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  • 标题:Direct investment positions for 2001: 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:2002
  • 期号:July
  • 语种:English
  • 出版社:U.S. Government Printing Office
  • 关键词:Foreign investments

Direct investment positions for 2001: country and industry detail.


Borga, Maria ; Yorgason, Daniel R.


IN 2001, the historical-cost positions of U.S. direct investment abroad (USDIA) and of foreign direct investment in the United States (FDIUS) grew more slowly than in 2000. The USDIA position grew 7 percent in 2001, down from 10 percent in 2000. The FDIUS position grew 9 percent in 2001, down significantly from the exceptionally strong growth of 27 percent in 2000 and of 23 percent in 1999 (table 1 and chart 1). The slowdowns of the two positions in 2001 followed a period of more rapid growth in direct investment that began in the mid-1990s and extended through 2000.

[GRAPHIC OMITTED]

The slower rates of growth in the direct investment positions in 2001 partly reflected slowdowns in economic growth in the United States and in a number of European and Asian countries that have historically been important destinations for U.S. direct investment abroad, or important sources for foreign direct investment in the United States, or both. The economic slowdowns affected growth in the positions in two ways. First, they contributed to a drop in merger and acquisition activity in 2001, which included a slowdown in cross-border activity. (1) The drop in merger and acquisition activity also reflected uncertainty around the world about the vitality of future economic growth, which made it difficult for prospective buyers and sellers to project earnings and to agree on valuations for companies. Second, slower economic growth depressed the earnings, and thus the reinvested earnings, of both U.S. and foreign affiliates. For U.S. affiliates of foreign companies, reinvested earnings were negative in 2001 and partly offset the growth in the position that resulted from inflows of equity capital and intercompany loans from foreign parents.

In 1998-2000, much of the merger and acquisition activity was concentrated in petroleum, in telecommunications and related industries, and in financial services (including asset management, insurance, and banking). In 2001, however, the merger and acquisition activity in these industries declined. In telecommunications, rapid technological change and deregulation had spurred both merger and acquisition activity and investment spending in 1998-2000. The increased investment spending on telecommunications infrastructure and networks led to growth and acquisition activity in related industries, such as the manufacturing of telecommunications equipment and the development of software to manage networks. In 2001, business conditions for telecommunications companies and manufacturers of telecommunications equipment deteriorated, as the previous spending on networks and other infrastructure resulted in excess capacity and large debt obligations, so acquisitions in these industries slowed substantially.

Reflecting the effect of the drop in merger and acquisition activity on the FDIUS position, equity capital inflows, which are mainly used to acquire U.S. firms, were substantially lower than in 2000, but they were still higher than in any year prior to 1998. (2) Weak economic conditions in many of the countries that are historically major sources of FDIUS--including France, Germany, the Netherlands, Canada, and Japan--contributed to the slowdown in the expansion of foreign multinational companies (MNC's) into the United States. In addition, the weakness of the U.S. economy, which followed 10 years of economic expansion, reduced the attractiveness of U.S. firms as acquisition targets. The acquisitions that did occur in 2001 tended to be smaller than in the previous 3 years, when equity capital inflows were boosted by a few especially large acquisitions. In particular, the absence of these large acquisitions resulted in a significant slowing in the growth of the position of parents in the United Kingdom.

Despite being substantially lower than in 2000, equity capital inflows still accounted for most of the growth in the FDIUS position in 2001. In contrast, reinvested earnings of foreign affiliates continued to account for most of the growth in the USDIA position. The greater importance of reinvested earnings in the growth of the USDIA position reflects the higher earnings of foreign affiliates of U.S. companies relative to those of U.S. affiliates of foreign companies; this difference may be partly due to the greater average maturity of foreign affiliates relative to that of U.S. affiliates. (3)

The remainder of this article is presented in two sections. The first section discusses changes in the USDIA position by type of capital flow and by host country. The second section discusses the changes in the FDIUS position by type of capital flow and by country of the 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 $1,381.7 billion at the end of 2001 (table 1 and chart 1). In 2001, as in 2000, the largest positions were those in the United Kingdom ($249.2 billion, or 18 percent of the total position), in Canada ($139.0 billion, or 10 percent), and in the Netherlands ($131.9 billion, or 10 percent) (table 2.2 and chart 2).

The USDIA position increased $88.2 billion in 2001, the smallest increase since 1997. The following table shows the changes in the position in 2000 and 2001 by the type of capital flow and by valuation adjustment.
[Billions of dollars]

 2000 2001

Total 120.3 88.2
 Capital outflows 165.0 114.0
 Equity capital 66.1 49.8
 Increases 91.0 70.8
 Decreases 25.0 20.9
 Intercompany debt 11.0 -1.7
 Reinvested earnings 87.9 65.8
 Valuation adjustments -44.7 -25.7
 Currency translation -17.8 -12.1
 Other -26.9 -13.7


Capital outflows were $114.0 billion in 2001, 31 percent smaller than in 2000 and the smallest since 1997. Reinvested earnings accounted for the largest portion of capital outflows, 58 percent, and equity capital accounted for 44 percent. Flows of intercompany debt shifted from outflows to small inflows.

Reinvested earnings, at $65.8 billion, were down 25 percent from 2000, reflecting both substantially lower earnings of affiliates and a decrease in the share of earnings that was reinvested. Earnings fell 18 percent to $107.4 billion. The share of total earnings reinvested by foreign affiliates fell to 61 percent from 67 percent. The industries with the largest declines in shares--petroleum and manufacturing--were those with the largest proportional decreases in earnings. The decline in the reinvestment ratio in 2001 may be partly attributable to parents lowering the scale of funding for current and projected future operations of their affiliates as a result of sluggish economic growth in many host countries.

Equity capital outflows fell 25 percent in 2001, to $49.8 billion. Equity capital increases were $70.8 billion, and equity capital decreases were $20.9 billion. About 60 percent of the increases were for the direct acquisition or establishment of new affiliates. The remaining 40 percent were capital contributions to existing affiliates. Equity capital increases were largest in Europe and in Latin America and Other Western Hemisphere. In Europe, the increases were highest in chemicals and allied products and in finance, insurance, and real estate (FIRE). In Latin America and Other Western Hemisphere, the increases were partly due to acquisitions of depository institutions. Equity capital decreases result from the liquidation or sale of affiliates or from the return of equity capital. In 2001, each of these accounted for roughly half of the total. Equity capital decreases from the United Kingdom were particularly large.

Intercompany debt shifted to small net inflows in 2001 after net outflows of $11.0 billion in 2000. This shift was largely accounted for by changes in the net lending of parents of European affiliates in chemicals. In addition, the net lending from affiliates in FIRE in several Caribbean countries to their U.S. parents increased.

The capital outflows were partly offset by $25.7 billion in negative valuation adjustments to the position; the adjustments were split rather evenly between currency-translation adjustments and other adjustments (see the box "Key Terms"). The negative currency-translation adjustments reflect the appreciation of the U.S. dollar in 2001, particularly against the Canadian dollar, the Japanese yen, the British pound, and the Brazilian real.

Changes by area and by country

In 2001, the USDIA position grew 8 percent in Canada, 7 percent each in Europe and in Latin America and Other Western Hemisphere, and 5 percent in Asia and Pacific. Growth in the USDIA positions in both Africa and the: Middle East exceeded 10 percent, but the levels of these positions remained very small. Position changes that exceeded $3 billion in absolute value by area and by country are shown in the following table.
[Billions of dollars]

All countries 88.2
 Canada 10.2
 Europe 46.3
 Of which:
 Netherlands 14.3
 Germany 10.5
 United Kingdom 7.5
 Switzerland 7.0
 Luxembourg 4.5
 Sweden -4.7
 Latin America and Other Western Hemisphere 17.7
 Of which:
 Mexico 14.8
 Bermuda 5.3
 Panama -4.0
 Asia and Pacific 11.2
 Of which:
 Japan 4.7


Within Europe, position increases were largest in the Netherlands and Germany. (In Germany, the position grew more than 20 percent.) The next largest increases were in the United Kingdom, Switzerland, and Luxembourg. In contrast, the position in Sweden dropped more than 20 percent.

In the Netherlands, the increase in the position was primarily accounted for by reinvested earnings of affiliates in FIRE, particularly affiliates that are holding companies, and of affiliates in chemicals. The holding companies derive virtually all of their earnings from operating affiliates, many of which are located in other foreign countries and many of which operate in multiple industries. (4) The increase in Germany was partly due to equity capital increases resulting from acquisitions in chemicals and to intercompany debt outflows in industrial machinery and equipment manufacturing. In the United Kingdom, equity capital increases, increases in intercompany debt, and reinvested earnings were only partly offset by negative valuation adjustments of nearly $6 billion. The increases in Switzerland and Luxembourg resulted mainly from the reinvested earnings of affiliates in FIRE (particularly holding companies). The decrease in Sweden was largely accounted for by intercompany debt inflows.

The increases in the position in Latin America and other Western Hemisphere were largest in Mexico and in Bermuda. The increase of $14.8 billion, or 40 percent, in the position in Mexico was larger than that in any other country. Equity capital increases related to the acquisitions of depository institutions contributed to the increase. The increase in Bermuda was primarily associated with affiliates in FIRE and primarily reflected reinvested earnings and, to a lesser extent, increases in equity capital. In contrast, the position in Panama fell 14 percent, largely because of valuation adjustments in FIRE.

