News Release
International Investment Position of the United States, 1999
Many of BEA's tables are very wide. Printing tips are available.
Investment Position: Russell B. Scholl (202) 606-9579 BEA 00-18 Harlan W. King 606-9571
Direct Investment Detail at Historical Cost:
Foreign Direct Investment in the United States: Sylvia E. Bargas (202) 606-9804 Gregory G. Fouch 606-9831
U.S. Direct Investment Abroad: Jeffrey H. Lowe (202) 606-9865 Mark W. New 606-9875
U.S. Net International Investment Position at Yearend, 1999
At yearend 1999, the value of foreign investments in the United States
exceeded the value of U.S. investments in other countries, according to the
Commerce Department's Bureau of Economic Analysis. The net international
investment position of the United States was a negative $1,082.5 billion with
direct investment valued at the current cost of replacing plant and equipment
and other tangible assets, and the net position was a negative $1,473.7
billion with direct investment valued at the current stock market value of
owners' equity (Table 1).
The negative position valued at the current cost of tangible assets
decreased $29.3 billion from $1,111.8 billion (revised) at yearend 1998, and
the negative position valued at current stock market value increased $66.0
billion from $1,407.7 billion (revised) at yearend 1998. Small changes in the
negative positions reflect net financial inflows that were largely offset by
increases in foreign stock prices for U.S. holdings abroad relative to
increases in U.S. stock prices for foreign holdings in the United States.
Financial inflows for foreign-owned private assets in the United States
increased substantially. Private inflows for net foreign purchases of
U.S. securities other than U.S. Treasury securities and for foreign
direct investment in the United States accelerated to new records. U.S.
liabilities to foreigners reported by U.S. banks and by U.S. nonbanks
increased strongly. Partly offsetting these inflows were net foreign
private sales of U.S. Treasury securities.
Financial outflows for U.S.-owned assets abroad increased, reflecting
record outflows for U.S. direct investment abroad and large merger-
related net U.S. purchases of foreign securities. Outflows for U.S.
claims on foreigners reported by U.S. banks and U.S. nonbanking concerns
also increased strongly.
Strong price appreciation primarily reflected the larger increase in
U.S.-owned assets abroad than in foreign-owned assets in the United
States. Price appreciation in U.S.-held foreign stocks from yearend
1998 to yearend 1999 was widespread and significantly increased the
value of U.S. holdings of foreign stocks and the value of U.S. direct
investment abroad when measured on a market value basis. Stock price
appreciation in foreign-held U.S. stocks significantly increased the
value of foreign holdings of U.S. stocks and the value of foreign direct
investment in the United States when measured on a market value basis,
but was partly offset by price depreciation in U.S. bonds, as U.S.
interest rates rose steeply in 1999.
Net exchange rate depreciation, principally on U.S.-held foreign stocks,
reflected depreciation of the Euro that was partly offset by the
appreciation of Japanese and Canadian currencies against the dollar from
yearend 1998 to yearend 1999.
____________________________________________________________________________
Valuation Methods for Direct Investment
The current-cost method values the U.S. and foreign parents' share 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 method values the owners' equity position of the direct investment position using indexes of stock market prices.
The historical-cost method values assets and liabilities at their book value. This method is only used to present country and industry detail. _________________________________________________________________________
U.S. assets abroad increased $810.0 billion to $5,889.0 billion with
U.S. direct investment valued at current cost, and they increased $1,127.8
billion to $7,173.4 billion with U.S. direct investment valued at market
value. (Position estimates for 1976-98 have been revised. See section on
revisions at the end of this release.)
U.S. holdings of foreign securities increased $530.5 billion to $2,583.4
billion, reflecting large net U.S. purchases and strong foreign price
appreciation, partly offset by exchange rate depreciation, mainly of European
stocks. U.S. holdings of foreign stocks were significantly bolstered by
merger-related exchanges of stocks, mostly with European firms. U.S. holdings
of foreign bonds decreased, as price and exchange rate depreciation more than
offset small U.S. net purchases.
U.S. direct investment abroad at current cost increased $124.1 billion
to $1,331.2 billion; at market value, it increased $442.0 billion to $2,615.5
billion. Net financial outflows increased to a record $150.9 billion. By
account: Net equity capital outflows slowed but remained strong, bolstered by
a few large mergers; reinvested earnings increased sharply as a result of
growth in total earnings and a slowdown in earnings repatriated to U.S.
parents; and net intercompany debt outflows strengthened. At current cost,
large financial outflows more than accounted for the increase in the position.
At market value, financial outflows were augmented by a substantial increase
in U.S. owners' equity as a result of the sharp rise in foreign stock prices
from yearend 1998 to yearend 1999, particularly in Western Europe, Canada, and
Japan.
Claims on foreigners reported by U.S. banks increased $89.2 billion to
$1,110.1 billion. U.S. bank lending to Europe strengthened, fueled by
financing requirements of large mergers and acquisitions, while lending to
Japan fell. In addition, U.S. brokers and dealers resumed lending to
international bond funds in the Caribbean, and U.S. banks' customers
accelerated their investments in foreign commercial and other short-term
paper.
Claims on unaffiliated foreigners reported by U.S. nonbanking concerns
increased $78.3 billion to $643.7 billion; U.S. deposits in foreign banks
accelerated sharply.
U.S. official reserve assets decreased $9.6 billion to $136.4 billion,
mostly reflecting a drop in the U.S. reserve position in the International
Monetary Fund and a drop in foreign currency reserves.
Foreign assets in the United States increased $780.7 billion to $6,971.5
billion with foreign direct investment valued at current cost, and they
increased $1,193.8 billion to $8,647.1 billion with foreign direct investment
valued at market value. (Position estimates for 1976-98 have been revised.
See section on revisions at the end of this release.)
Foreign holdings of U.S. securities other than U.S. Treasury securities
increased $496.9 billion to $2,509.3 billion, mostly as a result of record net
purchases and sizeable price appreciation from rising U.S. stock prices,
partly offset by bond price depreciation. Record net purchases of U.S.
stocks, mostly from Western Europe and Japan, and sharply higher U.S. stock
prices between yearend 1998 and yearend 1999 both contributed to larger
foreign holdings. Record net foreign purchases of U.S. bonds, especially U.S.
federally-sponsored agency bonds, were spurred by rising U.S. bond yields and
large new issues of agency bonds.
