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  • 标题:Direct investment positions for 2003: country and industry detail.
  • 作者:Borga, Maria ; Yorgason, Daniel R.
  • 期刊名称:Survey of Current Business
  • 印刷版ISSN:0039-6222
  • 出版年度:2004
  • 期号:July
  • 语种:English
  • 出版社:U.S. Government Printing Office
  • 关键词:Foreign direct investment;Foreign investments;United States economic conditions

Direct investment positions for 2003: country and industry detail.


Borga, Maria ; Yorgason, Daniel R.


IN 2003, the historical-cost position of U.S. direct investment abroad (USDIA) grew 12 percent, up from a 10-percent increase in 2002. The historical-cost position of foreign direct investment in the United States (FDIUS) increased 3 percent after the slight decrease of 0.3 percent in 2002 (table A and chart 1).

[GRAPHIC OMITTED]

The 12-percent increase in the USDIA position in 2003 was slightly less than the average annual rate of growth in the position of 13 percent in 1994-2002. In 2003, the increase in the position resulted more from the reinvestment of earnings and currency-translation adjustments than from new equity or debt funding by U.S. parent companies (see the box "Key Terms"). Reinvested earnings increased because of the strong foreign-currency earnings of foreign affiliates, the depreciation of the U.S. dollar (which tends to raise the dollar value of the earnings), and an increased share of earnings that were reinvested. The earnings performance of foreign affiliates was consistent with the strengthening of corporate earnings worldwide in 2003. The distribution of the earnings of foreign affiliates--and their reinvestment--across areas and countries was largely consistent with the distribution of the 2002 USDIA position. By industry, the growth in reinvested earnings was particularly strong in wholesale trade, "finance (except depository institutions) and insurance," and mining. The increase in the USDIA position was also attributable to net equity capital outflows, which were virtually unchanged from 2002; these flows were largely accounted for by capital contributions to existing foreign affiliates.

Although the FDIUS position in 2003 turned up, the 3-percent increase was relatively weak by historical standards; for example, from 1994 to 2002, the FDIUS position grew at an average annual rate of 14 percent. Most of the increase in 2003 was attributable to equity capital inflows, but positive valuation adjustments and reinvested earnings also contributed. The slow growth in the position reflected the continued weakness in merger and acquisition activity after the strong activity in 1998-2001, but some industries still attracted foreign investors in 2003. Foreign banks and other financial firms continued to seek access to the large U.S. banking and financial services markets, and foreign firms continued to invest in utilities, reflecting the regulatory reforms in the utilities industries that have continued to attract foreign investors. The earnings of U.S. affiliates increased in 2003, and this increase reflected a general increase in U.S. corporate profits and a more robust U.S. economy. The reinvestment of a portion of these earnings contributed to the increase in the position, but the share of earnings that were reinvested was quite low. (1) The growth in the position was dampened by intercompany debt outflows, as U.S. affiliates reduced their debt with their foreign parent groups for the second consecutive year; much of this debt had been incurred in earlier years to fund the acquisitions of businesses in the United States.

In this article, the details about the changes in the USDIA position by type of capital flow and by host country are discussed, and then, the changes in the FDIUS position by type of capital flow and by country of the foreign parent are discussed.

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 $1,788.9 billion at yearend 2003 (table A and chart 1). As in previous years, the position was largest in the United Kingdom--at $272.6 billion, or 15 percent of the total position (table 1.2 and chart 2). The position was also substantial in Canada, at $192.4 billion (11 percent), and in the Netherlands, at $178.9 billion (10 percent).

The USDIA position increased $187.5 billion in 2003, or 12 percent, the largest dollar increase since the $215.3 billion increase in 1999 (table B). Capital outflows were $151.9 billion, or 32 percent higher than in 2002. By account, reinvested earnings, at $119.2 billion, accounted for most--78 percent--of the outflows. Equity capital outflows accounted for 16 percent, and intercompany debt accounted for 5 percent. Valuation adjustments accounted for the rest of the increase in the position; these adjustments were a positive $35.6 billion, almost all of which were due to currency-translation adjustments.

The reinvested earnings, at $119.2 billion, increased 59 percent. Earnings increased more than 25 percent, to $159.6 billion, and the share of earnings that was reinvested jumped to 75 percent. The strong earnings reflected solid gains in corporate earnings worldwide. The continued depreciation of the U.S. dollar contributed to the increase in dollar-denominated earnings by increasing the dollar value of foreign-currency-denominated revenues and expenses, which tends to boost the dollar value of the earnings of foreign affiliates. The rise in the reinvestment share may reflect expectations of increasing demand that began in the last part of 2003. Reinvested earnings were highest in Europe, primarily reflecting the large existing position there. 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.

Equity capital outflows, at $24.6 billion, were virtually unchanged from those in 2002. Increases in equity capital fell $11.4 billion, to $45.3 billion, and decreases in equity capital also fell $11.4 billion, to $20.7 billion. Equity capital increases reflected capital contributions to existing foreign affiliates of $27.7 billion (or 61 percent of total increases), and equity flows for the direct acquisition or establishment of new foreign affiliates of $17.6 billion (or 39 percent of the total). The equity capital increases were concentrated in Europe, particularly in the United Kingdom, where these increases were more than twice those of any other country. In the United Kingdom, the increases were largest in "finance (except depository institutions) and insurance," but they were also substantial in several other industries. The next largest equity capital increases were in Latin America and Other Western Hemisphere, in Asia and Pacific, and in Canada; in these areas, the increases were relatively widespread over industries and countries. Decreases in equity capital were largest in Europe, Latin America and Other Western Hemisphere, and Canada. (2)

Net outflows of intercompany debt were $8.1 billion in 2003, down from $15.8 billion in 2002. The net outflows were more than accounted for by the outflows of intercompany debt to affiliates in Europe, at $19.1 billion. Much of the lending to European affiliates was to affiliates in the United Kingdom, mainly to holding company affiliates.

Valuation adjustments were $35.6 billion, accounting for 19 percent of the change in the direct investment position. Most of the adjustment was due to currency-translation adjustments that resulted from the depreciation of the U.S. dollar against the euro, the Canadian dollar, the British pound, and several other currencies. (3)

Changes by area and by country

In 2003, the USDIA position grew in all the major geographic areas. In Africa and in the Middle East, the position grew 16 percent. The position grew 14 percent in Europe, 13 percent in Canada, 10 percent in Asia and Pacific, and 7 percent in Latin America and Other Western Hemisphere. The changes in position are shown by area and by country (for countries with changes of more than $3 billion) in table C.

The increases in the USDIA positions in Africa and in the Middle East were widespread among the countries in these areas. Some of these countries--such as Equatorial Guinea, Algeria, and Qatar--are not normally noted as the recipients of large sums of direct investment from the United States. In both areas, the increases were mainly attributable to the reinvestment of earnings in mining (especially in oil and gas extraction).

In Europe, the increase in the USDIA position was mainly due to increases in the United Kingdom, Switzerland, the Netherlands, and Germany. In the United Kingdom, Switzerland, and the Netherlands, much of the increase in position was accounted for by affiliates in holding companies, through intercompany debt flows in the United Kingdom and through reinvested earnings in Switzerland and the Netherlands. (Holding companies derive most of their earnings from affiliates in other industries and, often, affiliates in other countries; see the box "Holding Companies in the Data on U.S. Direct Investment Abroad.") In the United Kingdom, the increase in the position was also attributable to net intercompany debt flows to affiliates in "finance (except depository institutions) and insurance," and in Germany, it was mainly attributable to reinvested earnings and currency-translation adjustments of affiliates in wholesale trade.

In Canada, the reinvested earnings and currency-translation adjustments for affiliates in "finance (except depository institutions) and insurance" and petroleum refining were substantial. The reinvested earnings in mining were also substantial.

In Asia and Pacific, the USDIA positions in Japan, Australia, and Singapore all increased strongly. In Japan, the position was boosted by the reinvested earnings of affiliates in "finance (except depository institutions) and insurance" and in professional, scientific, and technical services. In Australia, acquisitions in beverages contributed to the increase. In Singapore, reinvested earnings of holding companies were largely responsible for the increase.

In Latin America and Other Western Hemisphere, the largest increases in the USDIA position were in Mexico, the United Kingdom Islands (Caribbean), and Bermuda. In Mexico, most of the increase was accounted for by the reinvested earnings of affiliates in "finance (except depository institutions) and insurance" and by equity capital outflows for acquisitions of depository institutions. In the United Kingdom Islands (Caribbean), the position was lifted by the reinvested earnings of holding companies; in Bermuda it was lifted by the reinvested earnings of affiliates in "finance (except depository institutions) and insurance."

Foreign Direct Investment in the United States

The FDIUS position valued at historical cost--the book value of foreign direct investors' equity in, and net outstanding loans to, their U.S. affiliates--was $1,378.0 billion at the end of 2003 (table A and chart 1). The largest FDIUS position remained that of the United Kingdom--at $230.4 billion, or 17 percent of the total position. After the United Kingdom, the positions of several other countries are grouped closely together; consequently, relatively small changes in the values of the positions of these countries affected their rankings as sources of direct investment in the United States. The positions of Japan--at $159.3 billion (12 percent)--and of Germany--at $148.8 billion (11 percent)--moved up to second and third largest, respectively, while the positions of the Netherlandshat $146.1 billion (11 percent)--and of France--at $143.3 billion (10 percent)--fell to fourth and fifth largest, respectively (table 2.2 and chart 3).

In 2003, the FDIUS position increased $38.0 billion, or 3 percent, after a slight decrease in 2002. The position decreased in 2002 when a number of affiliates restructured their finances and wrote down the value of some of their investments in the wake of the mergers and acquisition boom of 1998-2001.4 Capital inflows decreased in 2003, falling to $29.8 billion from $62.9 billion in 2002 (table D). In 2003, equity capital inflows and reinvested earnings were partly offset by outflows of intercompany debt.

