FOR WIRE TRANSMISSION: 10:00 a.m. EDT, Monday, June 30, 1997 Investment Position: Russell B. Scholl (202) 606-9579 BEA 97-20 Harlan W. King (202) 606-9571 Direct Investment Detail at Historical Cost: Foreign Direct Investment in the United States: Sylvia E. Bargas (202) 606-9804 Gregory G. Fouch (202) 606-9831 U.S. Direct Investment Abroad: Sylvia E. Bargas (202) 606-9804 Mark W. New (202) 606-9875 U.S. Net International Investment Position, 1996 In 1996, the value of foreign investments in the United States continued to exceed the value of U.S. investments in other countries. The net international investment position of the United States was a negative $870.5 billion with direct investment valued at the current cost of replacing plant and equipment and other tangible assets, and the position was a negative $831.3 billion with direct investment valued at the current stock market value of owner's equity, according to the Commerce Department's Bureau of Economic Analysis (Table 1). - more - - 2 - The negative position valued at current cost increased $182.8 billion from $687.7 billion at the end of 1995, and the negative position valued at market value increased $193.8 billion from $637.5 billion at yearend 1995. Both measures increased as a result of large net capital inflows and as a result of exchange rate changes, mainly currency translation losses in U.S. assets abroad denominated in European and the Japanese currencies. The increase in the negative position was only partly offset by the greater price appreciation in foreign securities than in U.S. securities. Capital inflows for net foreign purchases of U.S. Treasury, corporate and agency bonds, foreign direct investment, and foreign official dollar holdings reached record levels. Capital outflows were less than inflows, but were particularly strong for U.S. bank- and nonbank-reported claims, U.S. direct investment abroad, and net U.S. purchases of foreign portfolio securities. _________________________________________________________________________ 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. _________________________________________________________________________ U.S. assets abroad increased $448.0 billion to $3,720.7 billion with U.S. direct investment valued at current cost, and they increased $584.1 billion to $4,284.5 billion with U.S. direct investment valued at market value. Claims on foreigners reported by U.S. banks increased $96.0 billion, to $864.1 billion. The increase reflected strong dollar lending, especially in the second half of the year, to the interbank market in Europe, international bond mutual funds in the Caribbean, and several emerging countries in Asia and Latin America. - more - - 3 - U.S. holdings of foreign securities increased $219.1 billion to $1,273.4 billion, reflecting strong net U.S. purchases augmented by large price appreciation in foreign stocks. BEA's estimates of these holdings incorporate the newly available results of the U.S. Treasury's 1994 benchmark survey. In 1996, holdings of foreign stocks increased as a result of market price increases in all major foreign markets, except the Japanese market, and near- record net U.S. purchases. Holdings of foreign bonds also increased, principally as a result of accelerated net U.S. purchases of foreign dollar bonds newly issued in the United States. U.S. direct investment abroad at current cost increased $86.5 billion to $970.8 billion; at market value, it increased $222.6 billion to $1,534.6 billion. Capital outflows were a record $87.8 billion. By account: reinvested earnings increased to a record, reflecting strong earnings by foreign affiliates; net equity outflows slowed from the 1995 level, which was bolstered by numerous large mergers and acquisitions; and net intercompany debt flows shifted to small outflows. At current cost, capital outflows accounted for nearly all of the increase because valuation adjustments were small and virtually offsetting. At market value, capital outflows were augmented by a substantial increase in the U.S. owners' equity as a result of the world-wide rise in stock prices from yearend 1995 to yearend 1996; negative exchange rate changes due to dollar appreciation were only partly offsetting. Claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased $61.1 billion to $369.1 billion, as these concerns sharply accelerated their depositing of dollars in