Foreign direct investment in the United States valued at current cost
increased $196.6 billion to $1,125.2 billion; at market value, it increased
$609.7 billion to $2,800.7 billion. Net financial inflows of $275.5 billion
substantially exceeded the prior year's record. By account: Net equity
capital inflows increased sharply to a record level, boosted by several very
large acquisitions during the year; reinvested earnings rose sharply; and net
intercompany debt inflows increased. At current cost, large financial inflows
more than accounted for the increase in the position. At market value, large
net financial inflows were augmented by substantial price appreciation in
owners' equity, resulting from the rise in U.S. stock prices.
Liabilities to private foreigners and international financial
institutions reported by U.S. banks increased $66.3 billion to $1,082.5
billion, representing heightened U.S. and international demand for credit and
a widening of short-term interest rate differentials in favor of investment in
U.S. dollar assets. Inflows from banks' own offices in the Caribbean and
Western Europe were partly offset by a decrease in inflows from Japan.
Holdings of U.S. Treasury securities by private foreigners and
international financial institutions decreased $69.0 billion to $660.7
billion. The decrease reflected the shift to net foreign sales and
significant price depreciation of U.S. Government bonds, as U.S. long-term
interest rates rose strongly during the year.
U.S. currency held by foreigners increased $22.4 billion to $250.7
billion; U.S. currency shipments abroad accelerated in the fourth quarter,
partly reflecting concerns over potential Y2K disruptions.
Liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns increased $35.9 billion to $473.8 billion, reversing a small decrease
in 1998.
Foreign official assets in the United States increased $31.6 billion to
$869.3 billion; net financial inflows, largely in the second half of the year,
were partly offset by price depreciation in U.S. securities.
Detailed estimates of the U.S. direct investment position abroad and of
the foreign direct investment position in the United States are presented in
tables 2 and 3. These detailed estimates by country and by industry are
available only on a historical-cost basis.
* * *
Revisions
* The negative international investment position for yearend 1998 has
been revised from $1,239.2 billion to $1,111.8 billion with direct investment
at current cost, and from $1,537.5 billion to $1,407.7 billion with direct
investment at market value. The major sources of these revisions are listed
below.
* Estimates of U.S. holdings of foreign securities have been revised for
1997 and 1998, reflecting incorporation of final results of the U.S. Treasury
Department's Benchmark Survey of U.S. Portfolio Investment Abroad as of
December 31, 1997. Previously, only preliminary results were available. The
benchmark survey covered U.S. ownership of outstanding foreign long-term
securities as of December 31, 1997. (The new position data, as well as
reported yields on foreign securities, also enabled BEA to develop improved
estimates of the associated dividend and interest income receipts, which have
been incorporated into BEA's revised international transactions accounts,
released on June 20, 2000.)
* Position estimates of U.S. holdings of foreign securities were also
revised based on revised estimates of financial flows for 1995-99. These
revised net purchases are the result of a more complete accounting for large-
scale foreign acquisitions of U.S. companies accomplished via exchanges of
stock, and of increases to account for transactions that are not fully
captured by the statistical reporting system. (These improvements also
affected associated dividend and interest income receipts in BEA's revised
international transactions accounts, released on June 20, 2000).
* Estimates of U.S. direct investment abroad and foreign direct
investment in the United States positions on the current-cost basis have been
revised back to 1976 to incorporate improved estimates of the current-cost
adjustment. Revised estimates of prices for equipment and structures are now
incorporated into the current-cost adjustment. (These improvements also
affected income and financial flows in BEA's revised international
transactions accounts, released on June 20, 2000.)
* * *
BEA's major national, regional, international, and industry estimates,
the Survey of Current Business, and BEA news releases are available on BEA's
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Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:
(202) 606-5362 U.S. international transactions
-5306 Gross domestic product
-5303 Personal income and outlays
Most of BEA's estimates and analyses appear in the Survey of Current
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Table 1 International Investment Position of the United States at Yearend, 1998 and 1999 [Millions of dollars]
Changes in 1999 (decrease (-))
Line Type of investment Position Attributable to : Position
1998/r/ Valuation adjustments 1999/p/
Exchange Total
Financial Price rate Other
flows changes changes/1/changes/2/ (a+b+c+d)
(a) (b) (c) (d)
Net international investment position of the United States:
1 With direct investment positions at current cost (line 3 less line 16)............. -1,111,813 -323,377 344,215 -60,235 68,702 29,305 -1,082,508
2 With direct investment positions at market value (line 4 less line 17)............. -1,407,670 -323,377 301,897 -57,364 12,829 -66,015 -1,473,685
U.S.-owned assets abroad:
3 With direct investment positions at current cost (lines 5+6+7).................. 5,079,056 430,187 455,115 -71,115 -4,215 809,972 5,889,028
4 With direct investment positions at market value (lines 5+6+8).................. 6,045,544 430,187 755,413 -63,035 5,264 1,127,829 7,173,373
5 U.S. official reserve assets........................................................ 146,006 -8,747 642 -1,500 17 -9,588 136,418 6 U.S. Government assets, other than official reserve assets.......................... 86,768 -2,751 ........ 7 202 -2,542 84,226
U.S. private assets:
7 With direct investment at current cost (lines 9+11+14+15)................... 4,846,282 441,685 454,473 -69,622 -4,434 822,102 5,668,384
8 With direct investment at market value (lines 10+11+14+15).................. 5,812,770 441,685 754,771 -61,542 5,045 1,139,959 6,952,729
Direct investment abroad:
9 At current cost.............................................................. 1,207,059 150,901 5,475 -17,646 -14,602 124,128 1,331,187
10 At market value.............................................................. 2,173,547 150,901 305,773 -9,566 -5,123 441,985 2,615,532
11 Foreign securities.............................................................. 2,052,929 128,594 448,998 -47,135 ........ 530,457 2,583,386
12 Bonds....................................................................... 576,745 14,193 -31,341 -2,849 ........ -19,997 556,748
13 Corporate stocks............................................................ 1,476,184 114,401 480,339 -44,286 ........ 550,454 2,026,638
14 U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns......................................................... 565,466 92,328 ........ -8,037 -6,010 78,281 643,747
15 U.S. claims reported by U.S. banks, not included elsewhere...................... 1,020,828 69,862 ........ 3,196 16,178 89,236 1,110,064
Foreign-owned assets in the United States:
16 With direct investment at current cost (lines 18+19)........................... 6,190,869 753,564 110,900 -10,880 -72,917 780,667 6,971,536
17 With direct investment at market value (lines 18+20)........................... 7,453,214 753,564 453,516 -5,671 -7,565 1,193,844 8,647,058
18 Foreign official assets in the United States....................................... 837,701 42,864 -11,231 ........ ........ 31,633 869,334
Other foreign assets:
19 With direct investment at current cost
(lines 21+23+24+27+28+29)................................................ 5,353,168 710,700 122,131 -10,880 -72,917 749,034 6,102,202
20 With direct investment at market value
(lines 22+23+24+27+28+29)............................................... 6,615,513 710,700 464,747 -5,671 -7,565 1,162,211 7,777,724
Direct investment in the United States:
21 At current cost............................................................. 928,645 275,533 1,766 -5,209 -75,521 196,569 1,125,214
22 At market value............................................................. 2,190,990 275,533 344,382 ........ -10,169 609,746 2,800,736
23 U.S. Treasury securities....................................................... 729,738 -20,464 -48,552 ........ ........ -69,016 660,722
24 U.S. securities other than U.S. Treasury securities............................ 2,012,431 331,523 168,917 -3,549 ........ 496,891 2,509,322
25 Corporate and other bonds.................................................. 902,155 232,814 -67,690 -3,549 ........ 161,575 1,063,730
26 Corporate stocks........................................................... 1,110,276 98,709 236,607 ........ ........ 335,316 1,445,592
27 U.S. currency.................................................................. 228,250 22,407 ........ ........ ........ 22,407 250,657
