367
 Other (D) 6,494

Latin America and Other Western
 Hemisphere -254 21,346
 South and Central America (D) 3,559
 Brazil -10 -443
 Mexico (D) 3,935
 Panama 16 (D)
 Venezuela 1 (D)
 Other -3 -369
 Other Western Hemisphere (D) 17,787
 Bahamas 1 -128
 Bermuda -617 5,248
 Netherlands Antilles -13 1,785
 United Kingdom Islands-
 Caribbean (D) 10,562
 Other -2 320

Africa (D) 611
 South Africa (D) (*)
 Other 2 611

Middle East (D) 451
 Israel (D) 366
 Kuwait 0 (D)
 Lebanon 0 (*)
 Saudi Arabia (*) 5
 United Arab Emirates 0 -8
 Other (*) (D)

Asia and Pacific 1,409 19,062
 Australia (D) 3,223
 Hong Kong -6 305
 Japan 1,094 14,472
 Korea, Republic of 54 18
 Malaysia 3 225
 New Zealand -1 310
 Philippines -1 1
 Singapore 7 176
 Taiwan 39 204
 Other (D) 128

Addenda:
 European Union (15)1 30,174 154,202
 OPEC 2 1 112

* Less than $500,000 (+/-).

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

(1.) The European Union (15) comprises Austria, Belgium, Denmark,
Finland, France, Germany, Greece, Ireland, Italy, Luxembourg,
Netherlands, Portugal, Spain, Sweden, and the United Kingdom.

(2.) OPEC is the Organization of Petroleum Exporting Countries. Its
members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria,
Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

NOTE. Estimates for 2003 are revised.

Table 2.2. Foreign Direct Investment Position in the United
States on a Historical-Cost Basis, 2004

[Millions of dollars]

 Manufacturing

 Of which:

 All
 industries Total Food

 All countries 1,526,306 519,410 21,108

Canada 133,761 29,148 1,424

Europe 1,078,287 402,349 16,988
 Austria 3,720 2,122 (*)
 Belgium 11,285 3,966 (D)
 Denmark 5,450 3,116 (D)
 Finland 5,509 (D) 1
 France 148,242 48,318 1,611
 Germany 163,372 59,749 172
 Ireland 21,153 4,074 1,219
 Italy 7,421 761 29
 Liechtenstein 310 (D) -1
 Luxembourg 107,842 25,137 (D)
 Netherlands 167,280 81,420 5,773
 Norway 3,136 1,996 2
 Spain 5,669 1,726 9
 Sweden 23,853 9,998 0
 Switzerland 122,944 77,280 5,291
 United Kingdom 251,562 66,959 2,127
 Other 29,539 12,004 137

Latin America and Other Western
 Hemisphere 85,864 21,473 1,215
 South and Central America 26,295 938 1,024
 Brazil 1,286 -178 5
 Mexico 7,880 1,251 (D)
 Panama 10,707 -380 0
 Venezuela 5,548 208 (D)
 Other 874 37 (D)
 Other Western Hemisphere 59,569 20,534 191
 Bahamas 1,179 (D) (D)
 Bermuda 8,442 1,886 (D)
 Netherlands Antilles 4,749 643 -1
 United Kingdom Islands-
 Caribbean 24,243 2,030 132
 Other 20,956 (D) (D)

Africa 1,611 661 (D)
 South Africa 356 -35 -1
 Other 1,255 696 (D)

Middle East 8,200 1,705 (D)
 Israel 4,107 1,677 (D)
 Kuwait 1,238 (D) 0
 Lebanon 1 (*) 0
 Saudi Arabia (D) -2 0
 United Arab Emirates 24 -11 0
 Other (D) (D) 0

Asia and Pacific 218,583 64,075 1,472
 Australia 28,083 3,788 145
 Hong Kong 1,709 560 (*)
 Japan 176,906 59,980 1,359
 Korea, Republic of 4,212 512 (D)
 Malaysia 335 7 -2
 New Zealand 814 2 8
 Philippines 25 -11 0
 Singapore 1,801 -2,048 (D)
 Taiwan 3,227 1,158 (*)
 Other 1,470 127 3

