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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, THURSDAY, JULY 23, 2020 BEA 20-36 Technical: Ryan Smith (301) 278-9246 Ryan.Smith@bea.gov Media: Jeannine Aversa (301) 278-9003 Jeannine.Aversa@bea.gov Direct Investment by Country and Industry, 2019 The U.S. direct investment abroad position, or cumulative level of investment, increased $158.6 billion to $5.96 trillion at the end of 2019 from $5.80 trillion at the end of 2018, according to statistics released by the Bureau of Economic Analysis (BEA). The increase reflected a $95.7 billion increase in the position in Europe, primarily in the United Kingdom and the Netherlands. By industry, manufacturing affiliates accounted for most of the increase. The foreign direct investment in the United States position increased $331.2 billion to $4.46 trillion at the end of 2019 from $4.13 trillion at the end of 2018. The increase mainly reflected a $157.3 billion increase in the position from Asia and Pacific, primarily Japan. By industry, affiliates in manufacturing, finance and insurance, and wholesale trade accounted for the largest increases. Direct Investment Positions, 2018–2019 Billion $ 2019 2018 U.S. Direct Investment Abroad Foreign Direct Investment in the United States 3,571.7 955.4 402.3 948.8 75.2 43.2 29.1 29.3 9.8 Africa 44.4 Source: U.S. Bureau of Economic Analysis 193.8 153.6 Middle East 75.2 1,000 495.7 442.8 Latin America and Other Western Hemisphere 911.9 2,000 858.5 701.2 Canada 368.5 3,000 2,794.6 Asia and Pacific 888.1 4,000 2,871.4 Europe 3,476.0 0 5.7 0 1,000 2,000 3,000 4,000 Continued Impact of the 2017 Tax Cuts and Jobs Act (TCJA) on U.S. Direct Investment Abroad The TCJA generally eliminated taxes on dividends, or repatriated earnings, to U.S. multinationals from their foreign affiliates. In 2019, dividends decreased $454.5 billion to $396.3 billion from $850.9 billion in 2018, but were still more than twice the average annual dividends from the 10 years prior to the TCJA. By country, more than half of the dividends in 2019 were repatriated from affiliates in three countries: Ireland ($85.8 billion), the Netherlands ($74.3 billion), and Bermuda ($67.9 billion) (table 3). By industry, U.S. multinationals in chemical manufacturing ($99.6 billion) and computers and electronic products manufacturing ($92.5 billion) repatriated nearly half of all dividends in 2019 (table 4). U.S. direct investment abroad (tables 1 – 6) U.S. multinational enterprises (MNEs) invest in nearly every country, but their investment in affiliates in five countries accounted for more than half of the total position at the end of 2019. The U.S. direct investment abroad position remained the largest in the Netherlands at $860.5 billion, followed by the United Kingdom ($851.4 billion) and Luxembourg ($766.1 billion). Canada ($402.3 billion) moved up one position from 2018 to be the fourth largest host economy, moving Ireland ($354.9 billion) into fifth. By industry of the directly-owned foreign affiliate, investment was highly concentrated in holding companies, which accounted for nearly half of the overall position in 2019. Most holding company affiliates, which are owned by U.S. parents from a variety of industries, own other foreign affiliates that operate in a variety of industries. By industry of the U.S. parent, investment by manufacturing MNEs accounted for 51.9 percent of the position, followed by MNEs in finance and insurance (12.8 percent). U.S. MNEs earned income of $532.7 billion in 2019 on their cumulative investment abroad, a 2.1 percent decrease from 2018. –2– Foreign direct investment in the United States (tables 7 – 10) By country of the foreign parent, five countries accounted for more than half of the total position at the end of 2019. Japan moved up one position from 2018 to be the top investing country in 2019 with a position of $619.3 billion, moving the United Kingdom ($505.1 billion) to second. Canada ($495.7 billion) and Netherlands ($487.1 billion) switched places as the third and fourth largest investing countries. Germany ($372.9 billion) remained the fifth largest investing country at the end of 2019. By country of the ultimate beneficial owner (UBO), the top five countries in terms of position were Japan ($644.7 billion), Canada ($580.8 billion), Germany ($522.0 billion), the United Kingdom ($446.2 billion), and Ireland ($343.5 billion). On the UBO basis, investment from the Netherlands and Luxembourg was much lower than by country of foreign parent, indicating that much of the investment from foreign parents in these countries was ultimately owned by investors in other countries. Foreign direct investment in the United States was concentrated in the U.S. manufacturing sector, which accounted for 40.1 percent of the position. There