28 U.S. liabillities to unaffiliated foreigners reported by U.S.
nonbanking concerns........................................................ 437,973 34,298 ........ -1,050 2,604 35,852 473,825
29 U.S. liabilities reported by U.S. banks, not included elsewhere................ 1,016,131 67,403 ........ -1,072 ........ 66,331 1,082,462
r Revised. p Preliminary. 1. Represents gains or losses on foreign currency-denominated assets due to their revaluation at current exchange rates. 2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value of assets.
Table 2--U.S. Direct Investment Position Abroad on a Historical-Cost Basis
[Millions of dollars]
1998 1999
All Petro- Manu- Whole- Depos- Finance Serv- Other All Petro- Manu- Whole- Depos- Finance Serv- Other
industries leum facturing sale itory (except ices indus- industries leum facturing sale itory (except ices indus-
trade institi- depos- tries trade institi- depos- tries
tutions itory tutions itory
institi- institi-
tutions), tutions),
insurance insurance
and real and real
estate estate
All countries .......................................... 1,014,012 92,964 294,129 70,014 40,582 375,965 60,696 79,663 1,132,622 99,925 318,121 80,148 39,937 436,024 68,763 89,705
Canada ...................................................... 101,871 13,573 41,780 7,376 1,199 22,860 4,783 10,300 111,707 16,416 44,023 8,982 1,977 25,084 6,438 8,785
Europe ...................................................... 528,113 33,824 150,714 39,073 23,874 214,000 37,377 29,251 581,791 33,990 161,627 46,466 23,368 237,659 42,379 36,301
Austria ................................................. 3,850 152 1,060 504 (D) (D) 203 -31 3,696 (D) 1,115 603 (D) 140 158 -65
Belgium ................................................. 18,637 156 8,497 2,617 321 4,748 2,365 -67 17,285 109 7,176 3,456 365 3,728 2,593 -142
Denmark ................................................. 2,854 582 589 (D) (*) (D) 151 54 3,887 762 1,449 (D) (*) 869 99 (D)
Finland ................................................. 1,695 40 994 296 20 (D) 70 (D) 1,355 32 486 351 20 259 64 143
France .................................................. 42,067 1,083 19,826 2,720 1,688 9,689 5,094 1,967 39,984 1,044 17,210 2,839 1,652 10,583 5,400 1,257
Germany ................................................. 46,405 3,245 22,219 3,173 1,507 12,153 2,082 2,025 49,617 2,683 24,351 3,197 1,388 14,131 2,373 1,493
Greece .................................................. 639 (D) 90 93 155 128 46 (D) 602 (D) 66 85 138 146 (D) (D)
Ireland ................................................. 16,991 (D) 7,915 276 (D) 7,170 1,103 (D) 19,823 (D) 8,949 235 -7 7,960 1,994 (D)
Italy ................................................... 16,008 (D) 8,309 2,631 334 882 2,448 (D) 17,595 (D) 9,394 2,129 390 1,656 2,397 (D)
Luxembourg .............................................. 14,524 (D) 2,563 (D) 257 11,089 37 17 15,263 53 2,569 (D) 228 11,700 (D) 18
Netherlands ............................................. 93,592 2,831 15,643 7,799 93 59,154 7,220 852 106,436 3,296 19,508 8,498 (D) 64,199 9,031 (D)
Norway .................................................. 7,015 3,801 841 229 (D) 1,549 309 (D) 6,601 4,078 871 314 (D) 640 273 (D)
Portugal ................................................ 1,476 (D) 359 344 239 262 122 (D) 1,478 (D) 436 355 (D) 173 158 69
Spain ................................................... 13,676 199 8,414 1,525 2,115 515 548 361 12,456 200 7,786 1,245 2,022 435 465 304
Sweden .................................................. 5,339 79 1,809 298 (D) 1,500 1,059 (D) 9,595 86 2,207 -41 (D) 5,604 1,039 (D)
Switzerland ............................................. 40,144 5 5,197 8,128 2,588 22,268 1,519 438 51,227 271 5,702 14,289 2,844 25,684 1,865 571
Turkey .................................................. 1,074 82 594 -18 224 (D) 57 (D) 1,299 79 736 -27 292 7 67 146
United Kingdom .......................................... 192,663 18,372 43,633 7,000 10,491 79,208 12,844 21,116 213,070 17,443 49,699 7,175 9,778 86,659 14,285 28,031
Other ................................................... 9,465 1,665 2,163 400 (D) (D) 100 1,335 10,522 2,028 1,918 494 (D) 3,085 50 (D)
Latin America and Other Western Hemisphere .................. 200,477 8,275 49,627 6,840 3,429 103,899 6,972 21,436 223,182 8,715 51,294 7,620 2,371 124,072 6,203 22,908
South America ........................................... 74,254 5,541 30,872 1,999 4,782 13,689 3,334 14,038 74,839 6,364 28,491 1,761 5,595 15,365 2,222 15,041
Argentina ........................................... 12,834 677 3,600 423 1,840 3,533 905 1,856 14,187 601 3,537 488 2,205 4,837 597 1,922
Brazil .............................................. 38,195 1,728 22,760 517 1,662 5,173 1,777 4,577 35,003 1,703 20,225 355 2,034 5,225 848 4,613
Chile ............................................... 9,351 18 1,022 380 636 3,634 201 3,461 9,886 33 1,323 365 656 3,404 211 3,893
Colombia ............................................ 3,732 954 1,092 154 180 807 59 486 4,029 973 1,212 130 (D) 929 62 (D)
Ecuador ............................................. 1,017 577 196 66 21 86 4 67 1,202 639 285 66 (D) 123 4 (D)
Peru ................................................ 2,088 122 210 102 54 279 32 1,288 2,532 268 192 81 133 293 48 1,516
Venezuela ........................................... 5,729 1,298 1,802 261 85 64 327 1,891 6,750 2,048 1,538 149 50 434 428 2,104
Other ............................................... 1,308 167 189 96 304 112 28 412 1,250 98 178 126 302 121 24 401
Central America ......................................... 57,764 1,245 17,057 2,843 844 29,362 1,725 4,689 70,774 1,288 20,265 2,534 1,342 38,395 1,599 5,350