banks in Europe and the Caribbean in the second half of the year. U.S. official reserve assets decreased $15.3 billion to $160.7 billion, reflecting the decline in the market price of gold, a decline in the value of U.S. holdings of German marks and Japanese yen as these currencies depreciated against the dollar, and a decline in holdings of Mexican pesos as Mexico repaid U.S. swap arrangements. Foreign assets in the United States increased $630.8 billion to $4,591.3 billion with foreign direct investment valued at current cost, and they increased $777.9 billion to $5,115.8 billion with foreign direct investment valued at market value. - more - - 4 - Liabilities to private foreigners and international financial institutions reported by U.S. banks increased $6.5 billion to $819.9 billion. U.S. banks sharply reduced their overseas borrowing until late in 1996 when demand for bank credit, and consequently the need for funds, surged. Holdings of U.S. Treasury securities by private foreigners and international financial institutions increased $141.2 billion to $530.6 billion, mostly reflecting record net foreign purchases of U.S. Treasury bonds. A negative price adjustment reflected a decline in bond prices in the first half of the year that was not fully offset by the price recovery in the second half. Net U.S. currency flows to foreigners, which are newly introduced into the U.S. accounts, were $17.3 billion, bringing the total U.S. currency held abroad to $209.6 billion. Holdings of U.S. securities other than U.S. Treasury securities increased $226.0 billion to $1,225.5 billion: record net purchases of U.S. corporate and other bonds and large price appreciation in U.S. stocks accounted for the increase. Heavy foreign demand for U.S. bonds accommodated continued strong new bond issuance abroad by U.S. corporations and a near doubling in foreigners' net purchases of federally-sponsored agency bonds. Net foreign purchases of U.S. stocks were moderate in spite of another year of substantial market price rise. Foreign direct investment in the United States valued at current cost increased $74.6 billion to $729.1 billion; at market value, it increased $221.7 billion to $1,253.6 billion. Both estimates incorporate the results of BEA's l992 benchmark survey. In 1996, net capital inflows were a record. By account: net equity inflows approached their 1990 peak, reflecting continued growth in acquisitions of U.S. businesses; record reinvested earnings reflected widespread growth in U.S. affiliates' earnings; but net intercompany debt inflows declined slightly. At current cost, capital inflows accounted for most of the change. At market value, capital inflows were augmented by substantial price appreciation in owners' equity, resulting from the steep rise in U.S. stock market prices. Liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $38.6 billion to $271.5 billion, principally reflecting U.S. corporations' borrowing from banks in the Caribbean and the United Kingdom. - more - - 5 - Foreign official assets in the United States increased $126.7 billion to $805.1 billion, largely the result of record capital inflows as many countries acquired U.S. dollars and invested them in U.S. Treasury securities during the year. Detailed estimates on the U.S. direct investment abroad position and on the foreign direct investment in the United States position are presented in tables 2 and 3. These detailed estimates by country and by industry are available only on a historical-cost basis. * * * Data Improvements * Revised estimates of U.S. portfolio holdings of foreign securities are introduced for 1985-96, reflecting incorporation of newly available results of the Treasury Department's Benchmark Survey of U.S. Ownership of Foreign Long-term Securities as of March 31, 1994. This is the first such survey in several decades, and its completion represents a major milestone in the multi- year program for statistical improvement developed jointly by BEA, the Treasury, and the Federal Reserve. The new position data are much more comprehensive than previous estimates. The new position data also enable BEA to develop improved estimates of the associated flows of interest and dividend income, which have been incorporated into BEA's international transactions accounts. Based on the survey, BEA's estimate of U.S. holdings of foreign stocks and bonds at the end of 1994 was