Within Asia and Pacific, Japan had the largest increase in position, mainly reflecting the reinvested earnings of affiliates in FIRE and in services.

In Canada, the increase in the position was largely due to affiliates' reinvested earnings in several industries; equity capital increases--primarily in petroleum--also contributed to the increase.

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 $1,321.1 billion at the end of 2001 (table 1 and chart 1). The largest positions remained those of the United Kingdom ($217.7 billion, or 16 percent), Japan ($159.0 billion, or 12 percent), and the Netherlands ($158.0 billion, or 12 percent) (table 3.2 and chart 3).

In 2001, the FDIUS position increased $106.8 billion, or 9 percent, following an increase of 27 percent in 2000. The following table shows the changes in the position in 2000 and 2001 by type of capital flow and by valuation adjustment.
[Billions of dollars]
 2000 2001

Total 258.5 106.8
 Capital inflows 300.9 124.4
 Equity capital 245.9 107.7
 Increases 267.1 125.5
 Decreases 21.2 17.8
 Intercompany debt 55.3 42.8
 Reinvested earnings -0.3 -26.1
 Valuation adjustments -42.4 -17.6
 Currency translation -2.1 -3.0
 Other -40.3 -14.6


Capital inflows were $124.4 billion in 2001, less than half the $300.9 billion recorded in 2000. The largest contributor to total capital inflows was equity capital inflows, followed by intercompany debt. Total capital inflows were reduced by negative reinvested earnings.

Equity capital inflows were $107.7 billion, down sharply from $245.9 billion in 2000. Equity capital increases were $125.5 billion, and equity capital decreases were $17.8 billion. Equity capital increases reflected both acquisitions of U.S. businesses by foreigners and contributions of equity to existing U.S. affiliates. The firms acquired were mostly in finance, petroleum, depository institutions, publishing (classified in "other" manufacturing) and broadcasting and telecommunications (classified in "other industries"). (5) Equity capital decreases reflected selloffs of affiliates by, and returns of capital to, foreign direct investors (transactions that are reported as U.S. capital outflows).

Intercompany debt inflows were $42.8 billion, down from the $55.3 billion in 2000. A substantial portion of intercompany debt represents U.S. affiliates' borrowing from their foreign parents to finance acquisitions. As the pace of acquisitions slowed in 2001, borrowing by existing U.S. affiliates decreased.

Capital inflows were reduced by reinvested earnings of -$26.1 billion in 2001, compared with -$0.3 billion in 2000. (Reinvested earnings are negative when affiliates incur losses or when they distribute earnings to their foreign parents in excess of the parents' share in their current earnings.) In 2001, U.S. affiliates earnings shifted from profits of $32.4 billion to losses of $6.7 billion, primarily reflecting the economic slowdown in the United States. In addition, U.S. affiliates distributed earnings of $19.3 billion to their foreign parents. The industries with the largest negative reinvested earnings, machinery and finance, were also the industries with the largest losses. Negative valuation adjustments also reduced the size of the increase in the position (see the box "Key Terms").
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: 1994 Benchmark Survey, Final
Results (Washington, DC: U.S. Government Printing Office, May
1998) (publication of the final results of the 1999 benchmark
survey of U.S. direct investment abroad, including an updated
methodology, is scheduled for next year). The methodologies are
also available at 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 (that is, 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 (that is, a foreign parent) owns at least 10 percent of
the voting securities, or the equivalent.

Ultimate beneficial owner (UBO). 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 and trade accounts
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' contributions to the
total assets of their affiliates or as the financing provided in the
form of equity (including reinvested earnings) or debt. Financing
obtained from other sources, such as local or third-party borrowing,
is excluded.

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
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. Depreciation of foreign currencies against
the dollar usually results in negative translation adjustments
because it tends to lower the dollar value of
foreign-currency-denominated net assets. Similarly, appreciation of
foreign currencies usually results in positive adjustments because it
tends to raise the dollar value of foreign-currency-denominated net
assets.

"Other" 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 for reasons other than exchange-rate changes,
such as the sale of assets (other than inventory) for an amount
different from their book value.


Changes by area and by country

In 2001, affiliates with parents in Europe more than accounted for the increase in the FDIUS position. Within Europe, the changes in the positions of some countries were related to debt restructuring within foreign MNC's. As part of the restructuring, intercompany debt obligations were shifted from foreign parents to their foreign affiliates in other countries. (6) These shifts had no impact on the overall FDIUS position, but they resulted in offsetting changes in the positions of the countries involved. The increase in the position of Switzerland accounted for about half of the increase in the total position of Europe. The next largest dollar increases were for parents in Germany, France, and the Netherlands. The position of parents in the United Kingdom increased by a relatively small amount, and the position of parents in Luxembourg decreased. Outside Europe, the position of parents in Latin America and Other Western Hemisphere increased by a small amount. In contrast, the positions of parents in Canada and in Asia and Pacific decreased. The decrease in Asia and Pacific was more than accounted for by the decrease in the position of parents in Japan.

The following table presents major changes in position from 2000 to 2001 by area and by country.
[Billions of dollars]

All countries 106.8
 Canada -6.0
 Europe 111.6
 Of which:
 Switzerland 56.3
 Germany 27.9
 France 15.7
 Netherlands 11.5
 United Kingdom 3.9
 Luxembourg -13.6
 Latin America and Other Western Hemisphere 4.4
 Asia and Pacific -3.6
 Of which:
 Japan -4.6


The position of Switzerland increased 81 percent in 2001. This increase was largely the result of MNC's debt restructuring, which shifted loans from their foreign parents in other countries to the Swiss affiliates of the foreign parents.

The position of Germany increased 22 percent. The increase was more than accounted for by "other industries" and reflected acquisitions of telecommunications firms. The position of France increased 12 percent. Most of this increase was in services, finance, and insurance. The increase in services was accounted for by acquisitions; the increase in finance was mostly accounted for by equity capital contributions from French parents and a step-up in affiliates' borrowing from their parents; and the increase in insurance was largely due to French parents' increasing ownership shares in their insurance affiliates. The position of the Netherlands increased 8 percent; the increase was more than accounted for by affiliates in services, insurance, and retail trade. The increases in services and retail trade were the result of acquisitions, and the increase in insurance resulted from several large loans from parents to their affiliates. The position of the United Kingdom increased 2 percent after increasing 39 percent in 2000, when an especially large acquisition occurred. The position of Luxembourg decreased 25 percent as a result of a shift in debt: Direct debt obligations to Luxembourg parents were shifted to become obligations to the Swiss affiliates of the parents. The reduction in the position of Luxembourg parents as a result of this shift more than offset increases due to acquisitions of companies in commercial lending, communications, and electronic machinery manufacturing. These acquisitions were by firms ultimately owned by investors in other countries. (7)

The position of Canada decreased 5 percent. This decrease was more than accounted for by negative reinvested earnings in machinery that resulted from a shift to losses for affiliates in this industry. The position of Japan decreased 3 percent, largely because of selloffs of affiliates in machinery and finance. (8)

Alternative Measures of the Direct Investment Positions

This article presents country and industry detail on the positions of foreign direct investment in the United States and of U.S. direct investment abroad. These detailed estimates are prepared only on a historical-cost basis and, thus, largely reflect price levels of earlier periods. Current-cost and market-value estimates of the positions are also prepared, 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. Because the historical-cost estimates are not ordinarily adjusted to reflect changes in the current costs of tangible assets or in the market values of the firms, the estimates on this valuation basis are less than BEA's current-cost and market-value estimates of the positions. The revised estimates of the position for 2000 and the preliminary estimates for 2001 are shown on all three valuation bases below. The current-cost and market-value estimates of the position are discussed in "The International Investment Position of the United States at Yearend 2001" in this issue.
Alternative Direct Investment Position Estimates,
2000 and 2001

[Millions of dollars]

 Changes in 2001
 (decrease (-))

 Position Valua- Position
 Valuation at Capital tion at
 method yearend Total flows adjust- yearend
 2000 (r) ments 2001 (p)

U.S. direct
 investment
 abroad:
 Historical
 cost 1,293,431 88,243 113,977 -25,734 1,381,674
 Current cost 1,515,279 107,843 127,840 -19,997 1,623,122
 Market value 2,674,207 -384,281 127,840 -512,121 2,289,926

Foreign direct
 investment
 in the
 United
 States:
 Historical
 cost 1,214,254 106,808 124,435 -17,627 1,321,063
 Current cost 1,374,752 124,172 130,796 -6,624 1,498,924
 Market value 2,766,042 -239,331 130,796 -370,127 2,526,711

(p) Preliminary.

(r) Revised.
Table 1. U.S. Direct Investment Position Abroad
and Foreign Direct Investment Position in the United States
on a Historical-Cost Basis, 1982-2001

 Percent
 Billions of change from
 dollars preceding
 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 (r) 1,173.1 955.7 17.2 22.8
2000 (r) 1,293.4 1,214.3 10.3 27.1
2001 (p) 1,381.7 1,321.1 6.8 8.8

(p) Preliminary.

(r) Revised.