was also sizable investment in finance and insurance (12.3 percent) and wholesale trade (10.5 percent). Foreign MNEs earned income of $208.1 billion in 2019 on their cumulative investment in the United States, a 0.8 percent increase from 2018. Updates to Direct Investment Statistics BEA statistics for U.S. direct investment abroad and foreign direct investment in the United States for 2016–2018 are revised to incorporate newly available and revised source data. Next release: July 2021 Direct Investment by Country and Industry, 2020 –3– Additional Information Resources • • • • • • • losses, currency-translation adjustments, and other changes in volume and valuation, such as adjustments to book value from affiliates’ current sale or purchase price. More statistics on direct investment by country and industry are available on the BEA website. A description of the estimation methods used to compile statistics on direct investment by country and industry is provided in U.S. International Economic Accounts: Concepts and Methods. Stay informed about BEA developments by reading the BEA blog, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News Historical time series for these estimates can be accessed in BEA’s interactive data application. Summary data by country are available in BEA’s International Trade and Investment Country Facts. Access BEA data by registering for BEA’s Data Application Programming Interface (API). Additional information on direct investment positions will be published in the August issue of the Survey of Current Business. Direct investment financial transactions are financial transactions that increase or decrease financial claims and liabilities between the parent group and their affiliates. Direct investment financial transactions consist of reinvestment of earnings, equity investment other than reinvestment of earnings, and investment in debt instruments. Reinvestment of earnings is an affiliate’s total earnings less dividends paid to its parent. It represents the part of earnings that are reinvested in the affiliate rather than repatriated to the parent. Equity investment other than reinvestment of earnings is measured as the difference between equity increases and decreases. Equity increases are transactions that result in the parent increasing their equity interest in their affiliate. Equity decreases are transactions that result in the parent reducing their equity interest in their affiliate. Definitions Debt instruments investment reflects parent group lending to and borrowing from their affiliates. Direct investment is an investment by an entity resident in one economy that represents a lasting interest, defined as 10 percent or more voting ownership, in an enterprise resident in another economy. Income earned on direct investment includes income on equity—whether profits or losses and whether distributed or reinvested—and net interest on debt. A foreign affiliate is a foreign business enterprise that is at least 10 percent owned by a single U.S. person or entity. Statistical conventions A U.S. parent is a U.S. person or entity that owns 10 percent or more of a foreign business enterprise. BEA’s direct investment statistics are primarily based on data reported in the Quarterly Survey of U.S. Direct Investment Abroad (BE-577) and the Quarterly Survey of Foreign Direct Investment in the United States (BE-605). Both surveys are conducted by BEA. A U.S. affiliate is a U.S. business enterprise that is at least 10 percent owned by a single foreign person or entity. A foreign parent is the first person or entity outside the United States in a U.S. affiliate’s ownership chain that has a direct investment interest in the affiliate. The countries identified in this release reflect the location of the immediate counterpart, unless otherwise noted. The countries identified for the U.S. direct investment abroad position may not reflect the ultimate destination of the funds. Likewise, the countries identified for the foreign direct investment position in United States may not reflect the ultimate source of the funds, which is often the ultimate beneficial owner. The ultimate beneficial owner (UBO) is the person or entity, proceeding up a U.S. affiliate's ownership chain, beginning with the foreign parent, that is not owned more than 50 percent by another entity. The UBO ultimately owns or controls, and thus ultimately derives the benefits and assumes the risks from owning or controlling, an affiliate. The country of the UBO is often the same as that of the foreign parent, but it may be a different country or the United States. The direct investment positions in this release are valued at historical cost. Positions reflect the book value of direct investors’ equity in, and net outstanding loans to, their affiliates. This valuation