Equity capital inflows were $62.2 billion, down from $88.4 billion. Equity capital inflows have decreased each year since they reached the record level of $259.6 billion in 2000. Equity capital increases of $74.1 billion were partly offset by equity capital decreases of $11.9 billion. (5) Equity capital increases were down 31 percent, partly reflecting persistent weakness in worldwide merger and acquisition activity. In addition, equity capital increases in 2002 were boosted by a number of transactions in which debt owed to foreign parents was converted into equity capital; (6) these transactions were not significant in 2003. The largest acquisitions in 2003 were in "finance (except depository institutions) and insurance" depository institutions, utilities (in "other industries"), and transportation (in "other industries"). (7) In addition to these capital flows to acquire new businesses, there were also several large equity capital contributions from foreign parents to their existing U.S. affiliates.

Reinvested earnings were $1.9 billion in 2003, compared with -$4.4 billion in 2002. The shift to positive reinvested earnings occurred despite payments of exceptionally large dividends by some U.S. affiliates. Earnings of U.S. affiliates rose strongly, to $40.2 billion in 2003 from $15.3 billion in 2002. The rise in earnings was fueled by the strengthening U.S. economy in 2003.

The inflows for equity capital and reinvested earnings were partly offset by intercompany debt outflows of $34.4 billion, an increase of $13.2 billion, from outflows of $21.2 billion in 2002. In 2003, U.S. affiliates continued to repay loans to their foreign parents that had been used to fund the acquisitions of new businesses in 1998-2001.

The capital inflows were augmented by positive valuation adjustments to the FDIUS position of $8.2 billion, a shift from -$66.8 billion in 2002. In 2003, translation adjustments accounted for $1.3 billion of the total valuation adjustments, reflecting the dollar's depreciation against most major currencies in 2003.

Changes by area and by country

In 2003, the largest increases in the FDIUS position were of affiliates with parents in Europe, in Asia and Pacific, and in Canada (table E). In Europe, affiliates with parents in the United Kingdom, Germany, and Luxembourg accounted for the largest dollar increases in the position, and affiliates with parents in the Netherlands and Switzerland accounted for the largest dollar decreases. The changes in position for Switzerland and Luxembourg were related to debt restructuring in foreign multinational companies. As part of the restructuring, intercompany debt obligations were shifted among the parents' foreign affiliates located in different countries. These shifts had no effect on the overall FDIUS position, but they resulted in offsetting changes in the positions of the countries involved. Excluding Europe, affiliates with parents in Canada and Japan accounted for the largest dollar increases in the position.

The increase in the position of the United Kingdom was mainly due to new acquisitions in depository institutions and "finance (except depository institutions) and insurance." The increase in the position of Germany was more than accounted for by an increase in "other industries" that was due to acquisitions in utilities and in transportation. The position of the Netherlands fell largely as a result of debt repayment by affiliates in manufacturing. The increase in Canada was centered in depository institutions, in utilities, and in printing; increases in utilities and printing were mainly due to new acquisitions. In Japan, the largest increases were in computers and electronics products manufacturing and in transportation equipment manufacturing; the increase in transportation equipment manufacturing was largely the result of reinvested earnings.

Tables 1.1-2.2 follow.
Chart 2. USDIA Position by Host Country in 2003

Spain 2.1%
Australia 2.3%
Hong Kong 2.5%
France 2.7%
United Kingdom Islands, Caribbean 3.0%
Ireland 3.1%
Singapore 3.2%
Mexico 3.4%
Luxembourg 3.7%
Japan 4.1%
Germany 4.5%
Bermuda 4.7%
Switzerland 4.8%
Netherlands 10.0%
Canada 10.8%
United Kingdom 15.2%
Other 19.7%

Note: Table made from pie chart.

Chart 3. FDIUS Position by Country of Foreign
Parent in 2003

United Kingdom (16.7%)
Other (16.5%)
Japan (11.6%)
Germany (10.8%)
Netherlands (10.6%)
France (10.4%)
Switzerland (8.2%)
Canada (7.6%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.

Table A. USDIA and FDIUS Positions on a Historical-Cost
Basis, 1982-2003

 Percent
 change from
 Billions of 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 (r) 1,460.4 1,344.0 11.0 6.9
2002 (r) 1,601.4 1,340.0 9.7 -0.3
2003 (p) 1,788.9 1,378.0 11.7 2.8

(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]

 2002 2003

Total 141.1 187.5
 Capital outflows 115.3 151.9
 Equity capital 24.6 24.6
 Increases 56.7 45.3
 Decreases 32.1 20.7
 Intercompany debt 15.8 8.1
 Reinvested earnings 75.0 119.2
 Valuation adjustments 25.7 35.6
 Currency translation 13.6 35.1
 Other 12.1 0.6

Table C. Change in the USDIA Position by Country
of Foreign Affiliate, 2003

[Billions of dollars]

All countries 187.5
 Canada 22.2
 Europe 114.5
 Of which:
 United Kingdom 33.4
 Switzerland 15.0
 Netherlands 14.7
 Germany 12.8
 Ireland 8.8
 Luxembourg 7.4
 Italy 5.5
 France 4.9
 Spain 4.5
 Latin America and Other Western Hemisphere 19.5
 Of which:
 Mexico 5.8
 United Kingdom Islands, Caribbean 4.7
 Bermuda 4.6
 Africa 2.7
 Middle East 2.3
 Asia and Pacific 26.4
 Of which:
 Japan 7.5
 Australia 6.6
 Singapore 5.1

Table D. Change in the FDIUS Position by Account

[Billions of dollars]

 2002 2003

Total -4.0 38.0
 Capital inflows 62.9 29.8
 Equity capital 88.4 62.2
 Increases 107.9 74.1
 Decreases 19.5 11.9
 Intercompanydebt -21.2 34.4
 Reinvested earnings -4.4 1.9
 Valuation adjustments 46.8 8.2
 Currency translation 0.9 1.3
 Other -67.7 6.9

Table E. Change in the FDIUS Position by Country of the
Foreign Parent, 2003

[Billions of dollars]

All countries 38.0
 Canada 8.8
 Europe 18.5
 Of which:
 United Kingdom 12.2
 Germany 9.2
 Luxembourg 6.6
 Switzerland -0.5
 Netherlands -7.6
 Latin America and Other Western Hemisphere 1.2
 Of which:
 Bermuda -2.2
 Panama 3.0
 Africa -0.1
 Middle East 0.5
 Asia and Pacific 9.1
 Of which:
 Japan 8.8

Table 1.1. U.S. Direct Investment Position Abroad on a Historical-Cost
Basis, 2002

[Millions of dollars]

 All
 industries Mining Utilities

 All countries 1,601,414 86,564 24,330
Canada 170,169 20,623 526
Europe 848,599 18,900 7,015
 Austria 4,514 2 0
 Belgium 24,868 5 0
 Czech Republic 1,400 (*) 65
 Denmark 6,132 20 0
 Finland 1,838 0 0
 France 42,999 41 (D)
 Germany 67,404 28 1
 Greece 1,017 3 0
 Hungary 2,512 (*) (D)
 Ireland 46,617 24 1
 Italy 24,886 10 60
 Luxembourg 59,496 0 (*)
 Netherlands 164,217 3,290 (D)
 Norway 6,307 3,243 (*)
 Poland 4,969 4 11
 Portugal 3,402 (*) 0
 Russia 666 184 0
 Spain 33,735 44 90
 Sweden 29,359 0 0
 Switzerland 71,454 10 0
 Turkey 1,880 17 64
 United Kingdom 239,219 8,524 4,140
 Other 9,708 3,451 (D)
Latin America and Other Western
 Hemisphere 284,561 13,315 9,231
 South America 67,133 7,797 7,464
 Argentina 11,247 407 991
 Brazil 27,615 903 2,253
 Chile 9,991 1,341 1,738
 Colombia 2,557 237 124
 Ecuador 1,179 742 (*)
 Peru 2,809 1,373 (D)
 Venezuela 10,330 2,444 2,091
 Other 1,406 349 (D)
 Central America 64,840 466 950
 Costa Rica 1,802 (*) 0
 Honduras 181 0 (*)
 Mexico 55,724 303 583
 Panama 5,844 153 (D)
 Other 1,290 10 (D)
 Other Western Hemisphere 152,587 5,053 817
 Barbados 1,571 4 (D)
 Bermuda 80,048 -8 76
 Dominican Republic 983 (*) (D)
 United Kingdom Islands
 Caribbean 49,806 1,854 37
 Other 20,180 3,203 (D)
Africa 16,290 10,130 300
 Egypt 2,859 2,818 0
 Nigeria 1,753 762 0
 South Africa 3,366 84 0
 Other 8,312 6,466 300
Middle East 14,671 3,903 13
 Israel 5,632 5 (D)
 Saudi Arabia 3,823 417 (D)
 United Arab Emirates 1,277 564 (D)
 Other 3,939 2,917 0
Asia and Pacific 267,125 19,692 7,244
 Australia 34,409 7,897 2,053
 China 10,499 1,334 (D)
 Hong Kong 41,571 (*) (D)
 India 3,283 56 713
 Indonesia 10,341 7,280 591
 Japan 65,939 (D) 0
 Korea, Republic of 12,178 1 0
 Malaysia 6,954 562 0
 New Zealand 4,004 266 (*)
 Philippines 4,642 370 187
 Singapore 52,449 -82 0
 Taiwan 10,153 (*) 0
 Thailand 7,608 1,060 32
 Other 3,094 (D) 52
Addenda:
 Eastern Europe (1) 18,195 3,642 545
 European Union (15) (2) 749,703 11,991 6,406
 OPEC (3) 33,641 16,612 2,689

 Manufacturing

 Of which:

 Primary
 and
 fabri-
 Chem- cated
 Total Food icals metals

 All countries 339,391 18,340 81,449 21,926
Canada 65,151 3,404 10,332 3,782
Europe 159,162 9,145 46,022 9,963
 Austria 1,404 1 71 52
 Belgium 7,664 366 4,499 -29
 Czech Republic 629 31 145 21
 Denmark 2,263 (D) 236 (D)
 Finland 845 4 370 82
 France 17,980 1,314 3,057 3,759
 Germany 18,093 781 2,388 1,339
 Greece 141 2 129 2
 Hungary 1,813 5 91 279
 Ireland 13,427 157 6,207 22
 Italy 15,035 804 2,854 114
 Luxembourg (D) 0 10 (D)
 Netherlands 18,727 880 11,200 1,847
 Norway 776 24 -15 31
 Poland 2,642 414 282 (D)
 Portugal 577 45 54 17
 Russia 12 238 (D) 0
 Spain 7,138 401 2,370 186
 Sweden (D) (D) 169 44
 Switzerland 5,375 160 2,269 151
 Turkey 675 (D) 12 (*)
 United Kingdom 39,117 2,805 9,543 966
 Other 1,228 (D) (D) (D)
Latin America and Other Western
 Hemisphere 42,296 3,055 11,353 4,354
 South America 17,942 1,891 5,712 1,148
 Argentina 1,886 739 980 52
 Brazil 10,389 322 3,386 1,063
 Chile 1,723 36 434 39
 Colombia 1,053 112 439 13
 Ecuador 104 65 4 -4
 Peru 183 49 89 -43
 Venezuela 2,431 504 311 27
 Other 172 65 70 (*)
 Central America 19,094 1,139 4,464 (D)
 Costa Rica (D) 97 129 28
 Honduras 167 29 (*) 0
 Mexico 17,609 929 4,108 (D)
 Panama (D) 21 (D) (*)
 Other 500 64 (D) -4
 Other Western Hemisphere 5,260 25 1,177 (D)
 Barbados (D) 20 8 5
 Bermuda (D) 1 (D) 0
 Dominican Republic 473 50 41 (D)
 United Kingdom Islands
 Caribbean 1,654 (D) 573 -44
 Other 3,017 (D) (D) (D)
Africa 1,172 158 400 68
 Egypt -326 2 -61 (D)
 Nigeria 51 (*) (D) 0
 South Africa 1,049 1 398 (D)
 Other 398 155 (D) 64
Middle East 4,169 80 380 42
 Israel 3,422 75 (D) -4
 Saudi Arabia 339 5 94 26
 United Arab Emirates 172 0 (D) 18
 Other 236 (*) (D) 2
Asia and Pacific 67,440 2,497 12,964 3,718
 Australia 8,334 947 1,597 2,545
 China 6,013 425 1,183 151
 Hong Kong 3565 25 195 175
 India 1,192 36 251 (D)
 Indonesia 536 17 361 27
 Japan 15008 190 4,731 328
 Korea, Republic of 6,379 466 1,027 90
 Malaysia 4,355 -11 195 15
 New Zealand 219 (D) 66 25
 Philippines 2,468 229 243 20
 Singapore 12634 (D) 651 (D)
 Taiwan 3,709 92 1,428 93
 Thailand 2,807 35 969 90
 Other 219 (D) 66 -2
Addenda:
 Eastern Europe (1) 6,183 861 557 1,218
 European Union (15) (2) 146,012 7,961 43,161 8,562
 OPEC (3) 3,747 526 1,042 98

 Manufacturing

 Of which:

 Elec-
 trical
 equip-
 ment,
 Compu- appli-
 ters and ances, Trans-
 elec- and portat-
 Machi- tronic compo- ion eq-
 nery products nents uipment

 All countries 18,612 53,601 9,030 44,820
Canada 2,498 5,020 1,257 18,077
Europe 10,043 21,654 5,476 16,077
 Austria 128 685 9 289
 Belgium 109 34 494 509
 Czech Republic 38 -44 13 235
 Denmark (D) (D) (*) 10
 Finland 82 169 8 136
 France 589 1,630 819 1,136
 Germany 1,377 2,317 685 5,299
 Greece 0 9 0 0
 Hungary 1 -79 (D) 434
 Ireland 23 3,241 (D) (D)
 Italy 1,186 6,672 383 981
 Luxembourg 7 0 6 0
 Netherlands 711 1,124 (D) 701
 Norway 412 -6 (*) -32
 Poland 13 14 11 128
 Portugal (D) (D) 2 (D)
 Russia 18 20 11 (D)
 Spain 71 367 511 1,322
 Sweden 307 344 -217 -645
 Switzerland 326 449 (D) (D)
 Turkey (*) (*) -6 271
 United Kingdom 4,433 3,319 827 4,602
 Other 2 16 18 47
Latin America and Other Western
 Hemisphere 2,543 (D) 952 5,977
 South America 1,478 693 100 1,900
 Argentina 121 37 -52 -236
 Brazil 1,236 652 95 1,408
 Chile 30 2 16 (D)
 Colombia 0 (*) 12 (D)
 Ecuador 0 0 0 (D)
 Peru (*) 0 (*) -1
 Venezuela 86 1 28 476
 Other 6 0 0 (D)
 Central America 1,054 -1,589 844 4,089
 Costa Rica 1 (D) (D) 0
 Honduras 0 0 3 (D)
 Mexico 1,053 -1,631 (D) 4,035
 Panama 0 0 0 (D)
 Other 0 (D) (*) 0
 Other Western Hemisphere 11 (D) 7 -13
 Barbados 10 (*) 5 -13
 Bermuda (D) 1 0 0
 Dominican Republic 0 0 0 0
 United Kingdom Islands
 Caribbean (*) (D) 0 (*)
 Other (D) (*) 3 0
Africa 215 (D) 83 388
 Egypt 99 0 5 (D)
 Nigeria 0 0 0 3
 South Africa 114 4 72 333
 Other 2 (D) 6 (D)
Middle East 185 2,999 -3 -13
 Israel 91 2,993 -15 -15
 Saudi Arabia (D) 3 12 (D)
 United Arab Emirates 62 0 0 (D)
 Other (D) 0 0 0
Asia and Pacific 3,128 24,127 1,266 4,316
 Australia 408 345 14 1,131
 China 225 1,733 561 804
 Hong Kong 49 1,603 137 42
 India 381 284 -27 -81
 Indonesia -2 15 10 (D)
 Japan 740 2,830 288 316
 Korea, Republic of 435 1,991 61 821
 Malaysia 86 3,683 (*) 7
 New Zealand 11 28 (*) 10
 Philippines 21 1,015 1 (D)
 Singapore 491 8,587 198 882
 Taiwan 185 1,367 10 (D)
 Thailand 95 638 13 -57
 Other 3 7 0 (D)
Addenda:
 Eastern Europe (1) 70 -72 (D) 789
 European Union (15) (2) 9,234 21,284 4,196 14,751
 OPEC (3) 171 19 51 501

 Finance
 (except
 deposi-
 tory
 Deposi- instit-
 Whole- tory utions)
 sale Infor- instit- and in-
 trade mation utions surance

 All countries 124,686 39,812 56,595 264,680
Canada 11,872 1,941 2,209 28,918
Europe 75,620 24,673 34,315 101,124
 Austria 1,226 -93 (D) 29
 Belgium 2,235 202 546 7,417
 Czech Republic 16 (D) (D) 168
 Denmark 966 241 0 (D)
 Finland 644 9 0 178
 France 2,893 -339 2,738 3,030
 Germany 17,534 3,094 747 10,278
 Greece (D) 36 (D) (D)
 Hungary 228 27 183 37
 Ireland 2,680 10,362 145 7,520
 Italy 2,416 1,458 329 1,634
 Luxembourg 2,089 1 (D) 677
 Netherlands 18,279 3,050 25 9,913
 Norway 445 76 19 (D)
 Poland 75 278 1,470 215
 Portugal 447 303 3 733
 Russia 16 (D) 339 -90
 Spain (D) 693 1,506 3,495
 Sweden 1,068 263 (D) 3,478
 Switzerland 9,695 -2,413 6,273 3,130
 Turkey 518 5 366 36
 United Kingdom 9,216 7,017 17,692 46,755
 Other 289 188 (D) (D)
Latin America and Other Western
 Hemisphere 11,591 5,736 7,637 74,014
 South America 3,204 3,588 3,644 7,753
 Argentina 543 291 617 775
 Brazil 1,466 379 1,365 4,325
 Chile 523 491 985 1,960
 Colombia 133 (D) (D) 182
 Ecuador 7 (D) (D) (D)
 Peru 92 (D) (D) 119
 Venezuela 210 (D) (D) 260
 Other 231 109 237 (D)
 Central America 3,723 1,420 14,605 6,431
 Costa Rica (D) 21 0 13
 Honduras 28 (*) (D) 6
 Mexico 2,190 1,310 14,545 5,562
 Panama 232 (D) (D) 824
 Other (D) (D) (D) 25
 Other Western Hemisphere 4,665 728 -10,612 59,831
 Barbados 399 (D) (D) 647
 Bermuda 1,895 288 0 41,538
 Dominican Republic 163 52 (D) -3
 United Kingdom Islands
 Caribbean 290 318 (D) 15,437
 Other 1,918 (D) (D) 2,211
Africa 685 925 512 618
 Egypt 25 6 (D) (D)
 Nigeria 86 0 (D) 0
 South Africa 258 1,011 (D) 40
 Other 315 -92 219 (D)
Middle East -148 1,704 720 827
 Israel -6 (D) (D) (D)
 Saudi Arabia 172 (D) 576 -62
 United Arab Emirates -328 4 (D) (D)
 Other 13 6 34 (D)
Asia and Pacific 25,066 4,833 11,202 59,180
 Australia 2,794 441 1,690 3,592
 China 794 108 319 (D)
 Hong Kong 7,883 795 2,041 14,960
 India 252 -156 564 257
 Indonesia -26 -125 531 157
 Japan 6,368 2,197 628 30,054
 Korea, Republic of 820 54 2,017 1,064
 Malaysia 511 177 (D) 241
 New Zealand (D) 282 (D) 600
 Philippines 206 -160 (D) 850
 Singapore (D) 1,087 843 2441
 Taiwan 1,024 41 859 4,185
 Thailand 306 82 520 830
 Other (D) 11 230 (D)
Addenda:
 Eastern Europe (1) 486 650 2,393 1,045
 European Union (15) (2) 64,339 26,297 25,256 96,077
 OPEC (3) 118 1,993 1,469 951