revised up $333.5 billion. * * * * Foreign holdings of U.S. currency are introduced for 1973-96. With this addition, BEA closes what has grown to be a significant gap in coverage in the position estimates. In recent years, overseas demand has strengthened for U.S. currency (in the form of Federal Reserve notes) largely as a result of economic and political upheavals abroad; also there exists demand in many countries for the U.S. currency to co-circulate with the domestic currency. The new estimates were developed by the Federal Reserve Board. At yearend 1996, foreign holdings of U.S. currency were $209.6 billion--53 percent of the U.S. currency outstanding. * * * - more - - 6 - * Estimates of the foreign direct investment position in the United States for 1992 on both the current cost and market value bases have been revised to incorporate data collected in BEA's 1992 Benchmark Survey of Foreign Direct Investment in the United States. The benchmark survey covered the universe of foreign direct investment in the United States. For the years after 1992, the estimates were revised by extrapolating the 1992 universe data based on data collected in BEA's quarterly sample surveys, and by incorporating new or adjusted data from the sample surveys for those years. Previously, the estimates for 1992 forward were derived in a like manner from a 1987 benchmark survey. * * * * Unrealized currency translation gains and losses on certain U.S. bank claims and liabilities are removed from the International Transactions accounts for 1992-96, and placed more appropriately as valuation adjustments in the International Investment Position accounts. Estimates of these gains and losses are based on international banking statistics compiled by the Bank for International Settlements. * * * BEA estimates are available in several forms besides the printed news releases. News releases are available at the time of public release through three subscription services offered by the Commerce Department's STAT-USA. Information on how to receive releases by FAX may be obtained by calling (202) 482-1986 (voice). Information about the Economic Bulletin Board (EBB) and about Internet services may be obtained at the same voice number and on-line, as follows: EBB (202) 482-3870 Internet http://www.stat-usa.gov In addition, BEA's most frequently requested statistical series are available on the Internet through: * The Federal Statistics Briefing Room (FSBR) on the White House web site provides summary statistics for GDP and other major aggregates on its output, income, and international statistics pages. - more - - 7 - http://www.whitehouse.gov/fsbr * The FSBR provides links to BEA's web site, which provides summary tables and charts on BEA's national, international, and regional data. http://www.bea.gov * BEA's web site provides links to detailed BEA databases on STAT-USA's Internet subscription service. http://www.stat-usa.gov Summary estimates are available on recorded messages at the time of public release at the following telephone numbers: (202) 606-5306 Gross domestic product 5303 Personal income and outlays 5362 U.S. international transactions Additional information on the net international investment position of the United States in 1996 will be published in the July 1997 issue of the Survey of Current Business, the monthly journal of the Bureau of Economic Analysis. The Survey is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail: annual subscription $69.00 domestic. Foreign airmail delivery rates are available upon request. Second class mail: annual subscription $35.00 domestic, $43.75 foreign; single issue $11.00 domestic, $13.75 foreign. In addition, the Survey of Current Business is now available on the Internet in a searchable, retrievable electronic format at least a week before the printed version. To subscribe to STAT-USA's World Wide Web system, go to http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. DAH/HWK Table 1 06/30/97 International Investment Position of the United States at Yearend, 1995 and 1996 09:06 AM [Millions of dollars] Changes in 1996 (decrease (-)) Line Type of investment Position Attributable to : Position 1995/r/ Valuation adjustments 1996/p/ Exchange Total Capital 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)..... -687,702 -195,111 32,038 -22,195 2,446 -182,822 -870,524 2 With direct investment positions at market value (line 4 less line 17)... -637,480 -195,111 39,063 -46,339 8,564 -193,823 -831,303 U.S. assets abroad: 3 With direct investment positions at current cost (lines 5+6+7).......... 