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

FDIUS Foreign direct investment in the United States

USDIA U.S. direct investment abroad
Table 2.1. U.S. Direct Investment Position Abroad on a
Historical-Cost Basis, 2000 (r)

[Millions of dollars]

 Manufacturing

 Food and
 All Petro- Total kindred
 industries leum products

 All countries 1,293,431 95,834 353,550 35,933

Canada 128,814 18,461 50,768 5,462

Europe 679,457 30,944 185,663 17,006

 Austria 2,686 (D) 1,225 39
 Belgium 19,527 8 7,528 1,002
 Denmark 5,363 1,096 2,023 98
 Finland 1,110 26 680 8
 France 38,752 (D) 16,056 3,125

 Germany 50,963 1,540 24,083 588
 Greece 637 (D) 83 (*)
 Ireland 33,816 (D) 8,762 393
 Italy 22,392 (D) 12,265 1,097
 Luxembourg 25,571 49 3,401 (*)
 Netherlands 117,557 3,084 29,484 2,696

 Norway 5,833 4,195 338 4
 Portugal 1,888 (D) 483 103
 Spain 19,846 155 6,813 872
 Sweden 22,676 89 14,002 -26
 Switzerland 55,854 245 4,916 (D)
 Turkey 1,356 48 712 193
 United Kingdom 241,663 15,629 49,845 6,278
 Other 11,969 2,008 2,964 (D)

Latin America and
 Other Western
 Hemisphere 251,863 10,026 47,980 9,037

 South America 84,012 6,460 26,713 4,051
 Argentina 15,646 634 3,914 1,066
 Brazil 39,033 1,038 18,039 1,598
 Chile 9,451 78 1,447 491
 Colombia 4,606 872 1,314 345
 Ecuador 763 397 235 -10
 Peru 3,485 357 196 53
 Venezuela 9,530 2,961 1,395 469
 Other 1,497 123 173 39

 Central America 70,474 1,345 20,001 4,865
 Costa Rica 1,655 31 451 116
 Guatemala 907 474 231 103
 Honduras 257 (D) 216 203
 Mexico 37,332 163 18,794 4,390
 Panama 29,316 354 152 40
 Other 1,006 (D) 157 12

 Other Western
 Hemisphere 97,377 2,221 1,267 121
 Bahamas 2,317 (D) (D) 0
 Barbados 1,170 (D) 65 (D)
 Bermuda 56,594 (D) (D) 0
 Dominican
 Republic 813 (D) 303 25
 Jamaica 2,354 (D) 239 (D)
 Netherlands
 Antilles 3,518 (*) (D) 2
 Trinidad and
 Tobago 1,524 1,010 309 (*)
 United Kingdom
 Islands,
 Caribbean 28,514 320 -104 (D)
 Other 573 -139 (D) 0

Africa 14,417 8,985 1,779 482
 Egypt 2,344 1,996 239 (D)
 Nigeria 1,237 840 54 (D)
 South Africa 3,245 6 900 139
 Other 7,591 6,143 587 172

Middle East 11,087 2,395 2,333 87
 Israel 3,386 4 1,974 102
 Saudi Arabia 4,225 221 137 (D)
 United Arab
 Emirates 737 240 75 0
 Other 2,739 1,931 147 (D)

Asia and Pacific 205,317 22,316 65,027 3,859
 Australia 35,364 8,286 7,795 1,252
 China 9,861 1,531 6,213 209
 Hong Kong 26,621 217 3,110 -56
 India 1,431 -440 774 229
 Indonesia 8,514 5,579 253 18
 Japan 59,441 1,721 15,468 1,205
 Korea, Republic
 of 8,914 45 4,918 518
 Malaysia 7,400 970 4,725 -9
 New Zealand 3,854 64 436 -34
 Philippines 2,735 116 1,283 319
 Singapore 25,634 1,916 13,088 5
 Taiwan 7,821 60 3,686 60
 Thailand 6,635 1,717 3,274 116
 Other 1,091 534 5 27

International (1) 2,476 2,706 ... ...

Addenda:
 Eastern Europe (2) 11,149 1,995 2,914 468
 European Union
 (15) (3) 604,445 24,448 176,733 16,273
 OPEC (4) 28,736 13,484 2,083 532

 Manufacturing

 Indus-
 Primary trial Electro-
 Chemicals and machi- nic and
 and fabri- nery other
 allied cated and electric
 products metals equip- equipment
 ment

 All countries 100,872 18,773 41,199 49,065

Canada 8,827 4,227 3,484 3,077

Europe 69,468 9,483 23,008 21,118

 Austria 68 (D) 131 434
 Belgium 4,756 143 115 260
 Denmark 101 14 (D) 332
 Finland 343 (D) 77 76
 France 2,912 3,738 997 2,318

 Germany 3,542 1,217 5,892 2,512
 Greece 33 1 0 13
 Ireland 3,395 112 732 728
 Italy 2,504 105 1,059 4,663
 Luxembourg (D) (D) 10 -7
 Netherlands 19,131 -43 2,908 2,632

 Norway 28 9 208 7
 Portugal 95 -11 (D) 252
 Spain 1,641 1,287 59 981
 Sweden (D) -15 251 880
 Switzerland 2,790 144 609 536
 Turkey 81 (D) 0 -39
 United Kingdom 15,023 2,314 8,751 3,769
 Other 430 (D) 23 769

Latin America and
 Other Western
 Hemisphere 11,236 2,944 2,928 1,907

 South America 6,589 2,240 1,837 1,882
 Argentina 1,568 210 46 3
 Brazil 3,951 1,449 1,743 1,738
 Chile 207 (D) 17 (D)
 Colombia 375 (D) (D) 17
 Ecuador 109 (*) 0 (D)
 Peru 89 (D) 1 0
 Venezuela 250 20 35 54
 Other 40 0 (D) 0

 Central America 3,742 (D) 1,089 (D)
 Costa Rica 166 28 -5 96
 Guatemala 61 2 0 0
 Honduras 2 -1 0 0
 Mexico 3,435 (D) 1,094 -55
 Panama (D) 30 0 0
 Other (D) 6 0 (D)

 Other Western
 Hemisphere 905 (D) 3 (D)
 Bahamas (D) 0 -2 0
 Barbados (D) 0 0 3
 Bermuda (D) 0 0 0
 Dominican
 Republic 31 -1 0 0
 Jamaica 167 0 0 0
 Netherlands
 Antilles 0 0 0 0
 Trinidad and
 Tobago 263 (D) 4 0
 United Kingdom
 Islands,
 Caribbean -15 -5 0 (D)
 Other (D) 0 0 0

Africa 306 230 113 70
 Egypt 29 (*) (D) -2
 Nigeria 18 -1 0 0
 South Africa 222 45 (D) 71
 Other 37 185 3 1

Middle East 220 31 138 1,426
 Israel (D) (*) 116 1,424
 Saudi Arabia 53 17 (D) 2
 United Arab
 Emirates (D) 15 0 0
 Other (D) 0 (D) 0

Asia and Pacific 10,814 1,858 11,528 21,467
 Australia 2,673 651 673 147
 China 446 200 915 3,243
 Hong Kong 387 350 139 1,564
 India 94 (D) 357 154
 Indonesia 143 1 -29 -1
 Japan 2,778 328 1,539 2,578
 Korea, Republic
 of 753 21 430 1,925
 Malaysia 323 -4 607 3,612
 New Zealand 74 42 18 44
 Philippines 372 50 11 387
 Singapore 432 71 5,448 5,813
 Taiwan 1,480 52 180 1,449
 Thailand 870 62 1,240 549
 Other -12 (D) -2 3

International (1) ... ... ... ...

Addenda:
 Eastern Europe (2) 424 221 23 730
 European Union
 (15) (3) 66,140 8,976 22,167 19,844
 OPEC (4) 626 51 22 55

 Manufacturing

 Trans-
 porta- Other Whole- Deposi-
 tion manufac- sale tory
 equip- turing trade insti-
 ment tution

 All countries 40,052 67,656 83,724 38,071

Canada 12,606 13,085 9,614 2,107

Europe 13,532 32,047 46,050 24,435

 Austria 313 (D) 583 256
 Belgium 296 955 1,792 530
 Denmark -13 (D) 656 0
 Finland 77 (D) 270 0
 France 647 2,321 2,589 2,986

 Germany 6,104 4,228 3,459 314
 Greece 0 37 144 117
 Ireland 32 3,370 798 -50
 Italy 767 2,071 2,370 344
 Luxembourg 0 (D) 1,058 310
 Netherlands 8 2,151 8,742 (D)

 Norway -10 91 337 (D)
 Portugal 68 (D) 284 128
 Spain 985 988 1,815 2,279
 Sweden 184 (D) 359 (D)
 Switzerland (D) 596 11,916 2,674
 Turkey 228 (D) 35 354
 United Kingdom 3,416 10,292 8,293 12,341
 Other (D) (D) 550 (D)

Latin America and
 Other Western
 Hemisphere 8,283 11,646 8,887 -231

 South America 2,803 7,311 1,979 5,838
 Argentina 224 797 347 2,002
 Brazil 2,260 5,299 734 2,115
 Chile (D) 125 359 997
 Colombia (D) 436 122 (D)
 Ecuador (D) 77 53 (D)
 Peru 0 (D) 73 (D)
 Venezuela 136 432 204 52
 Other (D) (D) 87 319