Addenda:
 European Union (15)1 941,679 318,409 11,655
 OPEC 2 9,007 223 3

 Manufacturing

 Of which:

 Primary
 Chemi- and Machin-
 cals fabricated ery
 metals

 All countries 147,952 18,897 49,541

Canada 5,066 2,395 585

Europe 133,339 13,633 29,636
 Austria (D) (D) 121
 Belgium 2,907 (D) 113
 Denmark 216 0 399
 Finland 743 (D) (D)
 France 18,482 611 5,934
 Germany 24,389 4,068 5,528
 Ireland -61 (D) 3
 Italy 215 (*) 157
 Liechtenstein (*) (D) (*)
 Luxembourg (D) 190 (D)
 Netherlands 24,641 680 6,047
 Norway (D) (D) (D)
 Spain (D) (D) 2
 Sweden (D) 987 1,043
 Switzerland 29,954 (D) 2,486
 United Kingdom 25,416 2,354 2,604
 Other (D) (D) (D)

Latin America and Other Western
 Hemisphere 1,741 -169 (D)
 South and Central America 263 -342 200
 Brazil -72 32 -47
 Mexico 129 71 351
 Panama (D) (D) (D)
 Venezuela 9 -1 -13
 Other (D) (D) (D)
 Other Western Hemisphere 1,478 173 (D)
 Bahamas 1 (D) (*)
 Bermuda 13 (D) (D)
 Netherlands Antilles (D) -7 4
 United Kingdom Islands-
 Caribbean (D) (D) 237
 Other (D) (*) (D)

Africa (D) (D) -6
 South Africa -6 0 -6
 Other (D) (D) 0

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

Asia and Pacific 6,529 3,010 3,632
 Australia -293 393 159
 Hong Kong -55 -1 -9
 Japan 6,072 2,389 3,519
 Korea, Republic of 13 140 3
 Malaysia -4 (D) -4
 New Zealand 3 0 1
 Philippines -3 0 -1
 Singapore -104 1 -3
 Taiwan 912 1 -7
 Other -11 (D) -26

Addenda:
 European Union (15)1 99,493 11,174 25,811
 OPEC 2 -2 -1 -17

 Manufacturing

 Of which:

 Electrical
 Compu- equipment, Trans-
 ters and appliances, portation
 electronic and equipment
 products components

 All countries 41,883 13,593 70,022

Canada 5,743 29 3,744

Europe 24,184 10,726 41,423
 Austria (D) -1 35
 Belgium 30 5 (D)
 Denmark 687 -1 4
 Finland 45 7 (*)
 France 3,514 3,533 1,950
 Germany 766 478 19,661
 Ireland -1 (*) (*)
 Italy 112 (D) 57
 Liechtenstein 1 5 (D)
 Luxembourg (D) (D) (D)
 Netherlands 7,404 746 6,393
 Norway 1 1 (D)
 Spain -19 (*) 99
 Sweden 127 (D) 3,215
 Switzerland 480 575 717
 United Kingdom 8,747 561 8,763
 Other 1,512 (D) 377

Latin America and Other Western
 Hemisphere -1,189 (D) 81
 South and Central America -231 1 -44
 Brazil -85 (*) 49
 Mexico -98 11 -85
 Panama (D) (*) (*)
 Venezuela -2 -1 0
 Other (D) -9 -7
 Other Western Hemisphere -957 (D) 125
 Bahamas (*) 0 0
 Bermuda (D) (D) 0
 Netherlands Antilles -6 1 -3
 United Kingdom Islands-
 Caribbean (D) 0 127
 Other (*) (D) 0

Africa 4 -1 (D)
 South Africa 7 -1 (D)
 Other -2 (*) -4

Middle East 267 (D) (D)
 Israel 272 (*) (*)
 Kuwait (*) 2 (D)
 Lebanon 0 0 0
 Saudi Arabia 2 (D) 0
 United Arab Emirates -7 0 (*)
 Other 0 (*) 0