3,272,731 352,444 121,367 -21,849 -3,964 447,998 3,720,729 4 With direct investment positions at market value (lines 5+6+8).......... 3,700,432 352,444 267,858 -45,567 9,373 584,108 4,284,540 5 U.S. official reserve assets................................................ 176,061 -6,668 -4,581 -4,073 ........ -15,322 160,739 6 U.S. Government assets, other than official reserve assets.................. 81,897 690 ........ -34 1 657 82,554 U.S. private assets: 7 With direct investment at current cost (lines 9+11+14+15)........... 3,014,773 358,422 125,948 -17,742 -3,965 462,663 3,477,436 8 With direct investment at market value (lines 10+11+14+15).......... 3,442,474 358,422 272,439 -41,460 9,372 598,773 4,041,247 Direct investment abroad: 9 At current cost...................................................... 884,290 87,813 7,375 -4,726 -3,954 86,508 970,798 10 At market value...................................................... 1,311,991 87,813 153,866 -28,444 9,383 222,618 1,534,609 11 Foreign securities...................................................... 1,054,352 108,189 118,573 -7,675 ........ 219,087 1,273,439 12 Bonds............................................................... 355,284 49,403 806 -7,521 ........ 42,688 397,972 13 Corporate stocks.................................................... 699,068 58,786 117,767 -154 ........ 176,399 875,467 14 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns................................................. 307,982 64,234 ........ -3,161 ........ 61,073 369,055 15 U.S. claims reported by U.S. banks, not included elsewhere.............. 768,149 98,186 ........ -2,180 -11 95,995 864,144 Foreign assets in the United States: 16 With direct investment at current cost (lines 18+19)................... 3,960,433 547,555 89,329 346 -6,410 630,820 4,591,253 17 With direct investment at market value (lines 18+20)................... 4,337,912 547,555 228,795 772 809 777,931 5,115,843 18 Foreign official assets in the United States............................... 678,451 122,354 4,345 ........ -1 126,698 805,149 Other foreign assets: 19 With direct investment at current cost (lines 21+23+24+25+28+29)........................................ 3,281,982 425,201 84,984 346 -6,409 504,122 3,786,104 20 With direct investment at market value (lines 22+23+24+25+28+29)....................................... 3,659,461 425,201 224,450 772 810 651,233 4,310,694 Direct investment in the United States: 21 At current cost..................................................... 654,502 76,955 5,356 -426 -7,335 74,550 729,052 22 At market value..................................................... 1,031,981 76,955 144,822 ........ -116 221,661 1,253,642 23 U.S. Treasury securities............................................... 389,383 155,578 -14,411 ........ ........ 141,167 530,550 24 U.S. currency.......................................................... 192,300 17,300 ........ ........ ........ 17,300 209,600 25 U.S. securities other than U.S. Treasury securities.................... 999,537 133,798 94,039 -1,887 ........ 225,950 1,225,487 26 Corporate and other bonds.......................................... 534,116 121,194 721 -1,887 ........ 120,028 654,144 27 Corporate stocks................................................... 465,421 12,604 93,318 ........ ........ 105,922 571,343 28 U.S. liabillities to unaffiliated foreigners reported by U.S. nonbanking concerns................................................ 232,891 31,786 ........ 5,932 926 38,644 271,535 29 U.S. liabilities reported by U.S. banks, not included elsewhere........ 813,369 9,784 ........ -3,273 ........ 6,511 819,880 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 at Yearend [Millions of dollars] ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ 1995 1996 -------------------------------------------------------------------------------- ------------------------------------------------------------------------------ Finance Finance All Petro- Manufac- Whole- Bank- (except Serv- Other All Petro- Manufac- Whole- Bank- (except Serv- Other indus- leum turing sale ing banking), ices indus- indus- leum turing sale ing banking), ices indus- tries trade insur- tries tries trade insur- tries ance, and ance, and real real estate estate ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ All countries................................. 