 Profes-
 sional,
 scientific,
 and
 technical Other
 services industries

 All countries 34,907 630,450
Canada 1,665 37,263
Europe 18,885 408,905
 Austria 104 (D)
 Belgium 1,810 4,989
 Czech Republic 51 151
 Denmark 182 (D)
 Finland 143 19
 France 1,247 (D)
 Germany 1,726 15,902
 Greece 23 293
 Hungary 60 (D)
 Ireland 1,459 11,000
 Italy 559 3,383
 Luxembourg 148 53,256
 Netherlands 1,273 (D)
 Norway 187 (D)
 Poland 65 209
 Portugal 34 1,306
 Russia 19 (D)
 Spain 221 (D)
 Sweden 172 (D)
 Switzerland 498 48,886
 Turkey 42 157
 United Kingdom 8,700 98,058
 Other 164 2,882
Latin America and Other Western
 Hemisphere 1,646 119,094
 South America 676 15,067
 Argentina 48 5,690
 Brazil 432 6,103
 Chile 28 1,202
 Colombia 37 57
 Ecuador -2 131
 Peru 45 503
 Venezuela 81 1,302
 Other 6 79
 Central America 463 17,689
 Costa Rica 21 10
 Honduras 0 (D)
 Mexico 466 13,156
 Panama -24 4,298
 Other 1 (D)
 Other Western Hemisphere 507 86,338
 Barbados 5 229
 Bermuda (D) 36,122
 Dominican Republic 1 18
 United Kingdom Islands
 Caribbean 526 (D)
 Other (D) (D)
Africa 92 1,855
 Egypt 3 164
 Nigeria -1 (D)
 South Africa 70 (D)
 Other 20 (D)
Middle East 1,014 2,470
 Israel 826 216
 Saudi Arabia 133 (D)
 United Arab Emirates 42 97
 Other 13 (D)
Asia and Pacific 11,605 60,863
 Australia 950 6,660
 China (D) (D)
 Hong Kong 962 (D)
 India 231 173
 Indonesia 70 1326
 Japan (D) (D)
 Korea, Republic of 525 1,318
 Malaysia 209 (D)
 New Zealand -15 (D)
 Philippines -11 (D)
 Singapore 523 (D)
 Taiwan 117 219
 Thailand (D) (D)
 Other 26 1,721
Addenda:
 Eastern Europe (1) 216 3,036
 European Union (15) (2) 17,801 355,525
 OPEC (3) 339 5,724

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

D Suppressed to avoid disclosure of data of individual companies.

(1.) "Eastern Europe comprises Albania, Armenia, Azerbaijan, Belarus,
Bulgaria, Czech Republic, Estonia, Georgia Hungary, Kazakhstan,
Kyrgyzstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia,
Slovakia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

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

(3.) 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 2002 are revised.

Table 1.2. U.S. Direct Investment Position Abroad on a Historical-Cost
Basis, 2002

[Millions of dollars]

 All
 industries Mining Utilities

 All countries 1,788,911 98,669 26,907
Canada 192,409 24,326 954
Europe 963,007 20,801 8,455
 Austria 5,139 1 0
 Belgium 25,804 7 0
 Czech Republic 1,790 (*) 55
 Denmark 7,329 (D) 0
 Finland 2,271 0 0
 France 47,914 52 78
 Germany 80,163 74 14
 Greece 1,106 2 0
 Hungary 2,843 (*) 0
 Ireland 55,463 (D) 1
 Italy 30,417 -23 38
 Luxembourg 66,919 0 (*)
 Netherlands 178,933 3,536 278
 Norway 8,325 5,071 (*)
 Poland 5,453 4 16
 Portugal 3,480 (*) 0
 Russia 1,176 406 0
 Spain 38,215 -2 88
 Sweden 28,905 0 0
 Switzerland 86,435 10 0
 Turkey 1,989 17 89
 United Kingdom 272,640 8,208 7,401
 Other 10,378 3,173 397
Latin America and Other Western
 Hemisphere 304,023 15,738 9,081
 South America 69,942 8,278 7,428
 Argentina 11,026 390 (D)
 Brazil 29,915 1,216 2,441
 Chile 9,986 1,447 (D)
 Colombia 2,751 238 124
 Ecuador 1,446 887 (*)
 Peru 2,659 1,142 147
 Venezuela 10,859 2,678 2,208
 Other 1,299 279 94
 Central America 71,507 634 1,087
 Costa Rica 1,831 (*) 0
 Honduras 270 0 (*)
 Mexico 61,526 417 677
 Panama 6,497 207 (D)
 Other 1,382 10 (D)
 Other Western Hemisphere 162,574 6,826 566
 Barbados 1,766 4 (D)
 Bermuda 84,609 140 93
 Dominican Republic 860 (*) 128
 United Kingdom Islands
 Caribbean 54,507 3,206 -227
 Other 20,832 3,476 (D)
Africa 18,960 11,802 295
 Egypt 3,018 3,087 0
 Nigeria 2,082 610 0
 South Africa 3,902 72 0
 Other 9,958 8,033 295
Middle East 16,942 4,669 138
 Israel 6,208 5 (D)
 Saudi Arabia 4,217 (D) 2
 United Arab Emirates 1,430 (D) 24
 Other 5,087 3,425 (D)
Asia and Pacific 293,490 21,332 7,984
 Australia 40,985 8,167 2,533
 China 11,877 1,242 565
 Hong Kong 44,323 (*) 3,171
 India 3,609 21 767
 Indonesia 10,387 8,250 728
 Japan 73,435 16 0
 Korea, Republic of 13,318 1 0
 Malaysia 7,580 733 0
 New Zealand 3,849 270 (*)
 Philippines 4,700 329 187
 Singapore 57,589 -107 2
 Taiwan 10,961 (*) 0
 Thailand 7,393 1,214 (*)
 Other 3,484 1,197 31
Addenda:
 Eastern Europe (1) 20,524 3,586 468
 European Union (15) (2) 844,698 12,119 7,899
 OPEC (3) 36,549 18,874 3,043

 Manufacturing

 Of which:

 Primary
 and
 fabri-
 Chem- cated
 Total Food icals metals

 All countries 378,033 22,717 90,341 22,970
Canada 74,878 4,253 13,089 4,134
Europe 177,951 11,321 51,932 10,455
 Austria 1,949 (D) 83 60
 Belgium 8,230 411 4,748 -18
 Czech Republic 856 32 203 16
 Denmark 2,163 273 208 (D)
 Finland 901 4 4,362 41
 France 19,942 1,545 4,429 3,610
 Germany 18,985 1,173 2,599 1,622
 Greece 172 -4 164 (*)
 Hungary 2,024 18 98 329
 Ireland 15,002 193 6,089 33
 Italy 18,159 1,081 3,374 197
 Luxembourg 2,796 0 31 (D)
 Netherlands 21,060 1,298 11,733 1,987
 Norway 1,013 25 10 30
 Poland 2,888 386 323 128
 Portugal 653 47 72 18
 Russia 119 236 106 0
 Spain 8,707 541 3,117 158
 Sweden 1,024 (D) 254 40
 Switzerland 8,721 210 2,966 (D)
 Turkey 550 158 -131 (*)
 United Kingdom 40,548 3,029 11,027 857
 Other 1,488 203 67 (D)
Latin America and Other Western
 Hemisphere 46,775 3,806 10,982 5,002
 South America 18,160 1,896 5,424 1,396
 Argentina 1,593 685 903 -5
 Brazil 10,326 357 3,049 1,386
 Chile 1,922 55 483 42
 Colombia 1,129 74 461 13
 Ecuador 72 66 1 -3
 Peru 208 67 98 -58
 Venezuela 2,698 489 357 21
 Other 211 103 73 (*)
 Central America 21,735 1,889 4,352 (D)
 Costa Rica 728 97 134 31
 Honduras 206 20 (*) 0
 Mexico 20,089 1,671 4,007 (D)
 Panama 128 26 120 (*)
 Other 585 74 91 -7
 Other Western Hemisphere 6,881 21 1,206 (D)
 Barbados 71 21 8 6
 Bermuda 648 1 (D) 0
 Dominican Republic 431 37 33 (D)
 United Kingdom Islands
 Caribbean 2,093 (D) (D) -37
 Other 3,639 (D) (D) (D)
Africa 1,266 209 402 55
 Egypt -446 2 -113 7
 Nigeria 65 (*) (D) 0
 South Africa 1,230 21 448 -21
 Other 418 185 (D) 69
Middle East 4,537 90 479 46
 Israel 3,647 84 27 -9
 Saudi Arabia 372 6 97 29
 United Arab Emirates (D) 0 (D) 24
 Other (D) (*) (D) 2
Asia and Pacific 72,625 3,038 13,457 3,257
 Australia 10,841 1,159 1,994 2,075
 China 6,791 531 1,430 124
 Hong Kong 4,045 22 206 217
 India 1,247 37 279 (D)
 Indonesia 470 37 265 31
 Japan 14,422 197 4,134 245
 Korea, Republic of 6,842 552 1,231 118
 Malaysia 4,706 -11 254 (D)
 New Zealand 368 (D) 78 27
 Philippines 2,144 259 197 21
 Singapore 13,394 12 808 22
 Taiwan 3,986 105 1,472 118
 Thailand 3,113 24 1,032 97
 Other 255 (D) 77 -3
Addenda:
 Eastern Europe (1) 7,211 873 757 1,492
 European Union (15) (2) 160,292 10,053 48,290 8,768
 OPEC (3) 4,101 532 1,088 105

 Manufacturing

 Of which:

 Elec-
 trical
 equip-
 ment,
 Compu- appli-
 ters and ances, Trans-
 elec- and portat-
 Machi- tronic compo- ion eq-
 nery products nents uipment

