Table 3.—International Investment Position of the United States at Yearend, 1982-96

[Millions of dollars]

Line Type of investment 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/p/
Net international investment position of the United States:
1 With direct investment positions at current cost (line 3 less line 24) 324,713 303,420 167,652 69,060 -13,354 -54,820 -161,845 -243,759 -246,392 -325,964 -473,029 -370,122 -411,689 -687,702 -870,524
2 With direct investment positions at market value (line 4 less line 25) 210,791 232,531 109,211 71,982 78,112 27,581 -12,570 -70,525 -206,950 -319,929 -529,460 -274,867 -321,469 -637,480 -831,303
U.S. assets abroad:
3 With direct investment at current cost (lines 5+10+15) 1,119,158 1,229,600 1,222,423 1,309,080 1,493,840 1,671,760 1,840,953 2,076,030 2,180,003 2,285,121 2,324,992 2,742,525 2,899,047 3,272,731 3,720,729
4 With direct investment at market value (lines 5+10+16) 958,794 1,127,635 1,125,158 1,300,672 1,592,439 1,756,910 2,006,590 2,348,081 2,291,734 2,468,351 2,464,196 3,055,316 3,178,023 3,700,432 4,284,540
5 U.S. official reserve assets 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
6 Gold/1/ 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
7 Special drawing rights 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
8 Reserve position in the International Monetary Fund 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
9 Foreign currencies 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
10 U.S. Government assets, other than official reserve assets 74,682 79,626 84,971 87,752 89,637 88,880 86,117 84,489 81,993 79,144 80,722 81,029 81,362 81,897 82,554
11 U.S. credits and other long-term assets/2/ 72,884 77,814 82,883 85,814 88,710 88,099 85,388 83,903 81,365 77,498 79,087 79,106 79,272 79,958 80,754
12 Repayable in dollars 70,948 75,991 81,103 84,087 87,112 86,486 83,923 82,421 80,040 76,272 77,987 78,100 78,411 79,178 80,012
13 Other/3/ 1,936 1,823 1,780 1,727 1,598 1,613 1,465 1,482 1,325 1,226 1,100 1,006 861 780 742
14 U.S. foreign currency holdings and U.S. short-term assets 1,798 1,812 2,088 1,938 927 781 729 586 628 1,646 1,635 1,923 2,090 1,939 1,800
U.S. private assets:
15 With direct investment at current cost (lines 17+19+22+23) 901,031 1,026,864 1,032,412 1,103,398 1,264,328 1,420,510 1,610,657 1,822,827 1,923,346 2,046,754 2,096,835 2,496,551 2,654,291 3,014,773 3,477,436
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 2,933,267 3,442,474 4,041,247
Direct investment abroad:
17 At current cost/4//5/ 387,002 376,307 367,839 394,760 431,475 505,096 526,824 560,409 620,031 644,307 659,426 714,756 797,781 884,290 970,798
18 At market value/6/ 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 1,076,757 1,311,991 1,534,609
19 Foreign securities/7/ 74,046 84,723 88,804 119,403 158,123 188,589 232,849 314,294 342,313 455,750 515,083 853,528 889,706 1,054,352 1,273,439
20 Bonds/7/ 56,604 58,569 62,810 75,020 85,724 93,889 104,187 116,949 144,717 176,774 200,817 309,666 303,079 355,284 397,972
21 Corporate stocks/7/ 17,442 26,154 25,994 44,383 72,399 94,700 128,662 197,345 197,596 278,976 314,266 543,862 586,627 699,068 875,467
22 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns/8/ 35,405 131,329 130,138 141,872 167,392 177,368 197,757 234,307 265,315 256,295 254,303 242,022 273,686 307,982 369,055
23 U.S. claims reported by U.S. banks, not included elsewhere/9/ 404,578 434,505 445,631 447,363 507,338 549,457 653,227 713,817 695,687 690,402 668,023 686,245 693,118 768,149 864,144
Foreign assets in the United States:
24 With direct investment at current cost (lines 26+33) 794,445 926,180 1,054,771 1,240,020 1,507,194 1,726,580 2,002,798 2,319,789 2,426,395 2,611,085 2,798,021 3,112,647 3,310,736 3,960,433 4,591,253
25 With direct investment at market value (lines 26+34) 748,003 895,104 1,015,947 1,228,690 1,514,327 1,729,329 2,019,160 2,418,606 2,498,684 2,788,280 2,993,656 3,330,183 3,499,492 4,337,912 5,115,843
26 Foreign official assets in the United States 189,109 194,468 199,678 202,482 241,226 283,058 322,036 341,859 375,339 401,678 442,753 516,202 545,744 678,451 805,149
27 U.S. Government securities 132,587 136,987 144,665 145,063 178,916 220,548 260,934 263,725 295,005 315,932 335,695 388,312 415,006 498,906 610,207
28 U.S. Treasury securities/10/ 124,929 129,716 138,168 138,438 173,310 213,713 252,962 257,314 287,885 307,096 322,968 371,163 393,437 471,508 578,959
29 Other/10/ 7,658 7,271 6,497 6,625 5,606 6,835 7,972 6,411 7,120 8,836 12,727 17,149 21,569 27,398 31,248
30 Other U.S. Government liabilities/11/ 13,639 14,231 14,959 15,803 17,993 15,667 15,200 15,374 17,243 18,610 20,801 22,113 24,481 25,225 25,944
31 U.S. liabilities reported by U.S. banks, not included elsewhere 24,989 25,534 26,090 26,734 27,920 31,838 31,520 36,495 39,880 38,396 54,967 69,721 73,386 107,394 112,116
32 Other foreign official assets/10/ 17,894 17,716 13,964 14,882 16,397 15,005 14,382 26,265 23,211 28,740 31,290 36,056 32,871 46,926 56,882
Other foreign assets in the United States:
33 With direct investment at current cost (lines 35+37+38+39+42+43) 605,336 731,712 855,093 1,037,538 1,265,968 1,443,522 1,680,762 1,977,930 2,051,056 2,209,407 2,355,268 2,596,445 2,764,992 3,281,982 3,786,104
34 With direct investment at market value (lines 36+37+38+39+42+43) 558,894 700,636 816,269 1,026,208 1,273,101 1,446,271 1,697,124 2,076,747 2,123,345 2,386,602 2,550,903 2,813,981 2,953,748 3,659,461 4,310,694
Direct investment in the United States:
35 At current cost/5//12/ 176,870 184,394 211,201 231,326 265,833 313,451 375,168 435,917 467,312 491,942 500,542 550,862 584,970 654,502 729,052
36 At market value/12/ 130,428 153,318 172,377 219,996 272,966 316,200 391,530 534,734 539,601 669,137 696,177 768,398 773,726 1,031,981 1,253,642
37 U.S. Treasury securities/10/ 25,758 33,846 62,121 87,954 96,078 82,588 100,877 166,489 162,404 189,506 225,110 253,903 266,662 389,383 530,550
38 U.S. currency 54,200 59,600 63,700 68,900 73,000 78,400 84,200 90,100 108,900 124,300 137,700 156,600 180,000 192,300 209,600
39 U.S. securities other than U.S. Treasury securities/10/ 92,988 113,811 128,477 207,868 309,803 341,732 392,292 482,864 467,437 559,180 620,219 730,569 752,784 999,537 1,225,487
40 Corporate and other bonds/10/ 16,709 17,454 32,421 82,290 140,863 166,089 191,314 231,673 245,696 287,308 319,823 389,942 413,858 534,116 654,144
41 Corporate stocks/10/ 76,279 96,357 96,056 125,578 168,940 175,643 200,978 251,191 221,741 271,872 300,396 340,627 338,926 465,421 571,343
42 U.S. liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns/13/ 27,532 61,731 77,415 86,993 90,703 110,187 144,548 167,093 213,406 208,908 220,666 229,038 197,325 232,891 271,535
43 U.S. liabilities reported by U.S. banks, not included elsewhere/14/ 227,988 278,330 312,179 354,497 430,551 517,164 583,677 635,467 631,597 635,571 651,031 675,473 783,251 813,369 819,880