717,554 70,229 250,253 67,222 28,123 228,744 32,769 40,213 796,494 75,479 272,564 72,462 32,504 257,213 36,673 49,600 Canada........................................ 85,441 10,397 42,215 7,177 927 14,304 4,055 6,366 91,587 10,997 43,817 7,764 974 15,816 4,729 7,490 Europe........................................ 360,994 25,877 123,216 34,361 13,261 130,809 22,136 11,335 399,632 28,907 134,733 37,602 14,005 146,379 23,832 14,174 Austria....................................... 2,777 192 (D) 343 (D) 925 302 -14 2,902 (D) 1,021 384 (D) 1,007 300 -23 Belgium....................................... 17,969 325 8,522 2,237 (D) 3,450 3,126 (D) 18,604 370 8,425 2,225 282 4,130 2,274 897 Denmark....................................... 2,123 (D) 502 213 (D) 626 (D) 19 2,171 349 (D) 249 (D) 668 480 8 Finland....................................... 825 (D) 321 360 (D) 5 46 (*) 1,033 (D) 461 358 (D) 3 91 (D) France........................................ 32,950 1,156 15,187 4,173 882 7,302 3,019 1,232 34,000 1,103 16,600 4,141 739 7,392 2,939 1,086 Germany....................................... 44,226 2,308 22,899 2,871 1,296 11,710 1,124 2,019 44,259 (D) 22,741 2,886 1,395 11,597 (D) 2,261 Greece........................................ 424 (D) 137 81 (D) 52 (D) (D) 506 (D) 145 83 89 66 61 (D) Ireland....................................... 8,400 (D) 5,396 290 (D) 1,965 618 50 11,749 (D) 7,457 470 (D) 2,780 863 74 Italy......................................... 17,587 530 10,471 2,667 299 2,128 1,342 149 18,687 549 11,549 2,537 320 1,900 1,474 358 Luxembourg.................................... 5,857 34 (D) 0 221 3,750 (D) (D) 6,377 39 (D) 0 (D) 4,179 (D) 42 Netherlands................................... 39,344 2,227 9,734 3,059 139 20,052 2,645 1,487 44,667 2,564 10,472 3,910 134 23,592 2,424 1,571 Norway........................................ 5,133 3,370 591 312 126 514 114 107 6,103 3,898 705 353 (D) 763 (D) 73 Portugal...................................... 1,755 (D) 538 391 (D) 137 281 6 1,854 (D) 689 451 (D) 148 331 (D) Spain......................................... 10,770 186 6,801 912 1,537 707 443 184 11,393 191 7,109 1,023 1,572 733 517 248 Sweden........................................ 7,339 (D) 5,452 373 (D) 893 539 -13 7,629 (D) 5,554 378 (D) 961 635 -19 Switzerland................................... 33,532 825 3,850 9,322 2,093 15,975 1,313 154 35,751 703 4,426 10,341 2,083 16,826 1,241 131 Turkey........................................ 948 (D) 603 43 109 -1 (D) 3 1,025 87 594 75 (D) -1 (D) 2 United Kingdom................................ 122,767 13,222 27,638 6,429 4,649 59,631 6,534 4,665 142,560 14,889 32,341 7,365 5,260 68,339 8,521 5,846 Other......................................... 6,269 777 1,772 285 1,136 989 98 1,213 8,361 1,465 2,175 373 1,422 1,292 80 1,554 Latin America and Other Western Hemisphere.... 128,252 5,990 36,883 7,439 5,802 60,612 2,696 8,830 144,209 6,488 40,611 7,686 5,632 69,181 3,512 11,100 South America................................. 46,914 4,065 25,321 2,773 2,648 5,762 570 5,775 52,153 4,489 26,919 2,263 3,191 6,847 688 7,756 Argentina..................................... 7,496 745 3,233 1,061 837 959 180 482 8,060 851 3,703 733 957 1,097 206 512 Brazil........................................ 23,706 679 18,362 687 888 2,604 176 309 26,166 698 19,346 530 1,164 3,019 264 1,146 Chile......................................... 5,878 (D) 547 326 523 1,762 (D) 2,355 6,745 (D) 591 367 565 2,046 (D) 2,777 Colombia...................................... 3,352 1,225 1,119 141 (D) 315 16 (D) 3,468 1,122 1,325 131 (D) 323 (D) 397 Ecuador....................................... 833 652 125 47 (D) (*) 0 (D) 855 697 98 56 (D) (D) 0 -5 Peru.......................................... 1,279 95 74 60 (D) 1 (D) 1,014 2,075 194 94 60 (D) (D) 27 1,475 Venezuela..................................... 3,220 (D) 1,713 390 (D) 88 28 744 3,592 489 1,597 325 (D) 139 (D) 952 Other......................................... 1,150 245 148 61 195 35 (D) (D) 1,193 (D) 166 62 229 (D) (D) 502 Central America............................... 33,688 1,176 10,642 1,735 368 16,968 501 2,298 38,905 1,275 12,290 2,176 541 19,488 635 2,500 Costa Rica.................................... 870 (D) 277 (D) 0 52 (D) 9 1,205 (D) 353 (D) 0 (D) (D) -30 Guatemala..................................... 