is derived principally from the accounting records of affiliates, which are primarily compiled under U.S. Generally Accepted Accounting Principles (GAAP) or International Financial Reporting Standards (IFRS). This differs from the market value The direct investment position is the value of direct investors’ equity in, and net outstanding loans to, their affiliates. Changes in the position result from financial transactions and other changes, including capital gains and –4– Statistics on direct investment and multinational enterprises (MNEs) include annual statistics on the activities of U.S. MNEs and U.S. affiliates of foreign MNEs as well as on new foreign direct investment in the United States. measure featured in the U.S. net international investment position accounts. This release presents statistics on a directional basis rather than the on the asset/liability basis featured in the U.S. international transactions accounts and the U.S. net international investment position accounts. On a directional basis, direct investment claims and liabilities are classified according to whether the direct investor is a U.S. resident or a foreign resident. U.S. direct investment abroad occurs between a U.S. parent and its foreign affiliates. Foreign direct investment in the United States occurs between a foreign parent and its U.S. affiliates. On an asset/liability basis, direct investment statistics are organized according to whether the investment relates to an asset or liability for U.S. parents or for U.S. affiliates of foreign parents. The international investment position (IIP) accounts are released quarterly. The IIP is a statistical balance sheet that presents the dollar value of U.S. financial assets and liabilities with respect to foreign residents at a specific point in time. The international transactions accounts (ITAs) are released quarterly. The ITAs are a statistical summary of economic activity between U.S. residents and the residents of other countries. Statistics on international services, released annually, include detailed annual information on trade in services and on services supplied through the channel of direct investment by affiliates of MNEs. Related Statistics Statistics on direct investment by country and industry are one part of a broader set of U.S. international economic accounts that, taken together, provide a comprehensive, integrated and detailed picture of U.S. international economic activities. U.S. international trade in goods and services, released by BEA and the U.S. Census Bureau, provides monthly statistics on trade in goods and services. List of News Release Tables Table 1. U.S. Direct Investment Abroad: Selected Items by Country of Foreign Affiliate Table 2. U.S. Direct Investment Abroad: Selected Items by Industry of Foreign Affiliate Table 3. U.S. Direct Investment Abroad: Dividends by Country of Foreign Affiliate Table 4. U.S. Direct Investment Abroad: Dividends by Industry of U.S. Parent Table 5. U.S. Direct Investment Position Abroad, by Industry of Affiliate and by Industry of U.S. Parent Table 6. U.S. Direct Investment Position Abroad, Country by Industry of Foreign Affiliate Table 7. Foreign Direct Investment in the United States: Selected Items by Country of Foreign Parent Table 8. Foreign Direct Investment Position in the United States, by Country of Foreign Parent and of the Ultimate Beneficial Owner Table 9. Foreign Direct Investment in the United States: Selected Items by Industry of U.S. Affiliate Table 10. Foreign Direct Investment Position in the United States, Country by Industry of U.S. Affiliate –5– Table 1. U.S. Direct Investment Abroad: Selected Items by Country of Foreign Affiliate, 2016‐2019 Direct investment position on a historical‐cost basis 2016 2017 2018 5,518,644 6,097,690 5,801,025 355,394 371,274 368,498 3,302,727 3,654,095 3,475,989 7,566 7,987 6,740 49,692 53,645 61,271 4,896 4,844 4,515 16,909 12,107 9,498 2,538 2,513 3,268 72,926 78,632 68,035 129,985 132,595 137,148 1,017 1,198 1,399 7,392 6,672 6,597 399,885 457,301 410,636 30,573 27,617 33,080 646,508 703,066 726,121 816,667 929,746 810,238 28,657 26,901 26,145 11,260 12,266 11,744 2,288 2,372 2,513 14,357 13,786 14,071 36,651 35,482 35,425 34,722 36,896 41,024 185,329 252,231 253,253 3,726 4,074 3,903 747,425 815,059 796,564 51,759 37,103 12,801 893,558 1,008,741 948,789 133,272 138,996 137,089 14,273 15,219 9,522 67,922 77,486 79,032 28,141 25,793 25,986 7,884 7,669 8,055 981 715 722 4,541 5,700 5,765 5,113 3,174 2,185 4,417 3,240 5,822 109,314 111,631 107,172 1,335 1,546 1,597 1,283 1,330 850 98,421 100,169 95,873 4,472 4,821 5,075 3,803 3,766 3,777 650,972 758,114 704,527 20,910 21,736 39,802 311,363 401,435 333,843 1,469 2,009 2,162 282,111 286,601 282,937 35,118 46,333 45,784 49,926 50,403 44,378 10,545 11,095 10,781 4,252 