Costa Rica .......................................... 2,080 28 619 (D) 0 (D) (*) (D) 1,646 30 663 867 0 4 -2 83
Guatemala ........................................... 405 134 189 26 5 12 5 34 453 146 217 25 (D) (D) 4 (D)
Honduras ............................................ 117 (D) 190 2 5 29 0 (D) 56 (D) 212 2 5 4 0 (D)
Mexico .............................................. 28,396 (D) 15,891 989 699 4,946 (D) 4,589 34,265 188 18,861 1,167 1,182 6,308 1,303 5,257
Panama .............................................. 25,982 620 137 (D) 118 24,103 (D) (D) 33,429 648 157 442 131 31,805 285 -38
Other ............................................... 785 (D) 30 25 18 (D) 8 (D) 924 (D) 156 31 (D) (D) 9 190
Other Western Hemisphere ................................ 68,459 1,489 1,698 1,999 -2,198 60,848 1,914 2,710 77,569 1,063 2,537 3,325 -4,567 70,312 2,382 2,516
Bahamas ............................................. 160 58 81 98 -1,551 1,306 117 51 1,065 15 89 75 -2,193 2,871 154 55
Barbados ............................................ 950 82 5 189 (D) 308 313 (D) 1,131 (D) 22 268 25 389 289 (D)
Bermuda ............................................. 40,403 (D) 3 1,122 0 37,788 1,277 (D) 45,959 (D) (D) 1,901 0 42,367 1,657 (D)
Dominican Republic .................................. 653 (D) 371 22 (D) (*) (D) 105 952 156 470 29 71 (*) 20 205
Jamaica ............................................. 2,100 (D) 144 (D) 11 6 39 1,648 2,469 (D) 262 266 14 (D) 46 (D)
Netherlands Antilles ................................ 4,372 (D) 27 (D) 5 4,299 (D) (*) 4,377 (D) 27 20 0 4,311 (D) (*)
Trinidad and Tobago ................................. 1,005 703 54 20 (D) (D) 1 (D) 1,094 790 48 21 (D) (D) 1 (D)
United Kingdom Islands, Caribbean ................... 18,203 306 (D) 315 -769 16,677 114 (D) 19,948 304 1,271 743 -2,561 19,867 154 171
Other ............................................... 614 167 (D) (*) 7 (D) 35 (D) 573 50 (D) 3 (D) (D) (D) (D)
Africa ...................................................... 14,241 9,806 1,829 204 338 627 178 1,257 15,062 9,629 1,964 179 363 905 307 1,715
Egypt ................................................... 2,036 1,452 430 28 163 0 -48 13 2,213 1,485 573 48 177 0 -81 11
Nigeria ................................................. 1,788 1,559 55 1 (D) (D) 0 4 1,375 1,148 65 5 (D) (D) 0 5
South Africa ............................................ 2,312 (D) 855 111 (D) 245 168 (D) 3,258 372 836 87 (D) 605 317 (D)
Other ................................................... 8,105 (D) 489 64 (D) (D) 59 (D) 8,216 6,623 490 39 119 (D) 72 (D)
Middle East ................................................. 10,632 2,951 2,376 296 850 2,300 428 1,430 11,137 3,246 2,321 335 834 2,448 777 1,177
Israel .................................................. 2,922 41 2,191 (D) 0 389 (D) (D) 3,199 4 2,168 130 0 405 381 111
Saudi Arabia ............................................ 4,276 272 154 (D) 687 1,621 270 (D) 4,231 237 144 97 (D) 1,701 290 (D)
United Arab Emirates .................................... 687 277 80 112 (D) (D) 71 (D) 543 221 90 107 (D) (D) 65 -36
Other ................................................... 2,747 2,361 -48 1 (D) (D) (D) (D) 3,163 2,785 -81 1 -39 (D) 41 (D)
Asia and Pacific ............................................ 155,364 22,546 47,803 16,225 10,892 32,278 10,957 14,663 185,912 25,347 56,891 16,566 11,025 45,856 12,659 17,568
Australia ............................................... 31,150 4,100 6,952 2,210 2,585 6,222 2,299 6,782 33,662 3,344 7,646 2,146 2,705 8,465 2,190 7,167
China ................................................... 6,481 938 3,785 222 127 795 44 570 7,766 991 4,789 201 69 784 260 673
Hong Kong ............................................... 18,421 598 3,292 4,319 1,766 4,604 997 2,844 20,848 398 3,798 4,851 1,873 5,766 1,141 3,022
India ................................................... 1,460 190 367 93 402 343 38 26 1,189 -386 466 128 420 263 50 247
Indonesia ............................................... 7,916 5,019 203 (D) 186 207 58 (D) 10,504 7,378 66 8 287 287 53 2,424
Japan ................................................... 35,633 4,402 12,053 3,823 551 8,649 5,785 370 47,786 4,419 13,332 5,429 608 14,928 7,132 1,938
Korea, Republic of ...................................... 7,395 (D) 2,818 638 2,243 23 453 (D) 8,749 1,550 3,651 810 2,110 47 533 48
Malaysia ................................................ 5,743 833 3,705 183 393 352 276 (*) 5,989 1,041 3,555 139 440 483 343 -13
New Zealand ............................................. 6,041 330 797 245 (D) 3,491 36 (D) 6,080 177 768 255 (D) 3,676 32 (D)
Philippines ............................................. 3,930 283 1,564 157 288 1,204 199 234 3,792 601 1,270 184 283 1,028 223 203
Singapore ............................................... 18,427 2,695 7,085 2,786 735 4,419 627 79 24,781 2,815 11,367 1,354 532 8,103 519 91
Taiwan .................................................. 6,262 49 3,450 487 611 1,449 77 138 6,860 60 3,631 614 691 1,577 101 185
Thailand ................................................ 5,383 1,211 1,732 1,003 485 452 39 461 6,966 2,529 2,571 416 625 385 49 391
Other ................................................... 1,123 (D) (*) (D) (D) 66 28 31 940 430 -18 31 (D) 62 33 (D)
International 1/ ............................................ 3,315 1,990 .... .... .... .... .... 1,325 3,832 2,580 .... .... .... .... .... 1,252
* Less than $500,000 (+/-). D Suppressed to avoid disclosure of data of individual companies. 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.