 All countries 21,380 57,596 9,657 45,372
Canada 3,066 5,253 1,499 17,883
Europe 11,256 24,071 5,690 16,806
 Austria 105 897 -17 329
 Belgium 107 40 530 490
 Czech Republic 90 -57 14 338
 Denmark (D) (D) (*) 9
 Finland 101 170 21 194
 France 188 1,897 861 1,345
 Germany 888 2,616 792 5,193
 Greece 0 -1 0 0
 Hungary 1 -72 (D) 516
 Ireland 24 3,992 409 (D)
 Italy 2,701 7,086 302 1,202
 Luxembourg 7 0 4 0
 Netherlands 747 1,206 297 1,284
 Norway 419 -20 (*) -24
 Poland 17 (D) 12 292
 Portugal (D) (D) 2 (D)
 Russia 12 23 12 59
 Spain 71 386 592 1,540
 Sweden 288 360 -214 -431
 Switzerland 479 586 (D) (D)
 Turkey (*) (*) -9 329
 United Kingdom 4,813 3,572 701 3,368
 Other 2 (D) 21 (D)
Latin America and Other Western
 Hemisphere 2,800 222 1,046 5,176
 South America 1,679 (D) 78 847
 Argentina 123 39 -66 -422
 Brazil 1,422 (D) 74 577
 Chile 32 2 16 (D)
 Colombia 0 (*) 13 (D)
 Ecuador 0 0 0 (D)
 Peru (*) 0 (*) -1
 Venezuela 98 1 40 436
 Other 5 0 0 17
 Central America 1,108 -1,699 960 4,342
 Costa Rica 1 10 107 0
 Honduras 0 0 3 (D)
 Mexico 1,107 -1,796 850 (D)
 Panama 0 0 0 -5
 Other 0 87 (*) 0
 Other Western Hemisphere 13 (D) 7 -13
 Barbados 11 (D) 5 -13
 Bermuda 1 1 0 0
 Dominican Republic 0 0 0 0
 United Kingdom Islands
 Caribbean (*) (D) 0 (*)
 Other 1 1 3 0
Africa 305 -119 85 394
 Egypt (D) 0 5 43
 Nigeria 0 0 0 4
 South Africa (D) 4 73 330
 Other 2 -123 7 17
Middle East 153 3,231 -6 -7
 Israel 52 3,228 -21 (D)
 Saudi Arabia 22 3 15 (D)
 United Arab Emirates 66 0 0 (*)
 Other 12 0 0 0
Asia and Pacific 3,801 24,938 1,342 5,121
 Australia 555 475 13 1,563
 China 298 1,496 670 1,242
 Hong Kong 55 1,760 136 51
 India 415 265 -17 -137
 Indonesia -6 6 13 (D)
 Japan 918 3,373 153 -1
 Korea, Republic of 364 1,996 78 847
 Malaysia 103 3,981 -1 -8
 New Zealand 14 40 (*) 10
 Philippines 23 799 2 (D)
 Singapore 672 8,489 271 1,203
 Taiwan 229 1,488 11 (D)
 Thailand 157 763 16 -49
 Other 3 7 0 (D)
Addenda:
 Eastern Europe (1) 19 2 (D) 1,196
 European Union (15) (2) 10,236 23,504 4,281 14,987
 OPEC (3) 185 11 68 479

 Finance
 (except
 deposi-
 tory
 Deposi- instit-
 Whole- tory utions)
 sale Infor- instit- and in-
 trade mation utions surance

 All countries 140,579 47,525 63,655 299,805
Canada 12,653 2,194 2,661 34,181
Europe 89,467 30,328 38,142 116,384
 Austria 821 -24 (D) 18
 Belgium 2,708 201 638 7,437
 Czech Republic 77 (D) (D) 223
 Denmark (D) (D) 0 (D)
 Finland 915 -2 0 (D)
 France 4,016 -146 2,908 3,798
 Germany 20,878 3,347 1,412 11,644
 Greece 501 44 -44 176
 Hungary 275 26 (D) 33
 Ireland 2,998 14,048 445 8,681
 Italy 2,593 1,884 239 1,831
 Luxembourg (D) (D) 575 79
 Netherlands 21,016 3,470 29 9,277
 Norway 317 65 29 (D)
 Poland 49 358 1,485 255
 Portugal 582 314 3 622
 Russia 35 172 423 -84
 Spain 2,849 74 1,665 3,249
 Sweden 1,079 166 (D) 384
 Switzerland 11,882 -2,711 7,103 3,264
 Turkey 565 6 496 44
 United Kingdom 9,901 7,675 18,596 62,359
 Other 325 (D) 186 (D)
Latin America and Other Western
 Hemisphere 12,120 5,963 9,086 81,722
 South America 3,205 3,430 3,991 8,381
 Argentina (D) 290 343 940
 Brazil 1,460 415 1,948 4,406
 Chile 426 81 1,049 2,228
 Colombia 161 584 (D) 245
 Ecuador (D) (D) (D) 12
 Peru 122 (D) (D) 124
 Venezuela 253 (D) (D) 337
 Other 224 124 196 89
 Central America 3,527 1,360 17,073 8,133
 Costa Rica 1,008 26 0 21
 Honduras 36 (*) (D) 7
 Mexico 2,030 1,230 16,867 7,193
 Panama 274 (D) 158 889
 Other 179 (D) (D) 22
 Other Western Hemisphere 5,388 1,173 -11,978 65,208
 Barbados 517 (D) 26 774
 Bermuda 2,417 362 0 45,222
 Dominican Republic 146 (D) (D) -5
 United Kingdom Islands
 Caribbean 336 628 -11,456 16,858
 Other 1,972 11 (D) 2,358
Africa 598 1,196 618 605
 Egypt 11 6 (D) 11
 Nigeria 66 0 (D) 0
 South Africa 205 1,346 (D) 34
 Other 317 -157 241 559
Middle East 8 1,535 846 1,015
 Israel 102 (D) -1 340
 Saudi Arabia 214 (D) 580 -61
 United Arab Emirates -320 11 (D) 605
 Other 12 7 (D) 130
Asia and Pacific 25,734 6,310 12,303 65,899
 Australia 2,664 334 2,284 5,028
 China 1,332 115 413 -49
 Hong Kong 8,201 849 1,983 14,951
 India 393 -199 691 341
 Indonesia (D) -189 406 (D)
 Japan 6,544 3,179 609 34,215
 Korea, Republic of 827 98 2,021 1,583
 Malaysia 425 254 (D) 246
 New Zealand 483 194 (D) 696
 Philippines 265 41 (D) 914
 Singapore (D) 1,462 843 2,912
 Taiwan 1,264 73 942 4,275
 Thailand (D) 86 588 (D)
 Other -79 11 241 -8
Addenda:
 Eastern Europe (1) 642 759 2,676 1,383
 European Union (15) (2) 75,942 32,195 27,830 110,842
 OPEC (3) 207 1,901 1,348 995

 Profes-
 sional,
 scientific,
 and
 technical Other
 services industries

 All countries 40,599 693,138
Canada 2,035 38,528
Europe 21,051 460,508
 Austria 133 (D)
 Belgium 1,434 5,151
 Czech Republic 98 138
 Denmark (D) (D)
 Finland 199 (D)
 France 1,277 15,988
 Germany 2,027 21,783
 Greece 24 230
 Hungary 63 (D)
 Ireland 1,655 (D)
 Italy 734 4,963
 Luxembourg (D) 60,093
 Netherlands 1,408 118,857
 Norway 198 (D)
 Poland 78 320
 Portugal 48 1,259
 Russia 16 88
 Spain 274 20,511
 Sweden 183 (D)
 Switzerland 534 57,631
 Turkey 53 169
 United Kingdom 9,794 108,158
 Other 191 3,234
Latin America and Other Western
 Hemisphere 1,555 121,983
 South America 724 16,345
 Argentina 47 6,424
 Brazil 615 7,086
 Chile 68 (D)
 Colombia 28 (D)
 Ecuador -2 144
 Peru 42 495
 Venezuela -88 1,176
 Other 15 68
 Central America 443 17,515
 Costa Rica 20 29
 Honduras 2 (D)
 Mexico 442 12,581
 Panama -20 4,638
 Other 1 (D)
 Other Western Hemisphere 389 88,123
 Barbados -3 134
 Bermuda 20 35,708
 Dominican Republic 1 22
 United Kingdom Islands
 Caribbean 465 42,604
 Other -95 9,655
Africa 121 2,458
 Egypt 3 (D)
 Nigeria (D) 1,258
 South Africa 55 (D)
 Other (D) (D)
Middle East 1,092 3,102
 Israel 944 (D)
 Saudi Arabia 123 (D)
 United Arab Emirates 36 (D)
 Other -10 (D)
Asia and Pacific 14,744 66,559
 Australia 1,730 7,404
 China 93 1,375
 Hong Kong 1,122 10,001
 India 346 1
 Indonesia 90 541
 Japan 9,101 5,349
 Korea, Republic of 559 1,386
 Malaysia (D) (D)
 New Zealand 44 (D)
 Philippines -9 (D)
 Singapore (D) (D)
 Taiwan 109 313
 Thailand (D) 515
 Other 6 1,831
Addenda:
 Eastern Europe (1) 278 3,521
 European Union (15) (2) 19,820 397,759
 OPEC (3) 190 5,889

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

D Suppressed to avoid disclosure of data of individual companies.

(1.) "Eastern Europe comprises Albania, Armenia, Azerbaijan, Belarus,
Bulgaria, Czech Republic, Estonia, Georgia Hungary, Kazakhstan,
Kyrgyzstan, Latvia, Lithuania, Moldova, Poland, Romania, Russia,
Slovakia, Tajikistan, Turkmenistan, Ukraine, and Uzbekistan.

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


(3.) 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 2002 are preliminary.