4,844 4,501 7,398 8,058 7,313 27,731 26,407 21,783 49,123 74,509 75,240 11,615 28,160 27,715 10,164 10,702 10,884 13,699 16,881 17,437 13,646 18,766 19,204 867,916 938,668 888,133 167,791 169,749 163,999 97,458 105,146 109,332 69,287 79,048 79,797 40,121 45,160 42,444 15,049 13,866 10,240 124,039 117,134 113,254 10,069 11,767 10,867 12,042 12,384 11,667 6,412 6,926 6,922 243,165 293,452 254,670 39,278 40,237 39,021 15,510 16,484 16,562 18,386 15,578 16,952 9,307 11,737 12,404 [Millions of dollars] Financial transactions without current‐cost adjustment (outflows (+), inflows (‐)) 2019 2016 2017 2018 2019 5,959,592 284,469 327,781 ‐194,412 93,552 402,255 12,589 16,356 17,752 29,889 3,571,710 183,587 177,180 ‐30,692 8,267 7,643 906 946 481 1,009 63,157 2,727 1,481 9,552 3,746 4,815 ‐262 243 1,169 123 8,992 2,225 ‐222 ‐1,783 ‐259 3,745 2,196 ‐621 ‐472 757 83,826 357 3,708 1,862 3,549 148,259 3,407 4,025 6,040 14,423 938 40 80 112 ‐209 6,114 ‐604 541 1,382 ‐319 354,940 49,963 47,842 ‐36,161 ‐73,956 34,900 298 388 7,138 411 766,099 31,153 39,283 32,823 12,195 860,528 33,363 22,491 ‐67,749 5,497 25,556 ‐151 34 155 ‐3,592 10,403 861 463 1,832 ‐228 2,425 402 120 216 ‐48 14,439 1,470 ‐1,149 1,568 ‐244 40,793 206 417 152 3,375 38,787 1,908 3,141 6,433 ‐2,694 228,968 18,818 35,815 ‐3,972 13,723 3,333 379 506 767 101 851,414 42,027 24,590 8,151 32,010 11,636 ‐8,102 ‐6,943 ‐387 ‐1,102 911,869 58,746 75,140 ‐146,946 4,937 142,823 2,431 ‐448 ‐3,779 5,328 10,698 504 1,898 ‐3,792 1,531 81,731 3,336 2,351 ‐421 1,594 25,084 287 ‐1,546 689 ‐60 8,264 ‐170 13 809 437 619 30 ‐202 52 ‐32 7,470 ‐486 1,511 ‐372 1,705 2,228 ‐1,295 ‐701 ‐982 ‐140 6,729 224 ‐3,773 238 294 113,246 6,442 6,511 6,317 5,579 1,521 51 197 295 ‐108 1,281 9 24 ‐481 429 100,888 5,837 5,907 5,998 4,507 5,272 599 349 514 222 4,284 ‐55 34 ‐8 528 655,800 49,874 69,077 ‐149,484 ‐5,970 45,382 6,408 885 2,524 4,144 262,418 32,795 42,588 ‐149,922 ‐32,554 2,604 ‐133 494 198 465 300,505 9,497 24,604 8,688 21,252 44,890 1,307 505 ‐10,973 722 43,193 ‐2,660 534 ‐1,800 ‐2,395 11,000 ‐465 ‐525 ‐517 152 5,469 ‐156 1,354 ‐291 974 7,812 ‐86 429 56 525 18,913 ‐1,953 ‐724 ‐1,048 ‐4,046 75,205 74 6,812 3,342 ‐515 28,543 683 1,235 828 378 10,826 744 519 225 ‐32 17,153 ‐2,335 3,386 952 ‐372 18,683 982 1,671 1,337 ‐489 955,361 32,132 51,759 ‐36,068 53,370 162,400 6,987 ‐621 ‐3,048 258 116,203 8,468 7,943 6,228 7,454 81,883 583 1,093 ‐819 2,786 45,883 4,854 3,623 704 3,932 12,151 ‐729 ‐861 ‐2,599 1,922 131,793 ‐2,911 9,094 1,919 6,046 10,849 ‐1,191 1,342 ‐248 ‐817 12,018 468 469 ‐156 186 6,940 756 562 235 39 287,951 10,095 23,369 ‐38,450 27,798 39,105 2,022 668 ‐1,699 1,413 17,353 548 680 214 276 17,738 1,772 1,041 1,150 1,186 13,095 409 3,359 500 890 Income without current cost adjustment 2017 2018 2019 All countries 518,653 543,960 532,724 Canada 24,917 30,000 25,885 Europe 292,757 288,506 298,248 Austria 346 676 818 Belgium 6,018 6,241 6,591 Czech Republic 515 388 421 Denmark 451 ‐1 501 Finland 85 133 123 France 3,202 1,792 3,056 Germany 6,649 6,868 6,147 Greece 134 234 134 Hungary 532 543 388 Ireland 62,276 57,701 63,314 Italy 1,521 1,416 1,632 Luxembourg 42,422 42,346 39,801 Netherlands 79,489 72,504 83,975 Norway 1,619 1,371 1,559 Poland 869 1,464 1,116 Portugal 190 146 171 Russia 1,096 1,305 1,396 Spain 2,936 2,854 3,529 Sweden 3,043 961 835 Switzerland 29,532 31,029 23,130 Turkey 622 605 451 United Kingdom 46,875 50,661 57,329 Other 2,336 7,269 1,830 Latin America and Other Western Hemisphere 102,641 105,027 98,112 South America 9,599 9,580 9,501 Argentina 1,811 1,126 748 Brazil 3,338 3,478 4,208 Chile 2,069 2,646 2,136 Colombia 831 1,124 1,025 Ecuador 127 ‐54 147 Peru 1,092 664 1,048 Venezuela ‐225 61 ‐349 Other 555 534 538 Central America 9,924 9,820 9,018 Costa Rica 129 150 234 Honduras 74 67 290 Mexico 8,733 8,600 7,357 Panama 605 607 715 Other 382 397 422 Other Western Hemisphere 83,119 85,627 79,593 Barbados 1,208 3,124 2,703 Bermuda 48,188 44,110 38,833 Dominican Republic 375 382 361 United Kingdom Islands, Caribbean 1 31,880 33,277 33,504 Other 1,468 4,735 4,192 Africa 2,485 3,121 3,697 Egypt 581 1,104 817 Nigeria 523 244 734 South Africa 596 315 580 Other 784 1,457 1,566 Middle East 9,082 10,195 8,193 Israel 814 851 1,029 Saudi Arabia 1,165 952 856 United Arab Emirates 1,597 1,429 1,557 Other 5,505 6,964 4,751 Asia and Pacific 86,771 107,111 98,589 Australia 8,025 10,362 9,256 China 13,634 13,309 11,852 Hong Kong 7,158 9,655 9,099 India 4,351 3,895 4,693 Indonesia 1,542 3,127 2,302 Japan 12,456 12,510 12,166 Malaysia 1,349 1,636 1,427 New Zealand 881 486 633 Philippines 855 535 756 Singapore 29,955 44,574 39,982 South Korea 1,924 2,781 2,598 Taiwan 1,416 1,448 1,126 Thailand 2,136 1,555 1,358 Other 1,090 1,237 1,342 Addendum: 2 European Union 3,030,601 3,331,275 3,177,281 3,299,103 170,266 148,625 ‐29,282 ‐575 221,139 258,148 247,618 270,923 1. The “United Kingdom Islands, Caribbean” is composed of the British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. 