Table 3.--Foreign Direct Investment Position in the United States on a Historical-Cost Basis at Yearend [Millions of dollars]
1998 1999
All Petro- Manufac- Trade Deposi- Finance, Insur- Real Other All Petro- Manufac- Trade Deposi- Finance, Insur- Real Other
indus- leum turing tory except ance estate indus- indus- leum turing tory except ance estate indus-
tries insti- deposi- tries tries insti- deposi- tries
tutions tory tutions tory
insti- insti-
tutions tutions
All countries ................................................... 793,748 51,729 334,898 111,069 43,804 45,895 77,785 43,558 85,011 986,668 55,940 391,013 132,321 60,118 52,133 101,760 44,720 148,664
Canada ............................................................. 74,143 2,526 26,507 5,204 2,664 7,874 7,624 9,080 12,662 79,716 2,836 26,270 5,450 2,905 10,718 9,712 9,925 11,902
Europe ............................................................. 528,601 46,008 251,750 62,235 25,547 16,817 63,117 11,869 51,257 685,845 49,642 305,543 68,304 43,815 18,630 78,355 13,252 108,305
Austria .......................................................... 1,969 (D) 360 (D) (D) (D) 1 7 (D) 2,483 (D) 674 (D) (D) (D) 1 7 19
Belgium .......................................................... 10,966 (D) 4,068 1,831 (D) 2,108 2 49 (D) 11,448 204 3,972 (D) (D) 2,465 1 46 2,255
Denmark .......................................................... 3,312 5 831 1,879 (D) (D) -4 (D) 326 4,959 3 956 3,625 (D) (D) -4 (D) 273
Finland .......................................................... 4,106 (D) 1,262 1,914 (D) -46 (D) 15 (D) 4,816 (D) 1,435 2,959 (D) (D) 5 18 (D)
France ........................................................... 58,051 (D) 38,087 2,447 2,598 5,140 4,715 (D) 4,586 77,622 (D) 39,087 2,350 2,778 5,093 4,827 (D) 22,199
Germany .......................................................... 94,404 138 54,392 11,730 5,644 1,673 10,196 3,002 7,628 111,138 173 59,303 12,162 15,073 -712 10,882 3,802 10,457
Ireland .......................................................... 12,484 739 2,674 (D) (D) -203 1,799 33 1,706 17,969 699 3,868 (D) (D) -49 5,930 40 1,673
Italy ............................................................ 4,143 (D) 918 938 1,089 (D) (D) 72 (D) 4,982 (D) 1,050 1,591 1,199 (D) 317 76 388
Liechtenstein .................................................... 109 0 (D) 56 0 4 0 42 (D) 135 0 -1 88 0 (D) 0 64 (D)
Luxembourg ....................................................... 26,650 93 (D) (D) 0 116 (D) (D) (D) 54,894 (D) 45,305 (D) 0 1,024 (D) 145 6,270
Netherlands ...................................................... 98,926 11,400 38,041 12,853 7,089 3,451 16,855 5,561 3,677 130,703 11,083 42,922 (D) 14,257 3,578 30,577 5,754 (D)
Norway ........................................................... 3,833 (D) 1,938 162 (D) -5 2 44 (D) 4,201 1,240 2,044 223 (D) (D) 1 41 628
Spain ............................................................ 2,285 -3 728 236 1,111 -75 168 48 72 2,629 -6 1,014 242 1,177 (D) 162 (D) 50
Sweden ........................................................... 15,139 (D) 7,335 (D) (D) (D) 831 924 1,293 17,904 (D) 6,856 4,863 -24 (D) (D) 990 (D)
Switzerland ...................................................... 48,403 243 24,253 2,565 (D) 1,232 15,021 230 (D) 55,280 572 27,814 3,274 (D) 1,020 15,538 140 (D)
United Kingdom ................................................... 143,165 30,069 54,765 14,958 3,382 2,933 12,266 1,452 23,338 183,145 33,446 68,242 13,571 3,322 6,056 8,683 1,716 48,108
Other ............................................................ 654 11 389 (D) 11 4 (*) 111 (D) 1,537 8 1,000 (D) 180 4 (D) 125 -13
Latin America and Other Western
Hemisphere ................................... 27,854 917 4,351 3,018 3,728 2,013 5,620 4,057 4,150 44,591 1,836 6,028 3,350 2,750 2,332 12,170 4,012 12,113
South and Central America ........................................ 9,819 -693 1,159 299 2,802 428 (D) 190 (D) 10,606 -370 1,980 441 1,868 709 (D) 81 (D)
Brazil ......................................................... 635 (D) -176 -29 680 (D) (D) (D) 19 651 (D) -157 45 425 (D) (D) -6 -23
Mexico ......................................................... 2,432 -8 1,315 456 75 26 2 54 512 3,612 -3 2,243 (D) 199 (D) 1 57 668