 Central America 5,477 4,029 3,605 1,673
 Costa Rica 0 50 (D) 0
 Guatemala 0 65 34 (D)
 Honduras (D) (D) 3 (D)
 Mexico (D) 3,856 1,947 1,625
 Panama 0 (D) (D) 15
 Other 0 (D) 30 (D)

 Other Western
 Hemisphere 3 306 3,303 -7,741
 Bahamas 0 0 (D) -3,872
 Barbados 0 12 298 (D)
 Bermuda 0 0 2,330 0
 Dominican
 Republic 0 248 46 (D)
 Jamaica 0 (D) (D) (D)
 Netherlands
 Antilles 0 (D) 62 0
 Trinidad and
 Tobago 0 (D) 22 (D)
 United Kingdom
 Islands,
 Caribbean 3 4 322 -4,081
 Other 0 3 9 (D)

Africa 184 394 264 430
 Egypt (D) 2 39 (D)
 Nigeria (D) 0 (D) (D)
 South Africa 114 (D) 160 (D)
 Other (D) (D) (D) 140

Middle East -12 442 398 863
 Israel (D) 320 72 0
 Saudi Arabia -19 75 109 (D)
 United Arab
 Emirates 0 (D) 217 (D)
 Other (D) (D) (*) -1

Asia and Pacific 5,459 10,042 18,512 10,466
 Australia 1,057 1,341 2,480 1,523
 China 418 782 336 78
 Hong Kong 34 691 5,766 2,436
 India -164 (D) 221 291
 Indonesia (D) (D) (D) 249
 Japan 3,179 3,861 4,940 859
 Korea, Republic
 of 217 1,054 1,073 1,938
 Malaysia (*) 196 342 (D)
 New Zealand 0 292 256 (D)
 Philippines 0 145 190 201
 Singapore 525 794 1,583 696
 Taiwan 66 399 879 688
 Thailand 122 314 371 665
 Other (D) 0 (D) (D)

International (1) ... ... ... ...

Addenda:
 Eastern Europe (2) 259 788 506 1,214
 European Union
 (15) (3) 12,884 30,449 33,211 20,150
 OPEC (4) 139 659 574 (D)

 Finance
 (except
 depository
 institu- Other
 tions), Services indus-
 insurance, tries
 and real
 estate

 All countries 542,641 80,144 99,469

Canada 32,746 6,324 8,795

Europe 299,345 46,733 46,288

 Austria 316 207 (D)
 Belgium 7,328 2,539 -198
 Denmark (D) 122 (D)
 Finland -5 61 77
 France 9,371 5,013 (D)

 Germany 14,757 3,568 3,241
 Greece (D) 41 26
 Ireland 14,303 8,817 (D)
 Italy 2,832 2,509 (D)
 Luxembourg 20,630 103 19
 Netherlands 71,270 3,025 (D)

 Norway 613 234 (D)
 Portugal 290 466 (D)
 Spain 7,877 541 365
 Sweden 5,949 1,294 (D)
 Switzerland 33,201 1,688 1,215
 Turkey 2 50 155
 United Kingdom 105,242 16,128 34,186
 Other 3,921 325 (D)

Latin America and
 Other Western
 Hemisphere 150,107 9,691 25,403

 South America 20,912 4,404 17,706
 Argentina 5,179 659 2,913
 Brazil 10,345 2,195 4,567
 Chile 2,902 203 3,465
 Colombia 802 (D) (D)
 Ecuador 56 (D) (*)
 Peru 846 80 (D)
 Venezuela 670 1,072 3,175
 Other 112 121 562

 Central America 37,156 1,429 5,265
 Costa Rica 2 -2 (D)
 Guatemala 124 3 (D)
 Honduras 9 0 -1
 Mexico 8,494 1,233 5,077
 Panama 28,192 195 (D)
 Other 336 0 (D)

 Other Western
 Hemisphere 92,038 3,857 2,432
 Bahamas 4,402 33 55
 Barbados 263 339 (D)
 Bermuda 52,087 2,656 -30
 Dominican
 Republic (*) 19 180
 Jamaica 14 53 1,965
 Netherlands
 Antilles 3,433 (D) (*)
 Trinidad and
 Tobago (D) 1 119
 United Kingdom
 Islands,
 Caribbean 31,142 694 222
 Other (D) (D) (D)

Africa 1,239 589 1,130
 Egypt 0 -137 (D)
 Nigeria (D) 0 4
 South Africa (D) 608 (D)
 Other 318 118 (D)

Middle East 1,703 1,358 2,037
 Israel 222 897 217
 Saudi Arabia 970 295 (D)
 United Arab
 Emirates (D) 92 -63
 Other (D) 73 (D)

Asia and Pacific 57,500 15,450 16,047
 Australia 7,743 2,285 5,252
 China 812 303 588
 Hong Kong 10,776 513 3,803
 India 222 70 292
 Indonesia 169 (D) 2,138
 Japan 24,047 10,345 2,061
 Korea, Republic
 of 136 468 336
 Malaysia 762 154 (D)
 New Zealand 2,620 (D) (D)
 Philippines 675 -7 277
 Singapore 7,052 984 316
 Taiwan 2,051 108 349
 Thailand 425 71 113
 Other 10 32 (D)

International (1) ... ... -230

Addenda:
 Eastern Europe (2) 3,323 249 948
 European Union
 (15) (3) 261,609 44,436 43,859
 OPEC (4) 2,493 1,659 (D)

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

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

(r) Revised.

(1.) "International" consists of affiliates that have operations
spanning more than one country and that are engaged in petroleum
shipping, other water transportation, or offshore oil and gas
drilling.

(2.) "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.

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

(4.) 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.
Table 2.2. U.S. Direct Investment Position Abroad on a Historical-Cost
Basis, 2001 (p)

[Millions of dollars]

 Manufacturing

 All Food and
 indus- Pet- kindred
 tries roleum Total products

 All countries 1,381,674 102,074 376,259 35,496

Canada 139,031 23,755 53,724 4,629

Europe 725,793 28,227 204,338 18,179

 Austria 3,374 (D) 1,718 36
 Belgium 20,392 -41 7,110 1,176
 Denmark 6,537 887 2,117 120
 Finland 1,143 9 724 5
 France 38,457 (D) 16,199 3,410

 Germany 61,437 2,430 34,482 577
 Greece 648 5 92 7
 Ireland 34,499 (D) 10,457 542
 Italy 23,893 (D) 13,132 1,198
 Luxembourg 30,039 46 3,623 1
 Netherlands 131,884 4,337 34,701 3,061

 Norway 6,660 2,265 325 3
 Portugal 1,924 (D) 568 107
 Spain 19,421 (D) 6,576 956
 Sweden 17,968 56 8,653 156
 Switzerland 62,897 354 4,808 24
 Turkey 1,207 20 567 209
 United Kingdom 249,201 11,890 55,396 6,221
 Other 14,212 2,907 3,088 371

Latin America and Other
 Western Hemisphere 269,556 10,566 45,633 8,654

 South America 83,415 6,351 23,354 3,754
 Argentina 14,234 541 2,339 830
 Brazil 36,317 1,022 15,506 1,376
 Chile 11,674 87 1,888 651
 Colombia 4,844 1,049 1,414 349
 Ecuador 417 117 187 -69
 Peru 3,591 418 217 58
 Venezuela 10,680 2,932 1,540 439
 Other 1,659 185 265 120

 Central America 80,560 933 20,708 4,817
 Costa Rica 1,614 41 461 139
 Guatemala 477 76 187 97
 Honduras 49 12 54 (D)
 Mexico 52,168 265 19,701 4,501
 Panama 25,296 331 173 44
 Other 955 207 133 (D)

 Other Western Hemisphere 105,581 3,283 1,570 82
 Bahamas 2,125 1,456 (D) 0
 Barbados 1,238 102 66 20
 Bermuda 61,929 (D) 611 0
 Dominican Republic 752 189 187 21
 Jamaica 2,280 32 188 (D)
 Netherlands Antilles 3,661 (*) 26 2
 Trinidad and Tobago 1,978 1,397 369 (*)
 United Kingdom
 Islands, Caribbean 30,680 201 -2 (D)
 Other 936 (D) (D) 0

Africa 15,872 11,649 1,435 58
 Egypt 3,068 3,068 -108 -211
 Nigeria 1,467 1,801 51 (D)
 South Africa 2,950 67 1,007 114
 Other 8,386 6,713 485 (D)

Middle East 12,643 2,896 3,030 79
 Israel 4,122 4 2,626 104
 Saudi Arabia 4,162 219 169 (D)
 United Arab Emirates 942 265 (D) 0
 Other 3,417 2,408 (D) (D)

Asia and Pacific 216,501 22,401 68,100 3,897
 Australia 34,041 9,208 6,761 1,211
 China 10,526 1,300 7,044 231
 Hong Kong 29,389 177 2,650 -64
 India 1,739 -446 912 202
 Indonesia 8,807 5,526 254 16
 Japan 64,103 1,352 16,579 1,299
 Korea, Republic of 9,864 47 5,532 529
 Malaysia 6,820 639 4,401 -88
 New Zealand 3,992 89 460 -26
 Philippines 2,776 -36 1,498 355
 Singapore 27,295 1,922 14,716 5
 Taiwan 8,814 68 3,834 70
 Thailand 7,337 2,045 3,452 134
 Other 997 510 7 22

International (1) 2,278 2,581 ... ...