Asia and Pacific 12,874 464 24,755
 Australia -16 (D) -65
 Hong Kong 375 14 -2
 Japan 13,784 463 24,741
 Korea, Republic of (D) -4 (D)
 Malaysia (D) (D) (D)
 New Zealand -8 -1 -2
 Philippines (D) (*) 6
 Singapore -1,685 (D) 9
 Taiwan 218 21 -13
 Other (D) 19 26

Addenda:
 European Union (15)1 23,696 10,149 40,680
 OPEC 2 -7 -4 (D)

 Whole-
 sale Retail Informa-
 trade trade tion

 All countries 201,101 26,122 117,190

Canada 3,159 4,027 5,368

Europe 114,590 17,549 93,509
 Austria 472 (D) 1
 Belgium 1,767 (D) (D)
 Denmark 601 (D) 2
 Finland 1,392 (D) (D)
 France 13,512 598 26,670
 Germany 14,612 1,507 21,405
 Ireland (D) (D) 410
 Italy 1,174 1,755 (D)
 Liechtenstein 159 0 0
 Luxembourg 1,688 (D) 6,486
 Netherlands 7,265 6,257 5,097
 Norway 674 (*) (D)
 Spain (D) 53 -57
 Sweden 6,917 6 61
 Switzerland 4,918 261 (D)
 United Kingdom 57,497 2,336 11,726
 Other 700 (D) 7,273

Latin America and Other Western
 Hemisphere 7,213 1,628 4,556
 South and Central America 5,571 (D) 121
 Brazil 672 (D) 15
 Mexico 218 (D) 104
 Panama -4 3 -5
 Venezuela (D) 0 -4
 Other (D) (D) 11
 Other Western Hemisphere 1,642 (D) 4,435
 Bahamas 555 (D) 1
 Bermuda -1,104 0 4,118
 Netherlands Antilles (D) (D) (D)
 United Kingdom Islands-
 Caribbean 1,601 632 338
 Other (D) (D) (D)

Africa -147 (D) (D)
 South Africa (D) 0 (D)
 Other (D) (D) (D)

Middle East 2,918 (D) (D)
 Israel 205 8 227
 Kuwait (*) 0 0
 Lebanon 0 0 0
 Saudi Arabia (D) 0 13
 United Arab Emirates (D) (D) (*)
 Other (D) 0 (D)

Asia and Pacific 73,369 2,870 13,482
 Australia 431 -3 (D)
 Hong Kong 247 -8 (D)
 Japan 68,192 2,632 1,748
 Korea, Republic of 2,684 (D) (D)
 Malaysia -15 (D) 4
 New Zealand 228 (D) 9
 Philippines 9 0 -2
 Singapore 491 (D) 38
 Taiwan 802 25 35
 Other 300 3 (D)

Addenda:
 European Union (15)1 108,792 17,288 75,041
 OPEC 2 6,385 (D) 11

 Finance
 Deposi- (except Real
 tory depository estate
 institu- institu- and rental
 tions tions) and and
 insurance leasing

 All countries 123,304 206,533 47,577

Canada 13,157 39,336 4,716

Europe 93,755 127,592 23,859
 Austria (D) (*) 38
 Belgium (D) 522 (D)
 Denmark (D) -4 (D)
 Finland (D) 3 (D)
 France 13,474 31,130 376
 Germany 18,034 19,750 5,314
 Ireland (D) (D) (D)
 Italy 1,309 (D) 85
 Liechtenstein 0 3 (D)
 Luxembourg 0 (D) (D)
 Netherlands 6,668 39,455 4,623
 Norway (D) 2 28
 Spain 2,400 500 11
 Sweden (D) 248 (D)
 Switzerland (D) 16,914 (D)
 United Kingdom (D) 15,362 5,673
 Other 766 544 978

Latin America and Other Western
 Hemisphere 3,377 19,496 6,174
 South and Central America 2,737 10,150 655
 Brazil 495 (D) (D)
 Mexico 661 (D) (D)
 Panama 75 (D) 464
 Venezuela 913 (*) -25
 Other 594 (D) (D)
 Other Western Hemisphere 640 9,346 5,519
 Bahamas (D) 8 274
 Bermuda (D) -1,177 611
 Netherlands Antilles 164 (D) 860
 United Kingdom Islands-
 Caribbean 122 5,365 3,668
 Other (D) (D) 106