Table 2.1. Foreign Direct Investment Position in the United States on a
Historical-Cost Basis, 2002

[Millions of dollars]

 Manufacturing

 Of
 which:

 All
 industries Total Food

 All countries 1,340,011 468,471 19,785
Canada 96,437 25,560 1,014
Europe 982,062 381,468 16,735
 Austria 4,030 2,285 4
 Belgium 10,096 3,150 (D)
 Denmark 2,433 2,192 (D)
 Finland 6,320 4,475 -2
 France 141,400 56,255 2,500
 Germany 139,620 54,169 84
 Ireland 26,339 2,605 88
 Italy 6,807 1,410 (D)
 Liechtenstein 263 37 -1
 Luxembourg 97,822 13,698 342
 Netherlands 153,679 65,406 5,327
 Norway 3,424 2,207 3
 Spain 4,475 1,481 17
 Sweden 21,006 8,297 0
 Switzerland 119,338 82,422 5,589
 United Kingdom 218,175 71,854 1,871
 Other 26,836 9,525 220
Latin America and Other Western
 Hemisphere 68,366 10,613 616
 South and Central America 18,198 -1,241 1,110
 Brazil 997 -135 -18
 Mexico 7,483 1,030 1,073
 Panama 5,394 -2,727 (D)
 Venezuela 4,277 149 (*)
 Other 48 441 (D)
 Other Western Hemisphere 50,167 11,855 -493
 Bahamas 1,151 213 (D)
 Bermuda 8,088 2,991 (D)
 Netherlands Antilles 4,014 608 2
 United Kingdom Islands, Caribbean 28,260 3,792 -383
 Other 8,655 4,250 -5
Africa 2,298 663 (D)
 South Africa 493 -26 (*)
 Other 1,805 689 (D)
Middle East 7,456 1,345 (D)
 Israel 3,699 1,334 (D)
 Kuwait 986 2 0
 Lebanon 1 (*) 0
 Saudi Arabia (D) -15 0
 United Arab Emirates 51 23 0
 Other (D) 1 0
Asia and Pacific 183,392 48,821 1,295
 Australia 23,136 2,666 -13
 Hong Kong 1,879 449 0
 Japan 150,499 44,603 1,322
 Korea, Republic of 2,760 710 (D)
 Malaysia 291 -98 (*)
 New Zealand 544 24 (D)
 Philippines 44 14 0
 Singapore 650 -649 -39
 Taiwan 2,569 996 (*)
 Other 1,020 106 -17
Addenda:
 European Union (15) (1) 832,614 287,602 10,925
 OPEC (2) 7,897 151 (*)

 Manufacturing

 Of which:

 Primary
 and
 Chem- fabricated Machi-
 icals metals nery

 All countries 121,641 19,245 41,424
Canada 3,535 4,216 493
Europe 110,912 14,375 33,681
 Austria (D) 228 104
 Belgium (D) 325 99
 Denmark (D) -1 304
 Finland 631 (D) 763
 France 22,586 950 (D)
 Germany 19,141 3,839 6,600
 Ireland 140 (D) 101
 Italy 308 12 103
 Liechtenstein (*) 6 (*)
 Luxembourg (D) 193 (D)
 Netherlands 25,045 402 6,480
 Norway 1,048 1,024 (D)
 Spain 255 (D) -2
 Sweden (D) 863 1,093
 Switzerland 25,059 1,156 2,889
 United Kingdom 10,905 3,677 3,247
 Other (D) (D) 7
Latin America and Other Western
 Hemisphere -71 -740 4,199
 South and Central America -1,357 -862 -146
 Brazil -99 -7 -29
 Mexico -124 199 -29
 Panama (D) (D) -59
 Venezuela -1 -1 -15
 Other (D) (D) -15
 Other Western Hemisphere 1,286 122 4,346
 Bahamas 1 (D) (*)
 Bermuda 69 24 1
 Netherlands Antilles 486 -7 4
 United Kingdom Islands, Caribbean 735 (D) 196
 Other -4 1 4,145
Africa (D) 13 (D)
 South Africa -10 0 -1
 Other (D) 13 (D)
Middle East (D) 1 (D)
 Israel (D) 0 (D)
 Kuwait (*) 0 0
 Lebanon 0 0 0
 Saudi Arabia (*) 0 (*)
 United Arab Emirates -1 0 29
 Other 0 1 0
Asia and Pacific 6,284 1,380 2,933
 Australia 121 (D) 250
 Hong Kong -41 -5 -7
 Japan 5,368 915 2,698
 Korea, Republic of 46 151 -5
 Malaysia (*) 2 -3
 New Zealand 3 0 (*)
 Philippines -1 1 (*)
 Singapore -88 -3 3
 Taiwan 806 1 (D)
 Other 70 (D) (D)
Addenda:
 European Union (15) (1) 83,942 11,891 30,763
 OPEC (2) -3 -1 15

 Manufacturing

 Of which:

 Elec-
 trical
 equip-
 ment,
 Compu- appli-
 ters and ances, Trans-
 elec- and portation
 tronic compo- equip-
 products nents ment

 All countries 43,111 46,080 62,607
Canada 5,080 1,526 2,202
Europe 29,825 41,307 39,932
 Austria (D) -2 31
 Belgium 8 17 (D)
 Denmark 437 0 -1
 Finland (D) 9 3
 France 4,463 3,219 2,054
 Germany 934 (D) 16,968
 Ireland -120 (D) (*)
 Italy 46 (D) 40
 Liechtenstein -1 5 (D)
 Luxembourg 2,175 -6 574
 Netherlands 5,873 867 8,323
 Norway (D) 1 5
 Spain 3 2 100
 Sweden 139 (D) (D)
 Switzerland 428 (D) (D)
 United Kingdom 11,818 354 7,366
 Other 2,454 (D) (D)
Latin America and Other Western
 Hemisphere 2,116 2,562 -287
 South and Central America -69 -23 -414
 Brazil -37 -9 20
 Mexico -12 7 -437
 Panama -2 (*) 1
 Venezuela -2 -7 (*)
 Other -17 -13 2
 Other Western Hemisphere 2,185 2,585 127
 Bahamas (*) (D) 0
 Bermuda (D) 2,470 0
 Netherlands Antilles -6 1 -3
 United Kingdom Islands, Caribbean (D) 1 130
 Other (D) (D) 0
Africa 2 -4 -13
 South Africa 2 (*) (D)
 Other (*) -4 (D)
Middle East 715 -16 -1
 Israel 716 (*) (*)
 Kuwait (*) 2 0
 Lebanon 0 0 0
 Saudi Arabia 2 -17 0
 United Arab Emirates -3 0 (*)
 Other 0 -1 0
Asia and Pacific 5,374 705 20,774
 Australia -3 (D) -47
 Hong Kong 206 -8 -3
 Japan 5,324 740 20,804
 Korea, Republic of 412 -5 10
 Malaysia -131 (D) 0
 New Zealand -4 (*) -2
 Philippines (D) 3 1
 Singapore -599 (D) -3
 Taiwan 159 26 5
 Other (D) -15 8
Addenda:
 European Union (15) (1) 26,969 7,364 38,924
 OPEC (2) -3 -24 -1

 Whole-
 sale Retail Infor-
 trade trade mation

 All countries 195,876 21,974 117,646
Canada 3,875 906 6,983
Europe 117,603 16,913 97,044
 Austria 211 (D) -2
 Belgium 1,239 (D) (D)
 Denmark (D) 11 (*)
 Finland (D) (D) 319
 France 15,357 682 25,118
 Germany 8,223 754 22,622
 Ireland 3,468 (D) 364
 Italy 890 1,381 24
 Liechtenstein 125 0 0
 Luxembourg 666 (D) 5,759
 Netherlands 6,009 (D) 7,837
 Norway 428 (*) (D)
 Spain 160 (D) (D)
 Sweden 3,719 (D) 94
 Switzerland 4,163 302 9,826
 United Kingdom 70,485 1,539 15,905
 Other 815 (D) 8,494
Latin America and Other Western
 Hemisphere 8,526 1,126 1,477
 South and Central America 5,254 (D) (D)
 Brazil 343 9 20
 Mexico 1,299 (D) (D)
 Panama 10 4 -7
 Venezuela (D) 0 -1
 Other (D) (D) (D)
 Other Western Hemisphere 3,272 (D) (D)
 Bahamas 640 (D) 1
 Bermuda 89 (D) 1,233
 Netherlands Antilles 303 (D) (D)
 United Kingdom Islands, Caribbean 1,920 220 169
 Other 319 (D) (D)
Africa 357 (D) (D)
 South Africa (D) 0 (D)
 Other (D) (D) 7
Middle East 2,762 (D) (D)
 Israel 156 4 340
 Kuwait (*) 0 0
 Lebanon 0 0 0
 Saudi Arabia (D) 0 6
 United Arab Emirates 0 (D) 0
 Other (D) 0 (D)
Asia and Pacific 62,752 2,986 11,664
 Australia 1,209 -4 (D)
 Hong Kong 436 -2 202
 Japan 58,548 (D) (D)
 Korea, Republic of 1,464 40 10
 Malaysia 22 (D) 4
 New Zealand (D) (D) 8
 Philippines -7 0 (*)
 Singapore 147 (D) 39
 Taiwan 587 23 34
 Other (D) 2 9
Addenda:
 European Union (15) (1) 112,074 16,615 78,563
 OPEC (2) (D) (D) 8

 Finance
 (except
 deposi- Real
 tory estate
 Deposi- instit- and
 tory utions) rental
 instit- and and
 utions insurance leasing

 All countries 76,800 168,957 43,515
Canada 5,230 29,194 2,674
Europe 55,329 112,140 21,855
 Austria (D) (D) 37
 Belgium (D) 647 298
 Denmark (D) -4 (D)
 Finland (D) 4 (D)
 France 9,198 26,340 294
 Germany 19,878 15,809 5,714
 Ireland (D) 3,439 354
 Italy 851 1,040 89
 Liechtenstein 0 3 78
 Luxembourg 0 144 149
 Netherlands (D) 36,336 5,344
 Norway (D) 36 31
 Spain 1,246 448 17
 Sweden 120 (D) (D)
 Switzerland (D) 14,554 579
 United Kingdom 9,287 11,060 4,161
 Other 422 811 1,478
Latin America and Other Western
 Hemisphere 2,785 15,018 4,640
 South and Central America 2,212 7,769 491
 Brazil 410 (D) (D)
 Mexico 383 725 47
 Panama 71 (D) 291
 Venezuela 674 2 -24
 Other 675 (D) (D)
 Other Western Hemisphere 573 7,248 4,149
 Bahamas (D) 8 241
 Bermuda (D) (D) -72
 Netherlands Antilles 158 21 1,032
 United Kingdom Islands, Caribbean 109 3,156 2,849
 Other -1 (D) 98
Africa (D) (D) 225
 South Africa 0 (D) (*)
 Other (D) (D) 226
Middle East (D) (D) 979
 Israel 1,427 (D) 10
 Kuwait (D) 1 (D)
 Lebanon 0 0 (*)
 Saudi Arabia (D) 2 56
 United Arab Emirates (D) 1 6
 Other -61 0 (D)
Asia and Pacific 11,941 12,321 13,143
 Australia (D) 1,540 3,289
 Hong Kong 283 28 170
 Japan 8,262 10,641 8,778
 Korea, Republic of 327 95 45
 Malaysia (D) 0 (*)
 New Zealand 0 0 (D)
 Philippines 17 (D) 7
 Singapore 216 -1 697
 Taiwan 669 (D) 38
 Other (D) 15 (D)
Addenda:
 European Union (15) (1) 54,190 96,737 19,999
 OPEC (2) 862 8 953