2. Data for the European Union (EU) reflect the EU membership during the reference period. For the periods shown in this table, the European Union was comprised of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Source: U.S. Bureau of Economic Analysis –6– 2016 430,948 18,326 246,660 391 4,558 611 658 47 2,716 4,805 125 447 54,310 1,620 35,403 70,098 815 1,189 167 907 1,864 1,841 29,971 260 39,967 ‐6,111 83,902 5,270 1,698 1,557 1,664 404 147 296 ‐592 95 8,154 125 114 6,846 475 594 70,478 945 43,030 350 25,413 739 2,040 180 693 288 879 6,260 837 1,097 1,375 2,950 73,761 6,123 12,330 4,763 4,094 1,031 12,872 862 504 815 23,810 2,638 1,343 1,657 920 Table 2. U.S. Direct Investment Abroad: Selected Items by Industry of Foreign Affiliate, 2016‐2019 All industries Mining Manufacturing Food Chemicals Primary and fabricated metals Machinery Computers and electronic products Electrical equipment, appliances, and components Transportation equipment Other manufacturing Wholesale trade Information Depository institutions (banking) Finance (except depository institutions) and insurance Professional, scientific, and technical services Holding companies (nonbank) Other industries Source: U.S. Bureau of Economic Analysis [Millions of dollars] Direct investment position on a Financial transactions without current‐cost adjustment historical‐cost basis (outflows (+), inflows (‐)) 2016 2017 2018 2019 2016 2017 2018 2019 5,518,644 6,097,690 5,801,025 5,959,592 284,469 327,781 ‐194,412 93,552 163,529 162,908 155,221 154,267 ‐5,073 ‐11,233 ‐3,756 ‐2,807 687,625 806,448 773,622 903,664 57,908 82,886 46,199 63,370 65,560 93,903 85,335 87,576 2,204 6,725 2,985 1,865 146,878 139,746 143,276 214,170 15,784 13,846 10,462 31,804 40,364 44,856 47,273 48,886 4,340 3,466 1,891 1,533 47,961 55,776 50,598 75,629 4,610 5,202 1,632 3,392 94,305 144,946 128,682 143,167 11,774 27,956 13,979 6,098 15,322 18,033 17,057 18,094 280 1,748 838 988 75,646 87,292 83,105 87,453 7,697 7,995 5,700 4,777 201,589 221,896 218,295 228,688 11,220 15,948 8,712 12,912 235,184 255,235 229,232 238,632 14,799 12,624 ‐19,350 18,339 218,343 240,143 292,184 284,224 21,466 16,316 52,178 2,716 118,825 124,044 124,671 135,374 3,171 ‐4,600 ‐2,840 7,233 706,103 781,180 835,500 847,075 10,269 37,081 76,342 ‐1,114 139,709 140,179 150,492 154,099 15,623 ‐3,013 12,136 2,306 2,877,387 3,176,645 2,843,122 2,804,997 136,717 169,924 ‐368,620 ‐26,838 371,939 410,909 396,982 437,261 29,589 27,795 13,300 30,346 –7– Income without current cost adjustment 2016 430,948 2,552 72,843 2,782 23,300 2,180 4,628 13,413 1,124 8,167 17,250 21,137 17,128 7,646 38,376 11,462 221,302 38,501 2017 518,653 11,495 89,883 4,732 24,831 2,642 5,691 20,041 1,785 9,699 20,461 23,036 15,043 7,467 43,766 12,365 274,507 41,090 2018 543,960 16,815 85,780 4,361 24,356 3,042 5,882 17,380 1,749 10,672 18,337 25,186 20,330 7,970 54,985 10,531 284,677 37,686 2019 532,724 12,934 80,986 4,240 25,659 2,916 4,361 16,807 1,489 8,105 17,409 25,164 17,493 8,965 51,734 15,532 275,289 44,628 Table 3. U.S. Direct Investment Abroad: Dividends by Country of Foreign Affiliate, 2017 ‐ 2019 [Millions of dollars] 2017 2018 2019 All countries 184,170 850,868 396,333 Canada 5,009 10,378 7,706 Europe 103,013 452,298 235,872 of which: Netherlands 41,607 162,018 74,292 Ireland 2,347 150,876 85,774 United Kingdom 18,896 43,098 28,250 Switzerland 17,919 37,491 7,903 Luxembourg 6,475 30,071 21,089 Latin America and Other Western Hemisphere 28,038 278,420 97,420 of which: Bermuda 8,859 231,469 67,933 United Kingdom Islands, Caribbean 1 3,815 15,484 13,137 Africa (D) 1,658 (D) Middle East (D) 9,394 (D) Asia and Pacific 38,127 98,720 48,412 of which: Singapore 9,163 54,118 19,362 D Suppressed to avoid disclosure of data of individual companies. 1. The “United Kingdom Islands, Caribbean” is composed of the British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. Source: U.S. Bureau of Economic Analysis Table 4. U.S. Direct Investment Abroad: Dividends by Industry of U.S. Parent, 2017 ‐ 2019 [Millions of dollars] All industries Mining Manufacturing Food Chemicals Primary and fabricated metals Machinery Computers and electronic products Electrical equipment, appliances, and components Transportation equipment Other manufacturing (implied) Wholesale trade Information Depository institutions (banking) Finance (except depository institutions) and insurance Professional, scientific, and technical services Holding companies Other industries 2017 184,170 4,366 111,565 1,495 48,717 685 4,131 8,619 1,361 6,484 40,073 4,086 5,134 2,783 36,963 1,389 3,236 14,647 2018 850,868 12,725 548,052 11,491 242,248 1,984 8,478 198,962 5,150 24,004 55,736 11,678 (D) 10,949 83,749 5,550 3,883 (D) 2019 396,333 1,218 253,664 6,301 99,612 1,622 3,303 92,463 3,202 13,067 34,094 4,887 44,297 5,948 57,733 4,594 4,632 19,359 Addendum: Petroleum 1 31,734 37,498 15,209 D Suppressed to avoid disclosure of data of individual companies. 