Addenda:
 Eastern Europe (2) 13,119 2,716 3,031 371
 European Union (15) (3) 640,817 22,682 195,549 17,572
 OPEC (4) 31,362 14,996 2,280 499

 Manufacturing

 Indus-
 Chemi- Primary trial Elec-
 cals and machi- tronic
 and fabri- nery and
 allied cated and other
 products metals equip- electric
 ment equipment

 All countries 108,663 21,488 52,392 48,391

Canada 9,640 5,315 2,866 2,838

Europe 75,990 10,987 31,861 21,256

 Austria 78 (D) 81 473
 Belgium 4,524 148 118 115
 Denmark 112 12 (D) 463
 Finland 408 136 77 66
 France 2,548 3,765 1,244 2,519

 Germany 9,981 2,598 10,139 2,420
 Greece 60 -1 0 14
 Ireland 3,770 122 950 930
 Italy 2,842 195 1,249 4,727
 Luxembourg (D) (D) 14 -13
 Netherlands 22,509 -98 3,801 3,170

 Norway 29 8 206 3
 Portugal 103 -15 (D) 275
 Spain 1,624 1,267 -131 952
 Sweden (D) -155 222 917
 Switzerland 2,841 145 716 483
 Turkey -1 (D) 0 -44
 United Kingdom 16,432 2,459 12,026 2,968
 Other 489 (D) 37 817

Latin America and Other
 Western Hemisphere 11,884 2,981 2,327 1,677

 South America 6,396 2,249 1,718 1,833
 Argentina 1,363 175 31 -6
 Brazil 3,690 1,460 1,627 1,674
 Chile 438 (D) 16 18
 Colombia 388 (D) -7 15
 Ecuador 112 -1 0 59
 Peru 113 -21 1 0
 Venezuela 250 12 49 73
 Other 43 0 2 0

 Central America 4,234 708 605 (D)
 Costa Rica 175 31 -13 107
 Guatemala 65 2 0 0
 Honduras 2 -1 0 0
 Mexico 3,894 (D) 618 -365
 Panama (D) (D) 0 0
 Other (D) 4 0 (D)

 Other Western Hemisphere 1,254 24 4 (D)
 Bahamas (D) 0 -1 0
 Barbados (D) 0 0 4
 Bermuda 611 0 0 0
 Dominican Republic 34 -1 0 0
 Jamaica (D) 0 0 0
 Netherlands Antilles 0 0 0 0
 Trinidad and Tobago (D) (D) 5 0
 United Kingdom
 Islands, Caribbean -53 (D) 0 (D)
 Other (D) 0 0 0

Africa 372 173 127 11
 Egypt 13 -4 36 -2
 Nigeria 18 -1 0 0
 South Africa 300 11 87 17
 Other 41 167 3 -4

Middle East 292 31 151 1,931
 Israel 69 -5 124 1,929
 Saudi Arabia (D) 19 (*) 2
 United Arab Emirates (D) 16 0 0
 Other (D) 0 27 0

Asia and Pacific 10,486 2,002 15,060 20,677
 Australia 1,744 697 684 84
 China 595 208 1,168 3,683
 Hong Kong 397 271 182 1,035
 India 146 86 397 191
 Indonesia 144 -2 -41 (*)
 Japan 3,270 368 1,778 2,716
 Korea, Republic of 830 22 500 2,230
 Malaysia 330 -4 794 3,140
 New Zealand 68 50 22 49
 Philippines 298 54 (D) 645
 Singapore 317 106 7,981 4,841
 Taiwan 1,539 82 222 1,433
 Thailand 821 63 1,363 625
 Other -13 3 (D) 3

International (1) ... ... ... ...

Addenda:
 Eastern Europe (2) 484 266 37 770
 European Union (15) (3) 72,631 10,495 30,902 19,998
 OPEC (4) 634 43 29 75

 Manufacturing

 Depo-
 Transpor- Other Whole- sitory
 tation manufac- sale insti-
 equipment turing trade tutions

 All countries 39,142 70,687 92,836 49,319

Canada 13,312 15,123 10,150 2,049

Europe 11,330 34,733 51,261 25,177

 Austria 334 (D) 710 278
 Belgium 245 783 2,095 583
 Denmark (D) 327 1,868 0
 Finland 13 17 300 0
 France 712 2,002 2,638 2,703

 Germany 4,791 3,977 2,546 236
 Greece 0 13 207 88
 Ireland 42 4,100 935 -32
 Italy 683 2,238 2,167 353
 Luxembourg 0 (D) 1,328 381
 Netherlands -4 2,261 10,364 (D)

 Norway -2 78 407 25
 Portugal 63 (D) 335 127
 Spain 902 1,005 1,162 2,344
 Sweden (D) (D) 437 (D)
 Switzerland (D) (D) 15,146 2,495
 Turkey 222 (D) 47 387
 United Kingdom 3,000 12,291 7,986 13,279
 Other (D) 796 584 1,409

Latin America and Other
 Western Hemisphere 8,468 9,642 9,773 9,988

 South America 2,157 5,247 1,555 5,891
 Argentina -596 542 243 1,865
 Brazil 2,262 3,416 356 2,280
 Chile (D) 140 362 1,011
 Colombia (D) (D) 119 (D)
 Ecuador (D) (D) 40 (D)
 Peru 0 66 77 (D)
 Venezuela 262 454 255 31
 Other 9 91 102 311

 Central America 6,309 (D) 3,521 (D)
 Costa Rica 0 23 (D) 0
 Guatemala 0 24 30 (D)
 Honduras (D) 2 7 (D)
 Mexico (D) 4,139 1,969 (D)
 Panama 0 (D) (D) (D)
 Other 0 (D) 41 (D)

 Other Western Hemisphere 2 (D) 4,697 (D)
 Bahamas 0 0 196 -4,520
 Barbados 0 (D) 374 24
 Bermuda 0 0 3,516 0
 Dominican Republic 0 134 59 (D)
 Jamaica 0 1 (D) (D)
 Netherlands Antilles 0 24 64 0
 Trinidad and Tobago 0 11 24 (D)
 United Kingdom
 Islands, Caribbean 2 (D) 410 -5,369
 Other 0 2 (D) (D)

Africa 275 419 284 434
 Egypt 56 3 27 (D)
 Nigeria (D) (D) (D) (D)
 South Africa 196 283 123 (D)
 Other (D) (D) (D) 193

Middle East -16 563 461 834
 Israel 7 398 69 -5
 Saudi Arabia -23 (D) 109 (D)
 United Arab Emirates 0 (D) 282 (D)
 Other 1 -1 (*) -2

Asia and Pacific 5,773 10,206 20,907 10,837
 Australia 1,263 1,076 2,470 1,529
 China 422 736 549 183
 Hong Kong 41 789 7,402 2,016
 India -253 144 121 404
 Indonesia (D) (D) (D) 295
 Japan 3,195 3,953 5,678 910
 Korea, Republic of 241 1,179 992 2,099
 Malaysia -5 235 375 (D)
 New Zealand 0 297 346 54
 Philippines 0 (D) 189 248
 Singapore 649 817 1,404 775
 Taiwan 87 400 938 809
 Thailand 115 330 367 747
 Other (D) 0 (D) (D)

International (1) ... ... ... ...

Addenda:
 Eastern Europe (2) 312 790 537 1,381
 European Union (15) (3) 10,591 33,360 35,077 20,862
 OPEC (4) 264 737 686 (D)

 Finance
 (except
 depository
 institutions), Services Other
 insurance, industries
 and real
 estate

 All countries 572,545 86,491 102,150

Canada 33,568 6,531 9,256

Europe 320,621 50,621 45,548

 Austria 424 259 (D)
 Belgium 7,745 3,014 -114
 Denmark (D) 98 (D)
 Finland (D) 62 (D)
 France 8,403 5,207 (D)

 Germany 14,355 4,162 3,226
 Greece 168 47 42
 Ireland 12,682 9,924 (D)
 Italy 3,256 2,475 (D)
 Luxembourg 24,489 151 20
 Netherlands 76,304 3,649 (D)

 Norway 3,320 132 184
 Portugal 294 390 (D)
 Spain 8,514 527 (D)
 Sweden 6,584 1,275 (D)
 Switzerland 37,507 2,071 515
 Turkey 2 72 113
 United Kingdom 110,208 16,746 33,696
 Other 4,963 357 904

Latin America and Other
 Western Hemisphere 153,796 10,784 29,017

 South America 21,970 4,393 19,901
 Argentina 5,798 631 2,816
 Brazil 10,542 2,101 4,511
 Chile 2,997 194 5,136
 Colombia 866 79 (D)
 Ecuador 76 5 (D)
 Peru 862 56 (D)
 Venezuela 718 1,231 3,971
 Other 110 96 590

 Central America 34,036 1,669 (D)
 Costa Rica 4 -2 (D)
 Guatemala 127 3 (D)
 Honduras 5 0 (D)
 Mexico 9,647 1,180 (D)
 Panama 23,900 488 -26
 Other 351 0 (D)