 Profes-
 sional,
 scientific,
 and
 technical Other
 services industries

 All countries 27,619 219,154
Canada 1,266 20,751
Europe 24,308 155,401
 Austria (D) -2
 Belgium -33 1,861
 Denmark 14 -498
 Finland (D) (D)
 France 5,490 2,666
 Germany 410 12,040
 Ireland (-D) (D)
 Italy 4 1,119
 Liechtenstein (*) 20
 Luxembourg (D) 77,020
 Netherlands 2,970 11,339
 Norway 573 -52
 Spain (D) (D)
 Sweden 407 (D)
 Switzerland 528 (D)
 United Kingdom 12,006 21,878
 Other (D) 4,326
Latin America and Other Western
 Hemisphere 231 23,949
 South and Central America 318 2,758
 Brazil -8 -71
 Mexico (D) 3,119
 Panama 16 (D)
 Venezuela -1 (D)
 Other (D) -661
 Other Western Hemisphere -87 21,191
 Bahamas 1 -268
 Bermuda -312 3,863
 Netherlands Antilles -12 1,549
 United Kingdom Islands, Caribbean 233 15,811
 Other 3 236
Africa (D) 662
 South Africa (D) (*)
 Other 2 663
Middle East (D) 381
 Israel (D) 334
 Kuwait 0 80
 Lebanon 0 (*)
 Saudi Arabia (*) 6
 United Arab Emirates (*) -15
 Other 0 -24
Asia and Pacific 1,755 18,009
 Australia 133 2,717
 Hong Kong -1 315
 Japan 1,377 14,078
 Korea, Republic of 53 17
 Malaysia 2 264
 New Zealand -1 (D)
 Philippines -1 (D)
 Singapore 6 (D)
 Taiwan 38 (D)
 Other 149 93
Addenda:
 European Union (15) (1) 22,237 144,598
 OPEC (2) -6 53

(*) 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 2002 are revised.

Table 2.2. Foreign Direct Investment Position in the United States on a
Historical-Cost Basis, 2002

[Millions of dollars]

 Manufacturing

 Of
 which:

 All
 industries Total Food

 All countries 1,378,001 475,475 19,074
Canada 105,255 29,046 1,081
Europe 1,000,532 376,603 15,781
 Austria 4,104 2,317 2
 Belgium 10678 3,391 (D)
 Denmark 2,860 2,420 234
 Finland 5,700 3,926 1
 France 143,341 54,978 2,385
 Germany 148,774 52,514 128
 Ireland 26,793 2,711 865
 Italy 6,695 1,047 350
 Liechtenstein 277 30 -1
 Luxembourg 104,452 23,940 351
 Netherlands 146,117 63,608 4,381
 Norway 3,218 2,135 2
 Spain 5,520 1,696 (D)
 Sweden 19,823 8,092 0
 Switzerland 112,856 72,274 5,349
 United Kingdom 230,374 70,795 1,531
 Other 28,948 10,730 (D)
Latin America and Other Western
 Hemisphere 69,557 8,302 887
 South and Central America 20,636 -924 788
 Brazil 663 -159 (D)
 Mexico 6,680 442 (D)
 Panama 8,383 (D) (D)
 Venezuela 4,884 180 -3
 Other 26 (D) -29
 Other Western Hemisphere 48,921 9,226 99
 Bahamas 1,120 (D) (D)
 Bermuda 5,914 2,735 (D)
 Netherlands Antilles 4,048 680 2
 United Kingdom Islands, Caribbean 28,949 1,928 29
 Other 8,890 (D) -1
Africa 2,187 653 (D)
 South Africa 376 -37 (*)
 Other 1,811 690 (D)
Middle East 7,931 1,518 (D)
 Israel 3,834 1,540 (D)
 Kuwait 1,155 2 0
 Lebanon 1 (*) 0
 Saudi Arabia (D) -18 0
 United Arab Emirates 39 -7 0
 Other (D) -1 0
Asia and Pacific 192,539 59,353 1,199
 Australia 24,652 3,665 (D)
 Hong Kong 1,981 619 (*)
 Japan 159,258 54,293 1,277
 Korea, Republic of 2,337 724 (D)
 Malaysia 208 -111 (*)
 New Zealand 607 -1 6
 Philippines 33 -6 0
 Singapore -162 -856 5
 Taiwan 2,708 980 (*)
 Other 917 45 -29
Addenda:
 European Union (15) (1) 855,669 291,796 10,290
 OPEC (2) 8,828 151 -3

 Manufacturing

 Of which:

 Primary
 and
 Chem- fabricated Machi-
 icals metals nery

 All countries 123,242 19,434 37,701
Canada 3,894 4,510 561
Europe 110,953 14,269 30,249
 Austria (D) 242 96
 Belgium 2,316 (D) 138
 Denmark (D) -1 325
 Finland 715 (D) 1,019
 France 22,960 889 (D)
 Germany 18,865 3,763 2,604
 Ireland -105 (D) 76
 Italy 301 69 104
 Liechtenstein (*) -3 (*)
 Luxembourg 7 (D) 3,145
 Netherlands 23,659 316 6,013
 Norway 1,153 951 (D)
 Spain 278 (D) -5
 Sweden (D) 788 890
 Switzerland 26,240 1,317 2,550
 United Kingdom 13,137 3,540 3,590
 Other (D) (D) (D)
Latin America and Other Western
 Hemisphere 985 -528 3,590
 South and Central America -408 -745 -161
 Brazil -68 7 -72
 Mexico -108 218 -43
 Panama (D) (D) 2
 Venezuela 2 2 -15
 Other (D) (D) -33
 Other Western Hemisphere 1,392 217 3,752
 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 -6 0 -3
 Other (D) -5 (D)
Middle East (D) 1 (D)
 Israel (D) 0 (D)
 Kuwait (*) 0 0
 Lebanon 0 0 0
 Saudi Arabia 0 0 (*)
 United Arab Emirates -1 0 -2
 Other 0 1 0
Asia and Pacific 6,416 1,187 3,069
 Australia 120 (D) 169
 Hong Kong -26 (*) -14
 Japan 5,607 808 2,943
 Korea, Republic of 25 102 2
 Malaysia 1 -1 -4
 New Zealand 3 (*) -2
 Philippines -2 (*) -1
 Singapore -106 -1 -4
 Taiwan 816 1 (D)
 Other -22 (D) (D)
Addenda:
 European Union (15) (1) 83,076 11,716 27,008
 OPEC (2) 1 2 -18

 Manufacturing

 Of which:

 Elec-
 trical
 equip-
 ment,
 Compu- appli-
 ters and ances, Trans-
 elec- and portation
 tronic compo- equip-
 products nents ment

 All countries 45,854 42,311 63,653
Canada 5,694 73 2,443
Europe 28,910 39,335 37,267
 Austria (D) (*) 39
 Belgium 10 8 -51
 Denmark 311 0 3
 Finland (D) 7 7
 France 3,616 3,005 1,593
 Germany 836 2,319 17,751
 Ireland (D) (D) (*)
 Italy 56 (D) 62
 Liechtenstein (*) 5 (D)
 Luxembourg (D) (D) 1,020
 Netherlands 8,564 (D) (D)
 Norway (*) (*) -2
 Spain (*) 1 (D)
 Sweden 128 (D) (D)
 Switzerland 625 (D) (D)
 United Kingdom 12,110 395 7,837
 Other (D) (D) 139
Latin America and Other Western
 Hemisphere -754 2,555 -305
 South and Central America -276 30 -484
 Brazil -96 -5 34
 Mexico -125 58 -517
 Panama -18 (*) 1
 Venezuela -1 -7 -1
 Other -36 -16 -2
 Other Western Hemisphere -478 2,525 179
 Bahamas (*) (D) 0
 Bermuda -116 2,397 0
 Netherlands Antilles -6 1 -3
 United Kingdom Islands, Caribbean (D) 1 182
 Other (D) (D) 0
Africa 6 -4 -33
 South Africa 6 -1 (D)
 Other (*) -3 (D)
Middle East 378 -18 (*)
 Israel 381 -1 (*)
 Kuwait (*) 2 0
 Lebanon 0 0 0
 Saudi Arabia 2 -20 0
 United Arab Emirates -5 (*) 0
 Other 0 0 0
Asia and Pacific 11,620 370 24,281
 Australia -5 -96 -18
 Hong Kong 364 -4 -3
 Japan 11,575 425 24,218
 Korea, Republic of 475 -8 29
 Malaysia -122 -2 1
 New Zealand -7 -1 -1
 Philippines (D) 4 7
 Singapore -807 -9 26
 Taiwan 151 28 -6
 Other (D) 34 29
Addenda:
 European Union (15) (1) 26,097 7,230 36,276
 OPEC (2) -5 -27 -1