1. Petroleum is composed of oil and gas extraction; support activities for oil and gas extraction; petroleum and coal products manufacturing; petroleum and petroleum products wholesale trade; gasoline stations; petroleum tanker operations; pipeline transportation of crude oil, refined petroleum products, and natural gas; and petroleum storage for hire. Source: U.S. Bureau of Economic Analysis Table 5. U.S. Direct Investment Position Abroad, by Industry of Affiliate and by Industry of U.S. Parent, 2016‐2019 All industries Mining Manufacturing Food Chemicals Primary and fabricated metals Machinery Computers and electronic products Electrical equipment, appliances, and components Transportation equipment Other manufacturing Wholesale trade Information Depository institutions (banking) Finance (except depository institutions) and insurance Professional, scientific, and technical services Holding companies (nonbank) Other industries [Millions of dollars] 2016 2017 2018 2019 By industry of By industry of By industry of By industry of By industry of By industry of By industry of By industry of affiliate U.S. parent affiliate U.S. parent affiliate U.S. parent affiliate U.S. parent 5,518,644 5,518,644 6,097,690 6,097,690 5,801,025 5,801,025 5,959,592 5,959,592 163,529 116,177 162,908 117,082 155,221 108,020 154,267 116,441 687,625 3,088,799 806,448 3,406,593 773,622 3,100,096 903,664 3,094,512 65,560 189,932 93,903 222,042 85,335 214,453 87,576 219,224 146,878 859,770 139,746 975,413 143,276 895,064 214,170 848,915 40,364 61,320 44,856 78,199 47,273 72,524 48,886 72,719 47,961 171,385 55,776 177,533 50,598 173,577 75,629 196,254 94,305 570,713 144,946 673,183 128,682 534,599 143,167 522,773 15,322 64,218 18,033 67,944 17,057 54,468 18,094 51,585 75,646 373,928 87,292 371,845 83,105 321,853 87,453 327,931 201,589 797,532 221,896 840,433 218,295 833,558 228,688 855,113 235,184 196,108 255,235 219,999 229,232 224,314 238,632 229,909 218,343 357,181 240,143 461,992 292,184 467,400 284,224 492,967 118,825 233,454 124,044 258,252 124,671 254,030 135,374 263,580 706,103 688,495 781,180 727,462 835,500 696,937 847,075 761,424 139,709 236,159 140,179 256,764 150,492 301,778 154,099 301,238 2,877,387 92,158 3,176,645 98,970 2,843,122 98,258 2,804,997 115,411 371,939 510,115 410,909 550,575 396,982 550,193 437,261 584,110 Addendum: Petroleum 1 164,563 564,118 159,285 591,502 152,969 579,816 150,834 586,027 1. Petroleum is composed of oil and gas extraction; support activities for oil and gas extraction; petroleum and coal products manufacturing; petroleum and petroleum products wholesale trade; gasoline stations; petroleum tanker operations; pipeline transportation of crude oil, refined petroleum products, and natural gas; and petroleum storage for hire. Source: U.S. Bureau of Economic Analysis –8– Table 6. U.S. Direct Investment Position Abroad on a Historical‐Cost Basis, Country by Industry of Foreign Affiliate, 2019 [Millions of dollars] Manufacturing All industries Mining Total Food Finance Electrical (except Professional, Holding Primary Computers equipment, Wholesale Depository depository scientific, and Other Information companies and and Transportation Other Chemicals Machinery appliances, trade institutions institutions) industries technical (nonbank) fabricated electronic equipment manufacturing and and services metals products components insurance 214,170 48,886 75,629 143,167 18,094 87,453 228,688 238,632 284,224 135,374 847,075 154,099 2,804,997 437,261 19,405 4,890 3,852 8,113 2,806 13,890 40,687 28,176 12,088 5,421 67,180 8,152 117,170 52,286 139,459 25,226 55,295 47,277 7,556 28,274 123,247 90,992 209,124 55,309 416,045 91,810 1,943,709 269,159 167 (D) 25 1,336 (D) 37 354 941 126 (D) 486 458 1,438 806 23,641 4 964 2,843 (D) 605 (D) 6,315 590 (D) 5,344 1,630 609 (D) 1,229 189 177 408 15 111 (D) 116 264 (D) 22 193 (D) (D) ‐659 391 179 228 (D) (*) (D) 1,345 754 ‐3 (D) ‐103 2,276 529 69 (D) (D) 191 29 1 722 204 812 (D) ‐4 509 (D) (D) 14,949 4,548 2,285 1,505 853 547 6,747 6,312 1,611 1,098 15,944 3,611 14,022 8,195 2,853 2,270 6,949 4,904 770 858 6,779 17,281 8,952 (D) 14,129 7,151 64,322 (D) 169 (*) 13 (D) 3 0 1,088 91 45 (D) (D) 45 (*) ‐98 (D) 6 118 ‐137 ‐10 1,491 211 265 515 (D) (D) 60 2,063 194 6,231 199 1,351 4,178 1,242 31 4,843 1,258 65,499 (D) 28,492 8,191 134,897 (D) 1,265 1,725 2,791 1,398 180 469 3,423 3,741 9,244 146 2,846 763 1,206 3,644 (D) (D) 1,120 (D) (D) 1,978 16,339 556 3,874 6,589 35,818 1,149 650,803 (D) 40,433 588 24,597 9,340 254 4,488 26,584 13,611 26,957 (D) 53,538 3,619 608,296 (D) 651 (D) 603 163 (D) (D) 371 333 2,794 ‐1 269 324 10,413 1,519 298 280 419 135 (D) 2,722 (D) 210 136 (D) 523 483 (D) (D) 128 38 ‐27 68 ‐4 209 (D) 718 146 (D) 182 278 14 (D) 527 (D) 244 717 (D) (D) 1,634 1,696 1,319 (D) 908 622 1,115 784 2,091 158 908 522 855 5,458 1,991 2,910 2,223 (D) 2,435 4,428 13,025 1,247 (D) (D) 659 1,569 (D) 333 1,226 3,184 1,625 (D) 6,499 2,036 15,004 171 17,274 1,582 5,426 5,136 918 (D) (D) 16,473 6,579 6,032 19,525 4,851 101,000 24,237 253 (D) 49 463 (*) 521 542 527 23 162 24 16 (*) (D) 19,259 8,771 5,817 11,993 995 5,723 17,277 11,836 74,489 12,460 224,946 49,907 324,461 54,370 ‐3 222 (D) (D) (D) 791 519 1,069 547 (D) 835 1,589 ‐2,139 (D) 154,267 903,664 87,576 All countries 5,959,592 Canada 402,255 10,786 100,996 7,352 Europe 3,571,710 18,571 476,991 50,656 Austria 7,643 (D) 2,626 (D) Belgium 63,157 (D) 40,008 1,603 Czech Republic 4,815 0 3,575 (D) Denmark 8,992 (D) 2,115 157 Finland 3,745 0 1,650 (D) France 83,826 32 33,002 1,569 Germany 148,259 (D) 26,449 1,066 Greece 938 0 1,354 (D) Hungary 6,114 21 1,716 (D) Ireland 354,940 (D) 18,701 626 Italy 34,900 416 12,894 1,644 Luxembourg 766,099 (D) 25,991 1 Netherlands 860,528 1,374 113,654 7,370 Norway 25,556 7,371 2,534 457 Poland 10,403 (*) 6,552 1,508 Portugal 2,425 0 426 (D) Russia 14,439 (D) 6,368 1,714 Spain 40,793 (D) 13,209 1,227 Sweden 38,787 (D) 10,256 1,228 Switzerland 228,968 396 49,876 ‐334 Turkey 3,333 (D) 2,044 (D) United Kingdom 851,414 ‐20 98,965 29,129 Other 11,636 2,115 3,027 (D) Latin America and Other Western Hemisphere 911,869 51,000 95,190 8,610 14,295 9,467 4,444 13,476 2,529 20,989 21,380 37,286 20,729 29,241 235,684 6,137 403,632 32,968 South America 142,823 31,518 37,268 3,479 8,666 4,988 2,593 4,408 410 5,283 7,441 5,970 9,560 (D) 26,437 2,893 13,248 (D) Argentina 10,698 838 2,423 358 1,089 (D) 373 (D) 25 808 250 593 2,423 1,207 1,365 302 1,332 216 Brazil 81,731 12,278 26,027 2,203 4,847 4,887 2,044 4,281 238 3,580 3,947 2,364 5,141 4,065 16,847 1,346 7,544 6,120 Chile 25,084 6,873 5,221 73 1,882 (D) 65 572 (D) (D) 1,987 1,177 1,074 (D) 6,290 701 1,787 (D) Colombia 8,264 2,718 1,823 141 793 (D) 16 258 25 188 (D) 407 607 (D) 901 558 149 (D) Ecuador 619 455 176 (D) ‐209 (D) 2 6 (*) (D) 28 216 (D) (D) 270 (D) ‐4 32 Peru 7,470 4,301 673 157 125 (*) 44 (D) 10 (*) (D) 603 58 (D) 459 (D) (D) 405 Venezuela 2,228 51 722 (D) 115 4 44 (D) 18 (D) 113 211 ‐61 0 31 374 756 145 Other 6,729 4,004 203 82 24 0 6 18 (D) 2 (D) 401 (D) (D) 275 ‐30 (D) 132 Central America 113,246 10,867 45,135 4,894 5,404 (D) (D) 1,746 2,115 15,690 12,047 5,518 715 (D) 16,241 ‐426 18,449 (D) Costa Rica 1,521 0 1,426 (*) 410 5 1 264 239 (*) 506 ‐6 ‐7 (D) (D) 114 (D) ‐642 Honduras 1,281 0 891 (D) 15 0 0 (D) (*) ‐4 (D) ‐91 4 (D) (D) 2 0 133 Mexico 100,888 10,670 41,166 4,782 4,820 2,274 950 1,297 1,873 15,694 9,477 4,723 675 (D) 14,825 ‐612 14,693 (D) Panama 5,272 196 155 15 92 2 6 (D) 3 0 (D) 816 15 (D) 329 56 3,689 (D) Other 4,284 (*) 1,496 (D) 67 (D) (D) (D) 0 (*) (D) 76 28 (D) 426 14 (D) (D) Other Western Hemisphere 655,800 8,615 12,787 237 225 (D) (D) 7,322 4 16 1,892 25,798 10,455 19,849 193,006 3,671 371,935 9,684 Barbados 45,382 11 76 (D) 7 0 (D) 9 0 (*) (*) (D) 5 0 24,309 (D) 11,208 (D) Bermuda 262,418 195 3,067 0 (D) (D) (D) (D) 0 (*) 52 (D) 6,568 337 58,388 (D) 174,321 ‐1,075 Dominican Republic 2,604 0 2,150 (D) (D) (D) (*) (*) (*) 0 1,945 54 66 (D) 9 ‐13 8 (D) 1 United Kingdom Islands, Caribbean 300,505 3,487 7,228 0 155 13 (D) (D) 4 16 ‐156 895 3,217 (D) 93,597 ‐252 171,962 (D) Other 44,890 4,922 266 (D) (D) (D) (*) ‐3 0 0 49 255 599 (D) 16,702 (D) 14,436 (D) Africa 43,193 16,146 5,665 1,197 992 194 483 138 (D) (D) 762 2,452 630 (D) 4,260 1,811 6,958 (D) Egypt 11,000 (D) 762 327 53 (D) 36 (D) ‐3 (D) 134 541 46 (D) 8 66 (D) 164 Nigeria 5,469 2,513 203 36 (D) 0 (D) 25 0 0 10 (D) (D) (D) (D) (*) (D) ‐1 South Africa 7,812 ‐185 3,972 690 1,021 ‐28 280 ‐20 (D) 1,069 (D) 693 210 (D) 810 408 365 (D) Other 18,913 (D) 728 144 (D) (D) (D) (D) (D) 170 (D) (D) (D) (D) (D) 1,337 (D) (D) Middle East 75,205 21,341 24,443 508 1,766 657 1,142 17,608 (D) (D) 2,177 3,391 2,016 (D) 1,718 3,842 13,223 (D) Israel 28,543 (D) 21,502 (D) 200 15 671 17,673 (D) (D) 2,151 358 1,663 (D) 181 2,307 (D) 1,103 Saudi Arabia 10,826 844 207 (D) 416 78 (D) (D) 0 (D) (D) 903 97 (D) (D) 525 7,937 149 United Arab Emirates 17,153 7,989 1,181 (D) (D) (D) 310 (D) 1 (D) 265 2,109 204 (D) 769 723 69 (D) Other 18,683 (D) 1,553 (D) (D) (D) (D) 5 0 0 (D) 21 53 (D) (D) 287 (D) (D) Asia and Pacific 955,361 36,423 200,379 19,253 38,253 8,450 10,413 56,556 4,138 22,882 40,435 76,336 39,636 40,946 122,188 42,346 320,306 76,800 Australia 162,400 20,734 19,093 7,736 1,462 1,236 1,345 1,921 53 1,681 3,659 5,212 7,453 630 7,615 11,644 81,821 8,198 China 116,203 1,234 54,192 3,131 11,715 2,395 3,936 10,386 