Africa (D) (D) 271
 South Africa 0 (D) (*)
 Other (D) (D) 271

Middle East (D) (D) 1,176
 Israel 1,545 3 10
 Kuwait (D) (D) (D)
 Lebanon 0 0 (*)
 Saudi Arabia (D) 2 58
 United Arab Emirates (D) 1 10
 Other (D) 0 (D)

Asia and Pacific 11,327 20,016 11,380
 Australia (D) 4,875 2,972
 Hong Kong 283 (D) 86
 Japan 7,718 13,548 7,341
 Korea, Republic of 247 141 57
 Malaysia (D) (D) 1
 New Zealand 0 0 (D)
 Philippines 10 (D) (D)
 Singapore 262 (D) 752
 Taiwan 869 40 45
 Other 383 17 (D)

Addenda:
 European Union (15)1 93,673 110,578 21,791
 OPEC 2 1,116 5 (D)

 Profes-
 sional,
 scientific Other
 and industries
 technical
 services

 All countries 38,778 246,290

Canada 2,116 32,733

Europe 35,060 170,025
 Austria 206 -2
 Belgium (D) 1,542
 Denmark 44 1,305
 Finland (D) 127
 France 4,319 9,846
 Germany 127 22,874
 Ireland (D) 9,968
 Italy 114 1,687
 Liechtenstein (*) 20
 Luxembourg (D) (D)
 Netherlands 3,114 13,380
 Norway 414 -146
 Spain (D) (D)
 Sweden 325 3,589
 Switzerland 539 (D)
 United Kingdom 18,330 (D)
 Other (D) 6,278

Latin America and Other Western
 Hemisphere -385 22,332
 South and Central America (D) 5,154
 Brazil -13 36
 Mexico (D) 4,682
 Panama 15 (D)
 Venezuela (*) (D)
 Other -4 -43
 Other Western Hemisphere (D) 17,178
 Bahamas 1 -266
 Bermuda (D) 4,980
 Netherlands Antilles (D) 1,938
 United Kingdom Islands-
 Caribbean 202 10,285
 Other -10 241

Africa (*) 602
 South Africa -2 -1
 Other 2 603

Middle East 75 446
 Israel 75 357
 Kuwait 0 98
 Lebanon 0 (*)
 Saudi Arabia (*) 3
 United Arab Emirates 0 2
 Other (*) -15

Asia and Pacific 1,913 20,152
 Australia 301 3,445
 Hong Kong -7 (D)
 Japan 1,214 14,533
 Korea, Republic of 54 4
 Malaysia 3 236
 New Zealand -1 469
 Philippines -7 1
 Singapore 8 (D)
 Taiwan 38 215
 Other 310 149

Addenda:
 European Union (15)1 33,149 162,958
 OPEC 2 -1 100

* Less than $500,000 (+/-).

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

(1.) The European Union (25) comprises the European Union (15) whose
member countries are listed in footnote 1 of table 2.1 and the 10
countries--Cyprus, the Czech Republic, Estonia, Hungary, Latvia,
Lithuania, Malta, Poland, Slovakia, and Slovenia-that joined the Union
in May 2004.

(2.) OPEC is the Organization of Petroleum Exporting Countries. Its
members are Algeria, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria,
Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela.

NOTE. Estimates for 2004 are preliminary.

Chart 2. USDIA Position by Host Country in 2004

Other (34.6%)
United Kingdom (14.7%)
Canada (10.5%)
Netherlands (9.8%)
Switzerland (4.9%)
Bermuda (4.4%)
Japan (3.9%)
Germany (3.9%)
Luxembourg (3.6%)
Ireland (3.5%)
Mexico (3.2%)
United Kingdom Islands, Caribbean (3.1%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.

Chart 4. FDIUS Position by Country of Foreign
Parent in 2004

Other (16.7%)
United Kingdom (16.5%)
Japan (11.6%)
Netherlands (11.0%)
Germany (10.7%)
France (9.7%)
Canada (8.8%)
Switzerland (8.1%)
Luxembourg (7.1%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.