152 53 91 (D) 3 9 (*) (D) 217 93 114 (D) (D) 11 (*) 7 Honduras...................................... 191 (D) 219 15 (D) 24 0 -92 145 (D) 237 (D) 5 25 0 -145 Mexico........................................ 15,980 134 9,843 783 299 2,263 368 2,289 18,747 169 11,408 764 443 2,864 515 2,585 Panama........................................ 16,216 818 193 387 (D) 14,615 121 (D) 18,256 839 150 559 80 16,527 108 -7 Other......................................... 278 180 18 (D) (D) 4 (D) 56 336 193 27 6 (D) (D) (D) 90 Other Western Hemisphere...................... 47,650 749 920 2,930 2,787 37,882 1,625 757 53,151 724 1,401 3,246 1,900 42,847 2,189 844 Bahamas....................................... 1,806 45 (D) 145 662 781 43 (D) 2,021 70 (D) 170 390 1,188 56 (D) Barbados...................................... 755 171 2 281 (D) (D) 134 0 865 165 9 370 (D) (D) 138 (*) Bermuda....................................... 29,980 (D) 6 1,155 0 27,492 1,388 (D) 33,783 (D) 17 1,455 0 30,600 1,826 (D) Dominican Republic............................ 394 (D) 224 (*) (D) 1 (D) (D) 465 (D) 284 -3 (D) 1 (D) 13 Jamaica....................................... 1,402 (D) 172 (D) (D) 6 (D) 10 1,675 (D) 187 (D) (D) 6 (D) (D) Netherlands Antilles.......................... 2,877 (D) (D) (D) (D) 2,923 (D) (D) 3,594 7 (D) (D) (D) 3,534 1 (D) Trinidad and Tobago........................... 845 445 (D) 0 (D) 15 2 (D) 1,057 479 (D) 0 (D) 13 2 (D) United Kingdom Islands, Caribbean............. 8,941 115 39 (D) 2,067 6,141 49 (D) 9,008 130 228 -82 1,365 6,954 82 331 Other......................................... 649 259 86 4 -9 (D) 2 (D) 683 212 90 (D) (D) (D) 3 (D) Africa........................................ 6,383 3,248 1,365 301 239 712 57 461 7,568 3,913 1,822 175 308 740 127 483 Egypt......................................... 1,388 1,063 98 86 135 (D) (D) 0 1,647 1,189 215 29 151 (D) 51 (D) Nigeria....................................... 706 (D) 58 (*) (D) (D) 0 0 978 (D) 61 (*) (D) 0 0 0 South Africa.................................. 1,275 (D) 657 149 (D) (D) (D) 140 1,437 (D) 778 119 (D) (D) 19 (D) Other......................................... 3,014 1,314 552 66 71 644 48 320 3,506 1,559 768 27 85 673 57 337 Middle East................................... 7,669 2,412 2,181 270 516 1,212 447 631 8,743 3,267 2,199 329 652 1,360 468 468 Israel........................................ 1,662 (D) 1,208 7 0 (D) 185 59 1,886 (D) 1,329 (D) 0 167 216 109 Saudi Arabia.................................. 3,245 155 976 (D) (D) (D) 63 (D) 3,098 (D) 906 69 (D) (D) (D) 212 United Arab Emirates.......................... 660 (D) 5 175 (D) -41 42 86 789 348 7 192 (D) (D) 47 106 Other......................................... 2,103 1,925 -9 (D) -68 30 157 (D) 2,971 2,702 -43 (D) -22 75 (D) 42 Asia and Pacific.............................. 125,834 21,320 44,393 17,674 7,377 21,096 3,379 10,595 140,402 19,943 49,382 18,907 10,932 23,738 4,005 13,495 Australia..................................... 25,003 3,132 8,616 2,266 1,069 3,968 1,217 4,734 28,769 1,609 9,360 2,511 3,742 3,395 1,437 6,715 China......................................... 2,127 794 997 106 (D) (D) (D) 144 2,883 904 1,504 108 74 (D) (D) 187 Hong Kong..................................... 14,206 598 2,349 4,602 1,386 3,949 710 612 16,022 599 2,601 5,022 1,506 4,656 815 823 India......................................... 838 (D) 326 27 465 (D) 27 (*) 1,139 51 348 (D) 516 67 51 (D) Indonesia..................................... 6,607 4,415 204 64 (D) 419 (D) 1,295 7,571 4,742 353 93 (D) 431 (D) 1,687 Japan......................................... 38,406 6,461 16,006 6,888 386 7,258 806 601 39,593 4,816 16,534 7,344 379 9,150 816 555 Korea, Republic of............................ 5,169 (D) 1,575 592 1,665 394 61 (D) 5,510 (D) 2,107 452 1,671 228 96 (D) Malaysia...................................... 4,200 621 2,896 157 282 176 -1 68 5,277 733 3,711 172 (D) 233 7 (D) New Zealand................................... 4,845 389 730 105 (D) 1,777 (D) 1,691 5,519 470 830 86 (D) 1,799 (D) 2,142 Philippines................................... 2,531 (D) 1,210 205 259 (D) (D) 291 3,349 (D) 1,530 259 371 (D) (D) 395 Singapore..................................... 12,689 2,338 5,264 1,808 424 2,207 381 268 14,150 2,799 5,870 1,777 507 2,521 487 189 Taiwan........................................ 