 Whole-
 sale Retail Infor-
 trade trade mation

 All countries 182,176 24,171 120,122
Canada 2,640 1,447 5,160
Europe 106,670 17,950 97,928
 Austria 255 (D) -2
 Belgium 1,619 (D) (D)
 Denmark (D) (D) -1
 Finland (D) (D) 312
 France 12,156 380 26,159
 Germany 12,589 544 21,427
 Ireland 3,186 (D) (D)
 Italy 1,043 1,189 (D)
 Liechtenstein 147 0 0
 Luxembourg 1,373 (D) 4,012
 Netherlands 7,882 (D) 7,426
 Norway 440 (*) (D)
 Spain 187 (D) (D)
 Sweden 5,295 (D) 76
 Switzerland 4,013 292 11,715
 United Kingdom 55,723 2,257 16,909
 Other 743 (D) (D)
Latin America and Other Western
 Hemisphere 9,669 1,719 3,443
 South and Central America 6,163 (D) 163
 Brazil 533 (D) 16
 Mexico 1,292 (D) 119
 Panama 12 3 -6
 Venezuela (D) 0 -3
 Other (D) (D) 37
 Other Western Hemisphere 3,506 (D) 3,281
 Bahamas 423 (D) 1
 Bermuda 25 418 1,230
 Netherlands Antilles 389 (D) (D)
 United Kingdom Islands, Caribbean 2,302 340 (D)
 Other 368 (D) (D)
Africa 448 (D) (D)
 South Africa (D) 0 (D)
 Other (D) (D) (D)
Middle East 2,889 (D) (D)
 Israel 127 4 (D)
 Kuwait (D) 0 0
 Lebanon 0 0 0
 Saudi Arabia (D) 0 6
 United Arab Emirates (*) (D) 0
 Other (D) 0 (D)
Asia and Pacific 59,860 3,011 13,222
 Australia 515 -4 (D)
 Hong Kong 498 -5 (D)
 Japan 56,625 (D) (D)
 Korea, Republic of 1,186 43 10
 Malaysia -16 (D) 4
 New Zealand (D) (D) 9
 Philippines 11 0 -2
 Singapore -92 (D) (D)
 Taiwan 657 24 34
 Other (D) 2 10
Addenda:
 European Union (15) (1) 101,308 17,615 76,783
 OPEC (2) (D) (D) 6

 Finance
 (except
 deposi- Real
 tory estate
 Deposi- instit- and
 tory utions) rental
 instit- and and
 utions insurance leasing

 All countries 87,537 185,655 46,999
Canada 10,535 25,623 4,560
Europe 61,141 132,400 20,774
 Austria (D) 1 38
 Belgium (D) 586 317
 Denmark (D) -4 (D)
 Finland (D) 2 (D)
 France 11,373 26,796 400
 Germany 18,449 15,069 5,599
 Ireland (D) 2,900 601
 Italy 1,217 (D) 85
 Liechtenstein 0 3 77
 Luxembourg 0 (D) 152
 Netherlands (D) 34,264 4,562
 Norway (D) (D) 25
 Spain 2,270 456 (D)
 Sweden (D) 64 (D)
 Switzerland (D) 23,005 600
 United Kingdom 18,357 27,429 4,629
 Other 685 568 (D)
Latin America and Other Western
 Hemisphere 2,988 15,622 4,921
 South and Central America 2,396 8,866 595
 Brazil 443 72 (D)
 Mexico 572 402 47
 Panama 72 (D) 354
 Venezuela 741 2 -24
 Other 567 (D) (D)
 Other Western Hemisphere 592 6,756 4,327
 Bahamas (D) 8 (D)
 Bermuda (D) (D) (D)
 Netherlands Antilles 161 17 894
 United Kingdom Islands, Caribbean 115 3,448 3,265
 Other -1 (D) 98
Africa (D) (D) (D)
 South Africa 0 (D) -1
 Other (D) (D) (D)
Middle East (D) (D) (D)
 Israel 1,519 (D) 10
 Kuwait (D) (D) (D)
 Lebanon 0 0 (*)
 Saudi Arabia (D) 2 57
 United Arab Emirates (D) 1 8
 Other -52 0 (D)
Asia and Pacific 11,282 11,910 15,345
 Australia (D) 3,551 3,296
 Hong Kong 253 (D) 86
 Japan 8,187 8,191 11,012
 Korea, Republic of 161 95 53
 Malaysia (D) (D) 1
 New Zealand 0 0 (D)
 Philippines 14 8 7
 Singapore 242 -1 (D)
 Taiwan 695 34 40
 Other (D) 19 (D)
Addenda:
 European Union (15) (1) 60,418 108,810 18,678
 OPEC (2) 909 7 (D)

 Profes-
 sional,
 scientific,
 and
 technical Other
 services industries

 All countries 28,358 227,509
Canada 1,405 24,838
Europe 24,788 162,277
 Austria (D) -3
 Belgium 69 1,420
 Denmark (D) 1,257
 Finland (D) 119
 France 5,741 5,358
 Germany 433 22,149
 Ireland (D) 12,541
 Italy (D) 1,301
 Liechtenstein (*) 20
 Luxembourg (D) 74,489
 Netherlands 2,681 12,770
 Norway 464 -66
 Spain (D) (D)
 Sweden 339 3,679
 Switzerland 531 (D)
 United Kingdom 12,312 21,963
 Other (D) 4,555
Latin America and Other Western
 Hemisphere 753 22,138
 South and Central America (D) 2,237
 Brazil -8 -447
 Mexico (D) 2,697
 Panama 16 (D)
 Venezuela 1 (D)
 Other -1 -368
 Other Western Hemisphere (D) 19,901
 Bahamas 1 -173
 Bermuda -13 3,018
 Netherlands Antilles -8 1,614
 United Kingdom Islands, Caribbean (D) 15,181
 Other -3 261
Africa (D) 614
 South Africa (D) (*)
 Other 2 614
Middle East (D) 455
 Israel (D) 359
 Kuwait 0 (D)
 Lebanon 0 (*)
 Saudi Arabia (*) 5
 United Arab Emirates 0 4
 Other 0 (D)
Asia and Pacific 1,370 17,186
 Australia (D) 2,571
 Hong Kong -5 308
 Japan 1,136 13,250
 Korea, Republic of 53 12
 Malaysia 1 225
 New Zealand -1 311
 Philippines -1 1
 Singapore 5 174
 Taiwan 38 204
 Other (D) 129
Addenda:
 European Union (15) (1) 22,826 157,433
 OPEC (2) -2 108

(*) 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 2002 are revised.


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, Javier I. 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.

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, who was assisted by Paula D. Brown and Tracy K. Leigh.

(1.) The low share of earnings that were reinvested in 2003 reflected payments of dividends substantially in excess of current-year earnings on the part of some U.S. affiliates.

(2.) Decreases in equity capital result from liquidations and sales of affiliates or from returns of equity capital. Such transactions are reported as U.S. capital inflows.

(3.) The U.S. dollar weighted by the 2002 USDIA position was down 12 percent against host-country currencies from yearend 2002 to yearend 2003.

(4.) Some of the write-offs were the result of the new Financial Accounting Standard 142; this new rule requires companies to write down the value of goodwill (the amount paid for a company in excess of the fair market values of the recognized assets acquired and the liabilities assumed) and certain other intangible assets when their value has permanently declined rather than spreading the write-downs over many years. In 2002, U.S. affiliates that had purchased technology and communications companies in the late 1990s were particularly affected by this new rule because they were required to take charges for the reduction in the value of goodwill from these acquisitions. The charges resulting from this new rule were included in the large, negative "other" valuation adjustment in 2002.

(5.) Equity capital increases result from acquisitions of U.S. businesses by foreigners and contributions of equity to existing U.S. affiliates. Equity capital decreases reflect selloffs of affiliates by, and returns of capital to, foreign direct investors, which are reported as U.S. capital outflows.

(6.) For details, see Maria Borga, "Direct Investment Positions for 2002: Country and Industry Detail," SURVEY OF CURRENT BUSINESS 83 (July 2003): 28.

(7.) 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 $60.3 billion in 2003. See Thomas W. Anderson, "Foreign Direct Investment in the United States: New Investment in 2003," SURVEY 84 (June 2004): 59-66. These data cover only outlays for the acquisition or establishment of U.S. businesses by foreign direct investors, and they include financing other than that from the foreign parent, such as local borrowing by existing U.S. affiliates. In contrast, the changes in the FDIUS position reflect all transactions of both new and existing U.S. affiliates with their foreign parents or other members of their foreign parent groups and valuation adjustments, and they exclude financing not provided by 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 part of capital inflows for FDIUS, a component of the change in the position. Data from the new investments survey indicate that foreign parent groups funded 87 percent of outlays to acquire or establish new U.S. affiliates in 2003.

Key Terms

The key terms used in this article 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 (Washington, DC: U.S. Government Printing Office, June 2001) and U.S. Direct Investment Abroad: Final Results From the 1999 Benchmark Survey (Washington, DC: U.S. Government Printing Office, April 2004). These methodologies are also available on BEA's Website 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 also include the funds that U.S. direct investors pay to unaffiliated foreign parties when affiliates are acquired and the funds that U.S. investors receive from them when affiliates are sold. Similarly, FDIUS capital flows include the funds that foreign direct investors pay to unaffiliated U.S. residents when affiliates are acquired and the funds that foreign investors receive from them when affiliates are sold. FDIUS capital flows also include debt and equity transactions between U.S. affiliates and members of their foreign parent groups other than their foreign parents, described as follows.

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 payments by parents to 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 after-tax earnings of the 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."

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 precise 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, for changes in industry of affiliate or country of foreign parent, and for capital gains and losses (other than currency-translation adjustments). These capital gains and losses represent the revaluation of the assets of ongoing affiliates, such as the sale of assets (other than inventory) for an amount different from their book value. For individual industries, adjustments may be made to reflect changes in the industry of an affiliate. For USDIA, adjustments may be made for individual countries to reflect changes in the country of a foreign affiliate. Similarly, for FDIUS, adjustments may be made for individual countries to reflect changes in the country of the foreign parent.

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 2003" in this issue.
Alternative Direct Investment Position Estimates,
2002 and 2003

[Millions of dollars]

 Changes in 2003

 Position at
 yearend Capital Valuation
 Valuation method 2002 (r) Total flows adjustments

USDIA:
 Historical cost 1,601,414 187,497 151,884 35,613
 Current cost 1,839,995 229,018 173,799 55,219
 Market value 2,039,780 690,509 173,799 516,710
FDIUS:
 Historical cost 1,340,011 37,990 29,772 8,218
 Current cost 1,505,171 48,784 39,890 8,894
 Market value 2,025,345 410,194 39,890 370,304

 Position at
 yearend
 Valuation method 2003 (p)

USDIA:
 Historical cost 1,788,911
 Current cost 2,069,013
 Market value 2,730,289
FDIUS:
 Historical cost 1,378,001
 Current cost 1,553,955
 Market value 2,435,539

(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 2003, foreign affiliates classified as holding companies accounted for 33 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.)

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.
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