 Other Western Hemisphere 97,791 4,721 (D)
 Bahamas 4,801 38 (D)
 Barbados (D) 496 (D)
 Bermuda 54,451 3,122 (D)
 Dominican Republic (*) (D) (D)
 Jamaica 18 59 (D)
 Netherlands Antilles 3,577 -5 (*)
 Trinidad and Tobago 26 1 (D)
 United Kingdom
 Islands, Caribbean 34,168 951 322
 Other (D) (D) (D)

Africa 631 386 1,054
 Egypt 2 -104 (D)
 Nigeria (D) 0 4
 South Africa (D) 353 (D)
 Other 425 137 (D)

Middle East 1,922 1,397 2,104
 Israel 229 907 293
 Saudi Arabia 948 336 (D)
 United Arab Emirates 40 107 3
 Other 706 48 (D)

Asia and Pacific 62,008 16,773 15,475
 Australia 7,752 2,025 4,297
 China 628 234 589
 Hong Kong 12,458 660 4,026
 India 263 96 389
 Indonesia (D) 118 2,533
 Japan 25,993 11,596 1,996
 Korea, Republic of 266 518 410
 Malaysia 817 116 (D)
 New Zealand 2,563 30 451
 Philippines 789 -7 96
 Singapore 7,072 1,137 269
 Taiwan 2,683 132 351
 Thailand 640 90 -5
 Other (D) 29 (D)

International (1) ... ... -303

Addenda:
 Eastern Europe (2) 4,335 264 855
 European Union (15) (3) 274,828 47,988 43,832
 OPEC (4) 1,892 1,856 (D)

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

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

(p) Preliminary.

(1.) "International" consists of affiliates that have operations
spanning more than one country and that are engaged in petroleum
shipping, other water transportation, or offshore oil and gas
drilling.

(2.) "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.

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

(4.) 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.
Table 3.1. Foreign Direct Investment Position in the United States on
a Historical-Cost Basis, 2000 (r)

[Millions of dollars]

 Manufacturing

 Food and
 All Petro- Total kindred
 industries leum products

 All countries 1,214,254 87,055 479,851 23,975

Canada 114,599 3,401 56,608 1,819

Europe 835,137 78,706 358,521 18,213

 Austria 3,174 0 933 0
 Belgium 14,585 -166 6,304 5
 Denmark 4,428 (*) 4,220 492
 Finland 9,107 (D) 6,069 (D)
 France 131,484 (D) 72,385 3,940

 Germany 124,839 225 60,483 84
 Ireland 23,528 (D) 4,489 413
 Italy 5,994 (D) 1,245 124
 Liechtenstein 202 0 -10 -1
 Luxembourg 53,794 (D) 37,910 (D)
 Netherlands 146,493 11,695 51,002 3,326

 Norway 2,241 (D) 1,900 3
 Spain 5,459 (*) 1,161 (D)
 Sweden 22,427 (D) 9,289 0
 Switzerland 69,240 1,297 33,241 2,293
 United Kingdom 213,820 63,499 65,448 7,287
 Other 4,322 713 2,455 57

Latin America and Other
 Western Hemisphere 54,463 2,363 5,735 1,000

 South and Central America 13,682 465 -1,567 997
 Brazil 886 (D) -249 -8
 Mexico 7,832 -10 1,261 1,004
 Panama 3,726 -3 (D) 1
 Venezuela 802 (D) -20 (*)
 Other 435 -2 (D) -1

 Other Western Hemisphere 40,782 1,897 7,302 3
 Bahamas 1,268 (D) 293 11
 Bermuda 18,502 189 3,215 -65
 Netherlands Antilles 3,940 (D) 695 (D)
 United Kingdom Islands,
 Caribbean 15,353 299 3,037 33
 Other 1,718 96 61 (D)

Africa 2,756 (D) 226 (D)
 South Africa 1,218 -1 -100 (D)
 Other 1,538 (D) 325 61

Middle East 6,189 (D) 877 (D)
 Israel 2,690 0 882 (D)
 Kuwait 908 -6 2 0
 Lebanon 1 0 (D) 0
 Saudi Arabia (D) (D) -4 0
 United Arab Emirates 64 47 -4 0
 Other (D) -6 (D) 0

Asia and Pacific 201,110 135 57,886 2,873
 Australia 20,701 65 5,371 (D)
 Hong Kong 1,544 (D) 529 (D)
 Japan 163,577 585 44,936 1,489
 Korea, Republic of 3,287 (D) 1,018 (D)
 Malaysia 92 -5 30 -2
 New Zealand 385 0 4 (*)
 Philippines 50 (*) 24 0
 Singapore 7,751 2 (D) 2
 Taiwan 3,131 -5 1,083 -1
 Other 593 -43 (D) (*)

Addenda:
 European Union (15) (1) 760,017 76,334 321,737 15,864
 OPEC (2) 4,363 (D) -23 (*)

 Manufacturing

 Chemi- Primary
 cals and Other
 and fabri- Machi- manufac-
 allied cated nery turing
 products metals

 All countries 122,446 24,741 151,237 157,453

Canada 2,686 4,725 34,723 12,654

Europe 114,472 16,198 91,807 117,831

 Austria -7 125 192 624
 Belgium (D) (D) 201 861
 Denmark 25 0 521 3,182
 Finland (D) 603 429 4,625
 France 29,701 1,149 23,858 13,737

 Germany 17,098 2,513 11,364 29,424
 Ireland 63 356 898 2,760
 Italy 219 219 326 356
 Liechtenstein (*) (D) 2 (D)
 Luxembourg (D) 93 25,590 9,608
 Netherlands 19,699 1,245 11,931 14,801

 Norway 855 (D) 106 (D)
 Spain -7 (D) -2 560
 Sweden (D) (D) 2,773 5,103
 Switzerland 19,357 716 3,257 7,617
 United Kingdom 19,225 6,551 10,285 22,101
 Other -41 6 76 2,357

Latin America and Other
 Western Hemisphere -1,281 813 4,082 1,120

 South and Central America -2,613 552 -271 -232
 Brazil -97 -8 -165 28
 Mexico (D) (D) 35 -220
 Panama (D) (D) (*) -33
 Venezuela -1 (*) -26 6
 Other (D) 4 -115 -12

 Other Western Hemisphere 1,332 262 4,353 1,352
 Bahamas 1 (D) 154 (D)
 Bermuda (D) 22 (D) (D)
 Netherlands Antilles (D) (D) (D) 117
 United Kingdom Islands,
 Caribbean 735 122 1,692 455
 Other -6 2 31 (D)

Africa 261 (D) -4 -14
 South Africa (D) 0 -1 -19
 Other (D) (D) -3 4

Middle East 227 (D) 539 101
 Israel 227 (D) 546 99
 Kuwait (*) 0 2 0
 Lebanon 0 0 (D) (*)
 Saudi Arabia (*) 0 -6 2
 United Arab Emirates -1 0 -3 0
 Other 0 (D) (D) 0

Asia and Pacific 6,080 3,080 20,090 25,762
 Australia 184 275 (D) 1,963
 Hong Kong 2 (D) 265 -5
 Japan 5,247 2,513 12,118 23,569
 Korea, Republic of 48 169 693 (D)
 Malaysia -1 1 14 19
 New Zealand -4 (*) 1 7
 Philippines 2 1 19 2
 Singapore -112 (D) (D) 46
 Taiwan 783 (*) 248 52
 Other -68 (D) -10 (D)

Addenda:
 European Union (15) (1) 94,299 14,666 88,404 108,504
 OPEC (2) -12 (*) -34 23

 Finance,
 Deposi- except
 Whole- Retail tory deposi-
 sale trade institu- tory
 trade tions institu-
 tions

 All countries 110,286 29,666 68,128 84,383

Canada 7,542 996 3,095 12,631

Europe 46,395 24,479 50,453 43,982

 Austria 367 (D) (D) (D)
 Belgium 1,305 (D) (D) 3,688
 Denmark -367 10 (D) (D)
 Finland 2,426 (D) (D) -29
 France 3,791 243 3,108 (D)

 Germany 10,126 2,067 18,892 4,702
 Ireland 5,473 (D) (D) (D)
 Italy 222 1,414 1,170 (D)
 Liechtenstein 110 0 0 (D)
 Luxembourg 1,794 295 0 1,072
 Netherlands 7,831 12,307 12,204 3,237

 Norway -456 (*) (D) (D)
 Spain 133 (D) 1,318 3
 Sweden (D) 25 -135 (D)
 Switzerland 2,557 577 (D) (D)
 United Kingdom 7,587 4,959 6,854 4,260
 Other (D) 0 361 (D)

Latin America and Other
 Western Hemisphere 3,440 1,649 2,599 6,013

 South and Central America 492 (D) 2,027 4,547
 Brazil 55 3 425 (D)
 Mexico 509 (D) 268 (D)
 Panama -70 2 57 (D)
 Venezuela 3 (*) 582 -3
 Other -5 (D) 696 43

 Other Western Hemisphere 2,948 (D) 572 1,466
 Bahamas 291 (D) (D) (D)
 Bermuda (D) 195 (D) (D)
 Netherlands Antilles 484 (D) 161 22
 United Kingdom Islands,
 Caribbean 1,575 234 240 1,602
 Other (D) (D) (D) 23

Africa 368 (D) (D) (D)
 South Africa (D) 0 0 (D)
 Other (D) (D) (D) (D)