4,210 (D) 2,654 462 489 223 156 (D) 4,509 (D) 2,778 540 575 243 158 (D) Thailand...................................... 4,315 1,413 1,492 363 342 165 42 499 5,254 1,830 1,782 449 549 222 40 382 Other......................................... 689 179 74 28 267 (D) -1 (D) 857 278 74 (D) 299 148 (D) 8 International................................. 2,981 985 .... .... .... .... .... 1,996 4,352 1,964 .... .... .... .... .... 2,389 Eastern Europe................................ 4,739 737 1,601 156 260 764 44 1,176 6,480 1,424 1,926 192 340 1,051 27 1,520 European Union (15)/1/........................ 315,112 20,793 116,399 24,399 9,798 113,332 20,532 9,858 348,391 22,754 126,834 26,460 10,212 127,498 22,218 12,415 OPEC/2/....................................... 16,036 6,930 2,960 678 840 1,562 324 2,742 18,288 8,554 2,894 678 1,006 1,687 319 3,150 ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------ * Less than $500,000 (`). D Suppressed to avoid disclosure of data of individual companies. 1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom. 2. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Gabon, Indonesia, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Table 3. Foreign Direct Investment Position in the United States on a Historical-Cost Basis at Yearend [Millions of dollars] -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- 1995 1996 ----------------------------------------------------------------------------------------------------------------- ------------------------------------------------------------------------------------------------------------------ All Petro- Manufac- Trade Depository Finance, Insur- Real Other All Petro- Manufac- Trade Depository Finance, Insur- Real Other indus- leum turing institu- except ance estate indus- indus- leum turing institu- except ance estate indus- tries tions depository tries tries tions depository tries institu- institu- tions tions -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- All countries ....................... 560,850 33,888 213,025 79,136 34,076 62,369 50,975 29,704 57,675 630,045 42,343 234,323 92,945 31,903 70,185 59,566 30,118 68,661 Canada ................................. 48,258 3,220 19,568 3,821 1,695 6,864 5,241 2,276 5,571 53,845 3,577 22,031 4,004 2,296 5,451 7,056 2,487 6,941 Europe ................................. 357,193 24,527 156,258 32,842 19,035 33,656 40,613 11,690 38,573 410,425 30,560 172,501 43,761 16,909 43,046 46,776 11,456 45,416 Austria ............................ 1,555 (D) 252 (D) (D) (D) (D) 3 4 1,791 (D) 245 (D) (D) (D) (D) 3 11 Belgium ............................ 3,676 (D) 2,230 1,086 (D) (D) (D) 59 338 3,979 (D) 2,067 1,278 (D) (D) (D) 58 561 Denmark ............................ 2,990 5 1,035 (D) 206 (D) -2 (D) (D) 2,118 5 772 1,469 117 (D) -2 (D) 446 Finland ............................ 2,752 (D) 1,756 (D) (D) -6 (D) 2 (D) 2,818 (D) 2,259 373 2 -8 (D) 4 (D) France ............................. 38,480 (D) 21,629 1,740 2,072 3,875 2,742 231 (D) 49,307 385 26,360 2,709 2,173 7,348 3,121 237 6,974 Germany ............................ 49,269 (D) 25,335 9,696 1,625 4,798 5,352 1,094 (D) 62,242 (D) 25,471 11,402 2,103 5,195 9,015 1,399 (D) Ireland ............................ 7,418 (D) 1,427 (D) 1,373 2,475 (D) 183 776 9,776 442 1,934 (D) 1,530 2,762 573 (D) 854 Italy .............................. 2,750 (D) 876 840 652 -198 (D) 73 47 2,699 (D) 763 916 746 (D) (D) 72 127 Liechtenstein ...................... 135 -2 19 73 0 (D) 0 87 (D) 161 -2 36 51 0 (D) 0 79 (D) Luxembourg ......................... 5,957 (*) 4,151 (D) 0 186 (D) 209 (D) 10,284 0 8,423 (D) 0 849 (D) 213 (D) Netherlands ........................ 65,806 11,666 19,783 5,600 4,698 2,367 9,288 5,877 6,529 73,803 13,191 21,635 6,671 5,506 5,815 9,898 5,492 5,595 Norway ............................. 2,089 296 1,257 70 26 -6 (D) (D) (D) 2,421 412 1,385 108 (D) -2 (D) 23 310 Spain .............................. 2,452 7 360 179 1,951 (D) 153 32 (D) 1,128 -2 424 192 1,102 (D) 161 9 (D) Sweden ............................. 9,581 (D) 7,085 1,520 57 21 (D) 300 238 9,470 (D) 6,549 (D) 84 -192 -237 469 247 Switzerland ........................ 35,593 485 12,973 1,564 952 11,806 5,156 801 1,857 35,101 463 14,668 3,341 981 6,437 5,959 834 2,419 United Kingdom ..................... 