p Preliminary.

r Revised.

1. U.S. official gold stock valued at market price.

2. Also includes paid-in capital subscriptions to international financial institutions and outstanding amounts of miscellaneous claims that have been settled through international agreements to be payable to the U.S. Government over periods in excess of 1 year. Excludes World War I debts that are not being serviced.

3. Includes indebtedness that the borrower may contractually, or at its option, repay with its currency, with a third country's currency, or by delivery of materials or transfer of services.

4. Estimates for 1982 forward are linked to both the 1982 and 1989 benchmark surveys of U.S. direct investment abroad.

5. Estimates for 1982 forward reflect new 1992 base-year price indexes for tangible assets, which replace the 1987 base-year price indexes previously used in the national income and product accounts.

6. Estimates are linked to both the 1982 and 1989 benchmark surveys of U.S. direct investment abroad.

7. Estimates include results of the Benchmark Survey of U.S. Ownership of Foreign Long-term Securities as of March 31, 1994, conducted by the U.S. Department of the Treasury.

8. Breaks in series reflect the following: In 1982, an increase in reporters' exemption levels; in 1983, the introduction of data from the United Kingdom and from the Bank for International Settlements (BIS) for Austria, Belgium, Denmark, Finland, Germany, Ireland, Luxembourg, Norway, Spain, Sweden, Switzerland, Caribbean banking centers, and Asian banking centers. BIS data was introduced for the Netherlands in 1986, and for France and Italy in 1989. BIS coverage for Switzerland was also improved in 1989. BIS coverage for Austria, Switzerland and Asian financial centers was adjusted in 1991. BEA methodology for estimating positions vis-a-vis Canada and Germany was adjusted beginning in 1993, and vis-a-vis Asian financial centers in 1994.

9. Breaks in the series reflect the following: in 1982, an increase in reporters' exemption levels; in 1988, the introduction of data on holdings of foreign commercial paper.

10. Estimates include results of 1978, 1984, and 1989 portfolio benchmark surveys conducted by the U.S. Department of the Treasury.

11. Primarily U.S. Government liabilities associated with military sales contracts and other transactions arranged with or through foreign official agencies.

12. Estimates for 1982 forward are linked to both the 1987 and 1992 benchmark surveys of foreign direct investment in the United States.

13. Breaks in series reflect the following: In 1982, an increase in reporters' exemption levels; in 1983, the introduction of data from the United Kingdom and BIS-source data for Caribbean and Asian banking centers.

14. A break in series in 1982 reflects an increase in reporters' exemption levels.

NOTE.—Revised area tables for 1982-96 are available upon request from the Balance of Payments Division (BE-58), Bureau of Economic Analysis, U.S. Department of Commerce, Washington, DC 20230.