Middle East 154 (D) (D) (D)
 Israel 155 5 1,107 (D)
 Kuwait (*) 0 (D) 1
 Lebanon 0 0 0 0
 Saudi Arabia 0 (D) (D) 2
 United Arab Emirates (*) (D) (D) 1
 Other -1 0 49 (D)

Asia and Pacific 52,387 2,495 10,704 20,225
 Australia 79 10 (D) 1,904
 Hong Kong 395 2 207 8
 Japan 48,294 2,238 7,314 18,290
 Korea, Republic of 2,307 41 245 (D)
 Malaysia 13 (D) (D) (D)
 New Zealand 228 (D) 0 0
 Philippines 8 0 (D) 6
 Singapore 138 36 169 7
 Taiwan 713 21 878 124
 Other 212 1 400 16

Addenda:
 European Union (15) (1) 43,305 23,902 45,763 33,801
 OPEC (2) 3 (D) 754 2

 Other
 Insu- Real Services indus-
 rance estate tries

 All countries 112,482 42,682 109,504 90,219

Canada 8,805 6,383 5,827 9,312

Europe 91,113 15,967 77,756 47,766

 Austria (D) 40 (D) -19
 Belgium -1 38 1,345 703
 Denmark -4 (D) 23 435
 Finland (*) (D) (D) 445
 France 14,783 (D) (D) 4,352

 Germany 13,488 4,939 4,610 5,309
 Ireland (D) (D) 589 5,279
 Italy (D) 80 13 (D)
 Liechtenstein 0 67 (D) 28
 Luxembourg (D) 482 9,400 (D)
 Netherlands 33,647 4,528 7,460 2,580

 Norway (*) 31 175 (D)
 Spain 280 50 (D) 92
 Sweden (D) (D) 7,672 397
 Switzerland 13,013 471 3,669 (D)
 United Kingdom 8,872 3,350 23,894 25,096
 Other 15 522 (D) 18

Latin America and Other
 Western Hemisphere 11,165 5,130 1,614 14,756

 South and Central America (D) 171 295 780
 Brazil (D) 13 -10 -6
 Mexico (*) -8 270 636
 Panama (D) 176 33 (D)
 Venezuela 3 -21 -8 (D)
 Other -1 11 9 -96

 Other Western Hemisphere (D) 4,960 1,319 13,976
 Bahamas 0 218 6 -78
 Bermuda 3,660 388 410 10,431
 Netherlands Antilles -2 1,080 170 57
 United Kingdom Islands,
 Caribbean (D) 3,174 652 (D)
 Other (D) 101 81 (D)

Africa -11 199 369 295
 South Africa -11 (D) 331 -1
 Other 0 (D) 38 296

Middle East 0 931 213 19
 Israel 0 (D) 117 79
 Kuwait 0 (D) (D) -2
 Lebanon 0 (D) 0 (*)
 Saudi Arabia 0 57 (D) -15
 United Arab Emirates 0 10 0 -19
 Other 0 31 11 -24

Asia and Pacific 1,410 14,071 23,724 18,072
 Australia (D) (D) 7,623 2,863
 Hono Kong -1 172 336 (D)
 Japan 1,127 10,900 15,315 14,578
 Korea, Republic of 17 40 -7 6
 Malaysia 0 (*) 134 -13
 New Zealand 0 (D) -1 (D)
 Philippines 0 7 (*) (D)
 Singapore 1 (D) 84 (D)
 Taiwan (D) 49 242 (D)
 Other (D) 36 -1 -69

Addenda:
 European Union (15) (1) 78,084 15,154 74,765 47,171
 OPEC (2) 5 909 80 58

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

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

(r) Revised.

(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.
Table 3.2. Foreign Direct Investment Position in the United States on a
Historical-Cost Basis, 2001 (p)

[Millions of dollars]

 Manufacturing

 All Food and
 indus- Petro- Total kindred
 tries leum products

 All countries 1,321,063 95,922 508,535 23,847

Canada 108,600 3,654 39,935 1,986

Europe 946,758 79,982 396,630 17,576

 Austria 3,298 0 971 0
 Belgium 14,721 (D) 7,399 (D)
 Denmark 2,091 (*) 2,506 448
 Finland 8,762 (D) 6,077 2
 France 147,207 94 74,677 3,498

 Germany 152,760 199 59,987 100
 Ireland 28,196 (D) 3,789 474
 Italy 5,916 (D) 900 113
 Liechtenstein 193 0 -18 -1
 Luxembourg 40,232 (D) 19,299 (D)
 Netherlands 158,020 6,987 50,109 3,143

 Norway 2,277 370 2,068 3
 Spain 5,092 0 1,256 (D)
 Sweden 23,299 (D) 9,265 0
 Switzerland 125,521 (D) 85,445 2,681
 United Kingdom 217,746 (D) 67,152 6,803
 Other 11,428 1,077 5,748 (D)

Latin America and Other
 Western Hemisphere 58,881 9,385 4,889 1,139

 South and Central America 17,040 (D) -2,204 1,120
 Brazil 578 124 -150 -7
 Mexico 7,418 -10 960 1,131
 Panama 4,199 27 (D) -4
 Venezuela 4,722 (D) -24 (*)
 Other 123 (D) (D) -1

 Other Western Hemisphere 41,840 (D) 7,094 18
 Bahamas 1,351 (D) 238 10
 Bermuda 15,748 199 2,200 -38
 Netherlands Antilles 3,923 (D) 609 (D)
 United Kingdom Islands,
 Caribbean 18,244 3,173 3,995 (D)
 Other 2,575 (D) 52 (D)

Africa 3,264 (D) 194 (D)
 South Africa 1,867 (*) -105 -1
 Other 1,397 (D) 299 (D)

Middle East 6,039 (D) 892 (D)
 Israel 2,876 0 905 (D)
 Kuwait 990 -4 2 0
 Lebanon 1 0 (D) 0
 Saudi Arabia (D) (D) -14 0
 United Arab Emirates -23 (D) -2 0
 Other (D) (D) (D) 0

Asia and Pacific 197,522 816 65,995 3,023
 Australia 23,488 (D) 4,883 (D)
 Hong Kong 1,552 -1 401 (D)
 Japan 158,988 891 53,822 1,524
 Korea, Republic of 3,121 (D) 983 (D)
 Malaysia 21 -4 13 -2
 New Zealand 465 0 38 (D)
 Philippines 2 -1 -11 0
 Singapore 6,502 39 4,858 (D)
 Taiwan 2,551 (*) 963 -1
 Other 831 -36 45 8

Addenda:
 European Union (15) (1) 808,301 72,898 304,265 14,846
 OPEC (2) 7,968 (D) -33 (*)

 Manufacturing

 Primary
 Chemicals and Other
 and fabri- Machi- manufac-
 allied cated nery turing
 products metals

 All countries 127,139 25,683 166,198 165,668

Canada 3,175 3,622 16,563 14,588

Europe 119,161 19,132 116,917 123,845

 Austria -8 148 212 619
 Belgium 5,951 (D) 174 904
 Denmark 28 -1 261 1,770
 Finland (D) (D) 414 4,950
 France 31,122 633 23,859 15,565

 Germany 17,630 2,668 11,602 27,988
 Ireland (D) (D) 879 (D)
 Italy 251 189 61 286
 Liechtenstein (*) (D) 5 (D)
 Luxembourg (D) 75 (D) 9,819
 Netherlands 18,973 1,095 13,094 13,803

 Norway 991 (D) 120 (D)
 Spain -6 (D) 5 594
 Sweden (D) (D) 3,076 5,032
 Switzerland 22,965 1,306 (D) (D)
 United Kingdom 17,624 9,958 9,057 23,710
 Other (D) (D) 2,304 2,450

Latin America and Other
 Western Hemisphere -1,808 157 3,533 1,868

 South and Central America -2,959 26 -310 -81
 Brazil -104 -33 -77 71
 Mexico (D) (D) -29 -112
 Panama (D) (D) -3 -31
 Venezuela -8 0 -25 8
 Other (D) 3 -177 -18

 Other Western Hemisphere 1,152 131 3,843 1,950
 Bahamas 1 (D) (D) 4
 Bermuda (D) (D) (D) 100
 Netherlands Antilles (D) -7 (D) 110
 United Kingdom Islands,
 Caribbean 710 (D) 1,545 1,735
 Other -3 (D) (D) 1

Africa (D) (D) -7 -17
 South Africa -82 0 -2 -20
 Other (D) (D) -5 2

Middle East (D) (D) 427 257
 Israel (D) (D) 441 255
 Kuwait (*) 0 2 0
 Lebanon 0 0 (D) (*)
 Saudi Arabia -1 0 -15 2
 United Arab Emirates -1 (*) -1 0
 Other 0 (D) (D) 0

Asia and Pacific 6,213 2,869 28,765 25,127
 Australia 263 258 (D) 1,620
 Hong Kong -40 (D) 173 4
 Japan 5,379 2,377 21,218 23,325
 Korea, Republic of 50 144 710 (D)
 Malaysia -4 (*) -1 20
 New Zealand 1 (*) 2 (D)
 Philippines 1 (*) -13 (*)
 Singapore -112 (D) (D) 21
 Taiwan 732 1 177 54
 Other -57 74 6 14