126,177 9,696 56,022 5,849 5,464 9,542 16,689 2,689 20,227 142,607 11,610 59,434 9,577 2,661 17,140 17,237 2,359 22,588 Other .............................. 514 (D) 67 (D) 188 -1 0 18 8 718 (D) 77 (D) 232 -15 0 6 16 Latin America and Other Western Hemisphere ........................ 25,240 1,965 5,997 2,827 3,589 971 4,114 3,270 2,506 24,627 2,241 4,551 3,949 3,715 428 4,697 3,342 1,704 South and Central America .......... 7,878 -310 776 -175 2,929 612 (D) 359 (D) 7,810 -353 175 158 3,084 482 (D) 326 (D) Brazil ......................... 751 (D) -139 19 855 2 (D) 5 (D) 591 (D) -233 81 869 (D) 2 5 -46 Mexico ......................... 1,980 -11 922 -92 252 261 -1 105 545 1,078 -17 410 147 195 94 (D) 104 (D) Panama ......................... 4,721 (D) 133 12 (D) 382 (D) 228 -96 5,561 (D) 163 11 (D) 427 (D) 196 (D) Venezuela ...................... -259 -513 -18 -6 270 (D) -1 8 (D) -12 -331 -20 -2 303 (D) (*) 4 (D) Other .......................... 685 (D) -122 -106 (D) (D) (D) 14 -9 591 126 -145 -79 (D) (D) (D) 18 -6 Other Western Hemisphere ........... 17,362 2,275 5,220 3,001 660 359 (D) 2,912 (D) 16,817 2,594 4,376 3,791 631 -53 (D) 3,016 (D) Bahamas ........................ -1,780 (D) 114 163 0 -2,558 0 (D) 245 -1,859 (D) 152 (D) (D) -3,151 0 278 507 Bermuda ........................ 1,592 132 842 399 6 -951 526 260 378 921 137 -181 375 (D) -428 534 171 (D) Netherlands Antilles ........... 8,481 (D) 2,904 (D) 204 617 (D) 769 294 9,124 (D) 2,670 (D) 174 90 (D) 579 334 U. K. Islands, Caribbean ....... 8,417 (D) 1,332 674 451 3,255 (D) 1,575 832 8,368 (D) 1,684 523 473 3,409 (D) 1,806 190 Other .......................... 651 -1 27 (D) 0 -4 (D) (D) (D) 262 (D) 51 (D) 0 27 (D) 182 71 Africa ................................. 1,164 (D) 275 (D) (D) (D) 0 219 287 717 (D) 258 -48 (D) (D) 0 206 -153 South Africa ....................... -3 (*) -1 0 0 0 0 (*) -2 -44 1 -1 (D) 0 (D) 0 (*) -3 Other .............................. 1,167 (D) 276 (D) (D) (D) 0 220 288 761 (D) 259 (D) (D) (D) 0 206 -150 Middle East ............................ 6,008 (D) 730 (D) (D) (D) 2 2,124 86 6,177 (D) 400 736 (D) (D) 3 2,583 68 Israel ............................. 1,995 0 307 (D) 533 239 0 (D) (D) 1,960 0 372 (D) 585 222 0 (D) (D) Kuwait ............................. 2,527 (D) (D) 2 (D) (D) 3 2,039 (D) 2,572 4 (D) 2 (D) (D) 4 2,492 (D) Lebanon ............................ -9 0 (D) (D) 0 0 0 -18 0 -11 0 (D) (D) 0 0 0 -21 0 Saudi Arabia ....................... 1,310 (D) (D) (D) 4 0 -1 (D) 1 1,484 (D) -1 (D) 4 0 (*) (D) (D) United Arab Emirates ............... 98 -4 -1 1 (D) (D) 0 16 (D) 87 -5 -1 0 (D) (D) 0 15 (D) Other .............................. 88 (*) 1 (D) 66 -1 0 30 (D) 84 0 (D) 3 43 4 0 33 (D) Asia and Pacific ....................... 122,986 2,896 30,198 38,770 9,060 20,282 1,004 10,124 10,652 134,255 4,528 34,581 40,544 8,249 20,590 1,034 10,044 14,686 Australia .......................... 7,833 3,333 3,074 12 97 -389 (D) (D) 1,141 9,747 (D) 2,958 269 86 -736 (D) 458 1,208 Hong Kong .......................... 1,557 2 238 651 151 45 -3 247 227 947 -2 238 675 128 -632 2 236 301 Japan .............................. 107,933 83 25,010 36,485 7,706 20,497 705 8,602 8,844 118,116 128 29,454 38,021 6,816 21,322 771 8,823 12,781 Korea, Republic of ................. 626 (D) 80 (D) 151 (D) (D) 14 71 394 (D) -2 (D) 120 (D) (D) 23 96 Malaysia ........................... 402 (D) 239 (D) (D) -1 0 2 (D) 445 (D) 282 8 (D) (D) 0 3 87 New Zealand ........................ 149 0 9 (D) (D) 0 (D) -21 (D) 136 1 -17 (D) (D) 0 (D) -24 16 Philippines ........................ 75 0 4 7 65 0 -3 1 1 81 0 3 21 58 0 -4 (*) 4 Singapore .......................... 1,548 -19 316 170 83 40 (*) (D) (D) 1,468 -8 350 24 97 523 (*) 428 55 Taiwan ............................. 2,139 -1 1,137 (D) 456 (D) 6 41 135 2,298 -1 1,225 (D) 514 (D) 7 42 105 Other .............................. 724 -7 90 218 340 4 4 42 34 623 -6 90 31 415 2 3 54 32 Addenda: European Union (15) /1/ ........... 318,995 23,746 141,939 30,936 17,968 21,898 35,304 10,771 36,433 372,161 29,685 156,348 39,857 15,782 36,632 40,660 10,520 42,677 OPEC /2/ .......................... 3,740 720 348 10 456 -4 1 2,111 98 4,237 1,062 -68 10 563 -7 3 2,564 111 * Less than $500,000 (+/-). D Suppressed to avoid disclosure of data of individual companies. 1. The European Union (15) comprises Austria, Belgium, Denmark, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Netherlands, Portugal, Spain, Sweden, and the United Kingdom.