Panama ......................................................... 6,504 (D) 165 -101 (D) 290 (D) 148 297 5,896 13 89 59 108 300 (D) 90 (D)
Venezuela ...................................................... -529 (D) -23 (*) 260 -1 6 (D) 51 -170 (D) -42 4 271 -2 7 -64 (D)
Other .......................................................... 778 10 -123 -27 (D) (D) 11 6 (D) 617 9 -154 (D) 865 (D) 11 4 (D)
Other Western Hemisphere ......................................... 18,034 1,611 3,192 2,719 925 1,585 (D) 3,867 (D) 33,984 2,206 4,048 2,909 882 1,623 (D) 3,932 (D)
Bahamas ........................................................ 2,077 (D) 147 (D) (D) (D) 0 385 417 2,163 (D) 136 (D) (D) (D) 0 371 411
Bermuda ........................................................ 3,740 182 219 520 5 -21 597 594 1,646 13,054 153 862 (D) 4 53 1,646 591 (D)
Netherlands Antilles ........................................... 2,844 (D) 788 700 (D) 21 -2 331 69 2,695 607 1,268 388 113 11 -2 278 32
United Kingdom Islands, Caribbean .............................. 9,009 506 2,054 858 642 (D) (D) 2,652 1,022 13,883 1,247 1,789 1,882 587 (D) (D) 2,603 (D)
Other .......................................................... 363 (D) -16 (D) 3 24 (D) -94 (D) 2,189 (D) -6 (D) (D) 23 (D) 88 48
Africa ............................................................. 862 3 -92 115 47 445 0 115 230 1,545 20 -172 448 41 494 (*) 168 546
South Africa ..................................................... 121 2 -85 (D) 0 (D) 0 (D) (D) 427 1 -103 (D) 0 (D) 0 -6 342
Other ............................................................ 741 (*) -7 (D) 47 (D) 0 (D) (D) 1,118 19 -69 (D) 41 (D) (*) 173 204
Middle East ........................................................ 6,346 925 691 180 904 201 0 3,297 148 7,087 868 1,150 186 934 330 0 3,371 249
Israel ........................................................... 2,084 -3 867 (D) 793 (D) 0 (D) 68 2,680 0 1,144 (D) 848 (D) 0 (D) (D)
Kuwait ........................................................... (D) (D) 1 0 (D) (D) 0 3,222 (D) 3,391 (D) 1 0 (D) (D) 0 3,305 (D)
Lebanon .......................................................... -19 0 (D) -1 0 0 0 (D) (*) -21 0 (D) -1 0 0 0 (D) (*)
Saudi Arabia ..................................................... (D) (D) -6 (D) (D) 2 0 (D) (D) 949 (D) -3 4 9 2 0 38 (D)
United Arab Emirates ............................................. 43 -11 -2 (D) (D) 1 0 12 (D) 16 (D) -4 (D) (D) 1 0 11 6
Other ............................................................ -102 0 (D) -2 48 -5 0 42 (D) 72 (D) (D) (D) 44 (D) 0 43 (D)
Asia and Pacific ................................................... 155,943 1,350 51,691 40,317 10,913 18,545 1,423 15,139 16,565 167,884 737 52,195 54,584 9,673 19,629 1,523 13,992 15,550
Australia ........................................................ 12,883 780 2,142 -22 157 (D) (D) 744 (D) 10,818 763 2,574 16 (D) 2,094 (D) 483 4,452
Hong Kong ........................................................ 1,578 (D) 385 423 224 (D) 1 204 334 1,210 (D) 484 372 206 (D) 1 175 -41
Japan ............................................................ 134,590 734 47,347 37,793 8,803 16,518 991 12,688 9,716 148,947 165 47,277 51,799 7,478 17,593 1,074 11,836 11,724
Korea, Republic of ............................................... 974 (D) 15 (D) 35 (D) (D) 46 17 1,520 (D) 234 1,237 36 146 (D) 36 -8
Malaysia ......................................................... 100 (D) 54 22 (D) (D) 0 74 122 -20 (*) 38 8 (D) (D) 0 3 118
New Zealand ...................................................... 337 0 23 (D) (D) 0 (D) 71 19 329 0 20 (D) 0 0 (D) 102 16
Philippines ...................................................... 93 (*) 11 -4 102 0 -6 -2 -8 116 (*) 15 -19 142 0 -8 -2 -11
Singapore ........................................................ 1,561 -11 243 303 118 -3 (*) 1,303 -391 1,049 (*) 237 (D) 114 -26 (*) (D) -843
Taiwan ........................................................... 3,144 -2 1,454 (D) 857 20 7 35 (D) 2,983 -4 1,257 575 953 15 9 33 144
Other ............................................................ 683 -22 16 124 600 5 2 -24 -18 932 -17 60 225 693 5 (D) (D) -3
* Less than $500,000 (+/-).
D Suppressed to avoid disclosure of data of individual companies.