Addenda:
 European Union (15) (1) 94,464 16,807 70,060 108,088
 OPEC (2) -13 (*) -40 19

 Finance,
 Whole- Depo- except
 sale Retail sitory depository
 trade trade insti- institu-
 tutions tions

 All countries 112,997 35,811 78,094 85,990

Canada 7,484 679 6,022 17,422

Europe 49,039 30,528 56,568 43,077

 Austria 415 (D) (D) (D)
 Belgium 1,149 (D) (D) 2,561
 Denmark (D) 14 (D) (D)
 Finland (D) (D) (D) -41
 France 4,695 (D) 4,967 19,575

 Germany 9,385 1,894 19,394 4,822
 Ireland 5,795 (D) (D) (D)
 Italy 370 1,627 1,061 (D)
 Liechtenstein 109 0 0 3
 Luxembourg 1,596 256 0 282
 Netherlands 7,613 (D) 12,092 2,422

 Norway 89 -3 (D) (D)
 Spain 69 (D) 1,396 (D)
 Sweden 4,400 22 -30 (D)
 Switzerland 2,693 647 (D) 8,057
 United Kingdom (D) 4,426 10,484 3,695
 Other 849 (D) 363 221

Latin America and Other
 Western Hemisphere 4,031 1,883 2,858 5,442

 South and Central America 757 847 2,126 3,935
 Brazil 103 (D) 447 (D)
 Mexico 753 831 283 3,592
 Panama (D) 3 (D) (D)
 Venezuela 6 (*) 587 -3
 Other (D) (D) (D) 42

 Other Western Hemisphere 3,273 1,036 732 1,506
 Bahamas 292 (D) (D) 4
 Bermuda 308 487 (D) (D)
 Netherlands Antilles 465 (D) 179 53
 United Kingdom Islands,
 Caribbean 1,854 291 254 1,646
 Other 354 (D) (D) (D)

Africa 259 (D) (D) (D)
 South Africa (D) 0 0 (D)
 Other (D) (D) (D) (D)

Middle East 157 (D) (D) (D)
 Israel 156 (D) 1,316 (D)
 Kuwait (*) 0 (D) 1
 Lebanon 0 0 0 0
 Saudi Arabia 0 (D) (D) 2
 United Arab Emirates 0 (D) (D) 1
 Other 1 0 49 (D)

Asia and Pacific 52,027 2,642 11,139 18,539
 Australia 104 4 (D) (D)
 Hong Kong 431 (*) 249 (D)
 Japan 48,578 2,306 7,550 16,433
 Korea, Republic of 1,836 41 272 (D)
 Malaysia 17 (D) (D) (D)
 New Zealand 326 (D) 0 6
 Philippines -2 0 18 8
 Singapore 131 117 183 6
 Taiwan 335 (D) 936 (D)
 Other 271 1 438 16

Addenda:
 European Union (15) (1) 45,301 29,844 51,696 34,749
 OPEC (2) 9 (D) 787 2

 Other
 Insurance Real Services indus-
 estate tries

 All countries 120,400 44,163 125,660 113,491

Canada 8,902 6,257 5,940 12,305

Europe 96,353 16,089 91,487 87,005

 Austria -1 39 (D) -19
 Belgium 4 38 1,376 750
 Denmark -4 (D) (D) 392
 Finland (*) (D) 108 (D)
 France 18,200 (D) 22,486 1,218

 Germany 12,216 5,310 6,009 33,544
 Ireland 4,646 287 1,460 (D)
 Italy (D) 88 79 152
 Liechtenstein 0 66 4 28
 Luxembourg (D) (D) 9,633 8,633
 Netherlands 38,911 4,635 16,479 (D)

 Norway (*) (D) -339 -22
 Spain 288 52 1,963 93
 Sweden (D) 765 6,859 337
 Switzerland 13,666 510 3,926 705
 United Kingdom 4,970 2,965 21,295 29,396
 Other (D) 1,033 68 (D)

Latin America and Other
 Western Hemisphere 14,093 6,762 1,349 8,189

 South and Central America (D) 113 484 471
 Brazil (D) (D) -5 (D)
 Mexico -9 -1 451 571
 Panama (D) 161 33 169
 Venezuela 3 (D) -8 (D)
 Other (*) 15 14 -444

 Other Western Hemisphere (D) 6,649 864 7,717
 Bahamas 0 269 -26 -95
 Bermuda 4,963 (D) 505 7,084
 Netherlands Antilles -2 746 145 56
 United Kingdom Islands,
 Caribbean (D) 5,348 75 (D)
 Other (D) (D) 166 (D)

Africa 38 173 (D) 318
 South Africa (D) (*) (D) -1
 Other (D) 173 36 319

Middle East 0 999 (D) -64
 Israel 0 (D) 142 (D)
 Kuwait 0 (D) (D) -2
 Lebanon 0 (D) 0 (*)
 Saudi Arabia 0 56 7 -20
 United Arab Emirates 0 10 0 (D)
 Other 0 31 11 -26

Asia and Pacific 1,014 13,883 25,729 5,738
 Australia -55 (D) (D) 3,338
 Hong Kong -1 189 241 (D)
 Japan 1,045 11,070 14,761 2,534
 Korea, Republic of 17 43 -13 18
 Malaysia 0 1 (D) -26
 New Zealand 0 (D) -1 -14
 Philippines 0 7 (*) -18
 Singapore -1 1,116 83 -32
 Taiwan 8 48 166 (D)
 Other 1 48 118 -69

Addenda:
 European Union (15) (1) 81,021 14,771 87,826 85,930
 OPEC (2) 5 945 77 53

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

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

(p) Preliminary.

(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.
CHART 2
U.S. Direct Investment Position Abroad,
2001: Host-Country Shares

United Kingdom (18.0%)
Canada (10.1%)
Netherlands (9.5%)
Japan (4.6%)
Switzerland (4.6%)
Bermuda (4.5%)
Germany (4.4%)
Mexico (3.8%)
France (2.8%)
Brazil (2.6%)
Ireland (2.5%)
Australia (2.5%)
Other (30.1%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.
CHART 3
Foreign Direct Investment Position
in the United States, 2001:
Parent-Country Shares

United Kingdom (16.5%)
Japan (12.0%)
Netherlands (12.0%)
Germany (11.6%)
France (11.1%)
Switzerland (9.5%)
Canada (8.2%)
Luxembourg (3.0%)
Other (16.0%)

U.S. Bureau of Economic Analysis

Note: Table made from pie chart.


Acknowledgments

The data for U.S. direct investment abroad were drawn 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, assisted by Howard S. Chenkin, Jennifer C. Chilzer, Laura A. Downey, Javier J. Hodge, Marie K. Laddomada, Sherry Lee, Leila C. Morrison, and Dwayne Torney. Computer programming for data estimation and tabulation was provided by Marie Colosimo and Mark A. Ledbetter.

The data for foreign direct investment in the United States were drawn 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, assisted by Peter J. Fox, Michelle L. Granson, Barbara C. Huang, Y. Louise Ku-Graf, Tracy K. Leigh, and Beverly E. Palmer. Computer programming for data estimation and tabulation was provided by Karen E. Poffel, assisted by Paula D. Brown and Tracy K. Leigh.

(1.) According to information from Thomson Financial Securities Data, the worldwide dollar volume of announced merger and acquisition activity decreased nearly 50 percent in 2001.

(2.) 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, decreased 60 percent to $132.9 billion in 2001 from $335.6 billion in 2000. See Thomas W. Anderson, "Foreign Direct Investment in the United States: New Investment in 2001," SURVEY OF CURRENT BUSINESS 82 (June 2002): 28-35. These data cover only transactions involving U.S. businesses newly acquired or established 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 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.

Notwithstanding 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 $70.7 billion, or 53 percent, of outlays to acquire or establish new U.S. affiliates in 2001, compared with $214.3 billion, or 64 percent, in 2000.

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

(4.) For the past two decades, U.S. parent companies have been funneling an increasing share of their direct investments abroad through holding companies. For more information, see the "Technical Note" in Maria Borga and Raymond J. Mataloni, Jr., "Direct Investment Positions for 2000: Country and Industry Detail," SURVEY 81 (July 2001): 23-25.

(5.) A few of the larger acquisitions were accomplished by U.S. shareholders exchanging their stock in the acquired firms for shares in the foreign firms. These self-financing transactions resulted in large, but offsetting, financial flows in the U.S. international transactions accounts: The large inflows on direct investment that resulted from the foreign investors' acquisitions of U.S. companies were offset by the outflows on foreign securities that resulted from the U.S. shareholders receiving the stock of the foreign firms. The outflows were recorded as foreign securities transactions rather than as U.S. direct investment abroad because the exchanges of stock did not result in any single U.S. investor owning as much as 10 percent of the shares of a foreign firm.

(6.) Intercompany debt transactions include affiliates' payables to, and receivables from, their foreign parents and other members of their foreign parent groups (see the box "Key Terms").

(7.) BEA also prepares data on the FDIUS position by country of ultimate beneficial owner; the data are included in the detailed tables on FDIUS that are usually published in the September SURVEY.

(8.) The year-to-year changes in machinery and finance reflected in tables 3.1 and 3.2 were dampened or partly offset by reclassifications of existing affiliates into these industries from "other industries."
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