Table 4.--International Investment Position of the United States at Yearend, 1976-99
(Millions of dollars)
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Line Type of investment 1976/r/ 1977/r/ 1978/r/ 1979/r/ 1980/r/ 1981/r/ 1982/r/ 1983/r/ 1984/r/ 1985/r/ 1986/r/ 1987/r/ 1988/r/ 1989/r/ 1990/r/ 1991/r/ 1992/r/ 1993/r/ 1994/r/ 1995/r/ 1996/r/ 1997/r/ 1998/r/ 1999/p/
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________
Net international investment position of the United States:
1 With direct investment positions at current cost (line 3 less line 24)........................... 164,832 171,440 206,423 316,926 360,838 339,767 328,954 298,304 160,695 54,343 -36,209 -80,007 -178,470 -259,506 -245,347 -309,259 -431,198 -306,956 -311,872 -514,637 -596,554 -970,503 -1,111,806 -1,082,508
2 With direct investment positions at market value (line 4 less line 25)........................... ..... ..... ..... ..... ..... ..... 235,947 257,393 134,088 96,886 100,782 50,529 10,466 -46,987 -164,495 -260,819 -452,305 -178,020 -170,505 -418,648 -542,751 -1,065,480 -1,407,663 -1,473,685
U.S.-owned assets abroad:
3 With direct investment at current cost (lines 5+10+15)......................................... 456,964 512,278 621,227 786,701 929,806 1,001,667 1,108,436 1,210,974 1,204,900 1,287,396 1,469,396 1,646,527 1,829,665 2,070,868 2,178,978 2,286,456 2,331,696 2,753,648 2,998,633 3,451,983 4,008,872 4,557,945 5,079,063 5,889,028
4 With direct investment at market value (lines 5+10+16)........................ ..... ..... ..... ..... ..... ..... 961,015 1,129,673 1,127,132 1,302,712 1,594,652 1,758,711 2,008,365 2,350,235 2,294,085 2,470,629 2,466,496 3,057,669 3,279,871 3,873,632 4,548,579 5,277,399 6,045,551 7,173,373
5 U.S. official reserve assets..................................................................... 44,094 53,376 69,450 143,260 171,412 124,568 143,445 123,110 105,040 117,930 139,875 162,370 144,179 168,714 174,664 159,223 147,435 164,945 163,394 176,061 160,739 134,836 146,006 136,418
6 Gold /1/....................................................................................... 36,944 45,781 62,471 135,476 155,816 105,644 120,635 100,484 81,202 85,834 102,428 127,648 107,434 105,164 102,406 92,561 87,168 102,556 100,110 101,279 96,698 75,929 75,291 75,950
7 Special drawing rights......................................................................... 2,395 2,629 1,558 2,724 2,610 4,096 5,250 5,025 5,641 7,293 8,395 10,283 9,637 9,951 10,989 11,240 8,503 9,039 10,039 11,037 10,312 10,027 10,603 10,336
8 Reserve position in the International Monetary Fund............................................ 4,434 4,946 1,047 1,253 2,852 5,054 7,348 11,312 11,541 11,947 11,730 11,349 9,745 9,048 9,076 9,488 11,759 11,818 12,030 14,649 15,435 18,071 24,111 17,950
9 Foreign currencies............................................................................. 321 20 4,374 3,807 10,134 9,774 10,212 6,289 6,656 12,856 17,322 13,090 17,363 44,551 52,193 45,934 40,005 41,532 41,215 49,096 38,294 30,809 36,001 32,182
10 U.S. Government assets, other than official reserve assets....................................... 44,978 48,567 53,187 58,851 65,573 70,893 76,903 81,664 86,945 89,792 91,850 90,681 87,892 86,643 84,344 81,422 83,022 83,382 83,908 85,064 86,123 86,198 86,768 84,226
11 U.S. credits and other long-term assets /2/.................................................... 44,124 47,749 52,252 57,909 63,731 69,320 75,105 79,852 84,857 87,854 90,923 89,900 87,163 86,057 83,716 79,776 81,352 81,435 81,884 82,802 83,999 84,130 84,850 81,657
12 Repayable in dollars......................................................................... 41,309 45,154 49,817 54,616 60,731 66,591 72,635 77,618 82,819 85,978 89,271 88,344 85,768 84,734 82,602 78,814 80,498 80,660 81,389 82,358 83,606 83,780 84,528 81,367
13 Other /3/.................................................................................... 2,815 2,595 2,435 3,293 3,000 2,729 2,470 2,234 2,038 1,876 1,652 1,556 1,395 1,323 1,114 962 854 775 495 444 393 350 322 290
14 U.S. foreign currency holdings and U.S. short-term assets...................................... 854 818 935 942 1,842 1,573 1,798 1,812 2,088 1,938 927 781 729 586 628 1,646 1,670 1,947 2,024 2,262 2,124 2,068 1,918 2,569
U.S. private assets:
15 With direct investment at current cost (lines 17+19+22+23)................................... 367,892 410,335 498,590 584,590 692,821 806,206 888,088 1,006,200 1,012,915 1,079,674 1,237,671 1,393,476 1,597,594 1,815,511 1,919,970 2,045,811 2,101,239 2,505,321 2,751,331 3,190,858 3,762,010 4,336,911 4,846,289 5,668,384
16 With direct investment at market value (lines 18+19+22+23)................................... ..... ..... ..... ..... ..... ..... 740,667 924,899 935,147 1,094,990 1,362,927 1,505,660 1,776,294 2,094,878 2,035,077 2,229,984 2,236,039 2,809,342 3,032,569 3,612,507 4,301,717 5,056,365 5,812,777 6,952,729
Direct investment abroad:
17 At current cost /4/ /5/...................................................................... 222,283 246,078 285,005 336,301 388,072 407,804 374,059 355,643 348,342 371,036 404,818 478,062 513,761 553,093 616,655 643,364 663,830 723,526 786,565 885,506 986,536 1,058,735 1,207,059 1,331,187
18 At market value /4/.......................................................................... ..... ..... ..... ..... ..... ..... 226,638 274,342 270,574 386,352 530,074 590,246 692,461 832,460 731,762 827,537 798,630 1,027,547 1,067,803 1,307,155 1,526,243 1,778,189 2,173,547 2,615,532
19 Foreign securities /6/......................................................................... 44,157 49,439 53,384 56,769 62,454 62,142 74,046 84,723 88,804 119,403 158,123 188,589 232,849 314,294 342,313 455,750 515,083 853,528 948,668 1,169,636 1,467,985 1,751,183 2,052,929 2,583,386
20 Bonds /6/.................................................................................... 34,704 39,329 42,148 41,966 43,524 45,675 56,604 58,569 62,810 75,020 85,724 93,889 104,187 116,949 144,717 176,774 200,817 309,666 321,208 392,827 465,057 543,396 576,745 556,748
21 Corporate stocks /6/......................................................................... 9,453 10,110 11,236 14,803 18,930 16,467 17,442 26,154 25,994 44,383 72,399 94,700 128,662 197,345 197,596 278,976 314,266 543,862 627,460 776,809 1,002,928 1,207,787 1,476,184 2,026,638
22 U.S. claims on unaffiliated foreigners reported by U.S.
nonbanking concerns /7/...................................................................... 20,317 22,256 29,385 34,491 38,429 42,752 35,405 131,329 130,138 141,872 167,392 177,368 197,757 234,307 265,315 256,295 254,303 242,022 322,980 367,567 449,978 544,891 565,473 643,747
23 U.S. claims reported by U.S. banks, not included elsewhere /8/................................. 81,135 92,562 130,816 157,029 203,866 293,508 404,578 434,505 445,631 447,363 507,338 549,457 653,227 713,817 695,687 690,402 668,023 686,245 693,118 768,149 857,511 982,102 1,020,828 1,110,064
Foreign-owned assets in the United States:
24 With direct investment at current cost (lines 26+33)........................................... 292,132 340,838 414,804 469,775 568,968 661,900 779,482 912,670 1,044,205 1,233,053 1,505,605 1,726,534 2,008,135 2,330,374 2,424,325 2,595,715 2,762,894 3,060,604 3,310,505 3,966,620 4,605,426 5,528,448 6,190,869 6,971,536
25 With direct investment at market value (lines 26+34)........................................... ..... ..... ..... ..... ..... ..... 725,068 872,280 993,044 1,205,826 1,493,870 1,708,182 1,997,899 2,397,222 2,458,580 2,731,448 2,918,801 3,235,689 3,450,376 4,292,280 5,091,330 6,342,879 7,453,214 8,647,058
26 Foreign official assets in the United States..................................................... 104,445 140,867 173,057 159,852 176,062 180,425 189,109 194,468 199,678 202,482 241,226 283,058 322,036 341,746 373,293 398,538 437,263 509,422 535,217 671,710 798,368 835,800 837,701 869,334
27 U.S. Government securities..................................................................... 72,572 105,386 128,511 106,640 118,189 125,130 132,587 136,987 144,665 145,063 178,916 220,548 260,934 263,612 291,228 311,199 329,317 381,687 407,152 497,776 610,469 614,530 620,285 628,907
28 U.S. Treasury securities /9/................................................................. 70,555 101,092 123,991 101,748 111,336 117,004 124,929 129,716 138,168 138,438 173,310 213,713 252,962 257,201 285,911 305,994 322,600 373,050 396,887 482,773 590,704 589,792 589,023 578,225
29 Other /9/.................................................................................... 2,017 4,294 4,520 4,892 6,853 8,126 7,658 7,271 6,497 6,625 5,606 6,835 7,972 6,411 5,317 5,205 6,717 8,637 10,265 15,003 19,765 24,738 31,262 50,682
30 Other U.S. Government liabilities /10/......................................................... 8,860 10,260 12,749 12,749 13,367 13,029 13,639 14,231 14,959 15,803 17,993 15,667 15,200 15,374 17,243 18,610 20,801 22,113 23,678 23,573 22,592 21,550 18,000 14,745
31 U.S. liabilities reported by U.S. banks, not included
elsewhere.................................................................................... 17,231 18,004 23,327 30,540 30,381 26,737 24,989 25,534 26,090 26,734 27,920 31,838 31,520 36,495 39,880 38,396 54,967 69,721 73,386 107,394 113,098 135,384 125,883 138,575
32 Other foreign official assets /9/.............................................................. 5,782 7,217 8,470 9,923 14,125 15,529 17,894 17,716 13,964 14,882 16,397 15,005 14,382 26,265 24,942 30,333 32,178 35,901 31,001 42,967 52,209 64,336 73,533 87,107
Other foreign assets in the United States:
33 With direct investment at current cost (lines 35+37+38+41+42+43)............................. 187,687 199,971 241,747 309,923 392,906 481,475 590,373 718,202 844,527 1,030,571 1,264,379 1,443,476 1,686,099 1,988,628 2,051,032 2,197,177 2,325,631 2,551,182 2,775,288 3,294,910 3,807,058 4,692,648 5,353,168 6,102,202
34 With direct investment at market value (lines 36+37+38+41+42+43)............................. ..... ..... ..... ..... ..... ..... 535,959 677,812 793,366 1,003,344 1,252,644 1,425,124 1,675,863 2,055,476 2,085,287 2,332,910 2,481,538 2,726,267 2,915,159 3,620,570 4,292,962 5,507,079 6,615,513 7,777,724
Direct investment in the United States:
35 At current cost /5/ /11/..................................................................... 47,528 55,413 68,976 88,579 127,105 164,623 184,842 193,708 223,538 247,223 284,701 334,552 401,766 467,886 505,346 533,404 540,270 593,313 617,982 680,066 743,214 825,334 928,645 1,125,214
36 At market value /11/......................................................................... ..... ..... ..... ..... ..... ..... 130,428 153,318 172,377 219,996 272,966 316,200 391,530 534,734 539,601 669,137 696,177 768,398 757,853 1,005,726 1,229,118 1,639,765 2,190,990 2,800,736
37 U.S. Treasury securities /9/.................................................................. 7,028 7,562 8,910 14,210 16,113 18,505 25,758 33,846 62,121 87,954 96,078 82,588 100,877 166,541 152,452 170,295 197,739 221,501 235,684 358,537 502,562 662,228 729,738 660,722
38 U.S. securities other than U.S. Treasury securities /9/........................................ 54,913 51,235 53,554 58,587 74,114 75,085 92,988 113,811 128,477 207,868 309,803 341,732 392,292 482,864 460,644 546,008 599,447 696,449 739,695 971,356 1,199,461 1,578,694 2,012,431 2,509,322
39 Corporate and other bonds /9/................................................................ 11,964 11,456 11,457 10,269 9,545 10,694 16,709 17,454 32,421 82,290 140,863 166,089 191,314 231,673 238,903 274,136 299,287 355,822 368,077 481,214 588,044 715,196 902,155 1,063,730
40 Corporate stocks /9/......................................................................... 42,949 39,779 42,097 48,318 64,569 64,391 76,279 96,357 96,056 125,578 168,940 175,643 200,978 251,191 221,741 271,872 300,160 340,627 371,618 490,142 611,417 863,498 1,110,276 1,445,592
41 U.S. currency............................................................................... 11,792 13,656 16,569 19,552 24,079 27,295 31,265 36,776 40,797 46,036 50,122 55,584 61,261 67,118 85,933 101,317 114,804 133,734 157,185 169,484 186,846 211,628 228,250 250,657
42 U.S. liabilities to unaffiliated foreigners reported by U.S.
nonbanking concerns /12/..................................................................... 12,961 11,921 16,019 18,669 30,426 30,606 27,532 61,731 77,415 86,993 90,703 110,187 144,548 167,093 213,406 208,908 220,666 229,038 239,817 300,424 346,727 443,789 437,973 473,825
43 U.S. liabilities reported by U.S. banks, not included
elsewhere.................................................................................... 53,465 60,184 77,719 110,326 121,069 165,361 227,988 278,330 312,179 354,497 432,972 518,833 585,355 637,126 633,251 637,245 652,705 677,147 784,925 815,043 828,248 970,975 1,016,131 1,082,462