1,032 12,805 8,791 16,206 2,231 4,951 9,604 1,728 7,092 18,967 Hong Kong 81,883 0 8,892 87 909 1,086 508 3,679 682 ‐155 2,097 4,213 7,637 3,018 5,214 3,138 48,365 1,406 India 45,883 391 10,214 798 2,110 420 1,264 1,345 671 1,104 2,503 4,341 1,397 (D) 3,619 19,651 414 (D) Indonesia 12,151 7,522 1,143 760 148 ‐5 77 (D) (D) (D) 196 92 218 (D) 666 505 1,025 (D) Japan 131,793 0 28,854 654 7,306 690 493 5,169 (D) 2,904 (D) 8,613 7,661 3,451 60,832 2,808 6,529 13,045 Malaysia 10,849 439 3,572 (D) 337 254 116 1,346 (D) 448 (D) 574 285 (D) 1,769 275 2,452 (D) New Zealand 12,018 14 2,263 (D) 246 20 171 343 2 (*) (D) 963 355 (D) 1,929 173 (D) (D) Philippines 6,940 1 3,057 (D) 344 1 (D) 1,347 (D) (D) 623 464 110 (D) 326 641 (D) 542 Singapore 287,951 1,096 37,822 1,950 6,306 929 1,291 21,492 555 1,836 3,463 28,214 9,728 3,508 17,453 786 164,965 24,380 South Korea 39,105 (D) 11,190 670 3,972 416 322 3,169 52 ‐281 2,868 3,045 1,899 (D) 9,027 435 (D) 3,028 Taiwan 17,353 0 5,785 (D) 297 210 180 4,341 192 ‐15 (D) 2,738 488 (D) 2,928 119 503 (D) Thailand 17,738 (D) 11,957 1,448 3,076 (D) 336 2,107 (D) 2,309 2,318 1,140 115 1,074 366 457 (D) 690 Other 13,095 (D) 2,346 (D) 26 (D) (D) (D) 1 (D) 742 522 57 (D) 841 ‐14 126 5,034 Addendum: European Union 2 3,299,103 8,808 415,923 48,397 120,747 22,932 48,944 40,790 6,569 25,802 101,741 71,518 198,329 47,977 394,280 85,685 1,835,309 241,274 * A nonzero value that rounds to zero D Suppressed to avoid disclosure of data of individual companies. 1. The “United Kingdom Islands, Caribbean” is composed of the British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. 2. Data for the European Union (EU) reflect the EU membership during the reference period. For the periods shown in this table, the European Union was comprised of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom Source: U.S. Bureau of Economic Analysis –9– Table 7. Foreign Direct Investment in the United States: Selected Items by Country of Foreign Parent, 2016–2019 [Millions of dollars] Direct investment position on a historical‐cost basis Financial transactions without current‐cost adjustment (inflows (+), outflows (‐)) Income without current‐cost adjustment 2016 3,561,808 2017 3,786,848 2018 4,127,175 2019 4,458,362 2016 459,419 2017 295,296 2018 223,401 2019 261,412 2016 141,603 2017 174,241 2018 206,522 2019 208,140 344,929 395,495 442,802 495,720 65,140 83,657 39,115 36,489 13,954 22,463 26,454 29,727 2,448,305 10,655 94,462 18,920 6,118 255,595 2,565,251 13,160 76,009 18,617 6,928 266,570 2,794,561 12,392 64,661 20,654 14,464 268,169 2,871,431 13,964 65,918 23,870 14,826 282,226 301,860 3,496 186 3,986 ‐73 28,553 143,189 2,386 ‐999 306 775 15,862 114,121 ‐1,570 1,264 1,892 1,556 3,791 120,004 1,607 3,115 2,943 361 7,702 100,359 569 2,919 1,093 472 12,751 118,645 855 2,629 1,233 323 11,170 136,913 1,171 1,993 1,614 806 12,061 133,849 971 3,605 1,679 1,042 10,671 Germany Ireland Italy Luxembourg Netherlands Norway 277,209 102,251 30,072 371,121 313,649 24,794 298,754 157,846 29,450 382,605 348,836 22,800 328,124 265,004 30,749 312,976 462,303 26,007 372,879 225,517 32,811 297,052 487,079 24,221 15,637 8,645 737 49,203 43,143 ‐1,097 18,727 24,578 247 24,482 21,738 1,056 28,346 60,388 1,526 ‐119,464 83,097 (D) 42,052 ‐1,816 1,012 5,578 13,093 2,070 12,397 7,153 550 11,347 11,849 ‐254 19,877 8,599 637 16,387 12,070 471 24,465 9,160 1,341 16,653 19,582 2,222 24,149 8,787 933 13,223 16,513 1,153 Spain Sweden Switzerland United Kingdom Other 71,559 48,372 267,657 505,190 50,681 77,816 51,286 274,721 487,570 52,282 83,379 49,546 295,783 496,622 63,726 86,796 52,683 300,393 505,088 86,106 2,546 4,610 46,595 88,081 7,612 4,343 509 ‐3,539 29,235 3,483 5,927 679 27,754 3,798 (D) 3,159 2,801 11,316 23,234 1,778 1,507 3,292 18,291 14,621 1,802 2,037 3,087 14,514 22,873 1,886 3,158 3,387 20,449 17,291 1,559 2,960 3,379 19,735 21,945 3,101 120,051 119,119 153,638 193,786 30,655 7,017 37,412 31,986 6,704 2,875 8,161 8,783 South and Central America Brazil Mexico Panama Venezuela Other 26,235 1,020 17,426 2,749 1,563 3,476 28,704 977 20,693 2,466 1,603 2,965 32,025 2,514 21,050 2,789 1,673 4,000 35,072 4,617 21,526 2,965 1,705 4,259 2,054 ‐1,694 2,900 89 369 389 2,728 ‐80 3,191 ‐317 17 ‐83 3,024 1,666 ‐117 323 783 368 2,970 2,210 256 129 179 196 1,885 213 1,372 117 73 111 1,856 193 1,255 16 281 111 2,713 159 1,414 135 (D) (D) 2,863 526 1,625 139 (D) (D) Other Western Hemisphere Bahamas Bermuda Curacao United Kingdom Islands, Caribbean Other 93,817 262 6,982 1,486 79,690 5,398 90,415 513 ‐3,280 1,312 82,247 9,624 121,613 646 28,018 1,335 83,555 8,058 158,714 1,089 56,279 1,182 90,554 9,609 28,601 ‐460 23,222 ‐158 3,082 2,915 4,288 94 ‐1,384 ‐103 1,667 4,013 34,388 186 30,358 13 4,903 ‐1,073 29,016 442 21,523 ‐145 5,647 1,549 4,819 ‐32 989 ‐90 3,727 225 1,019 ‐33 801 ‐89 ‐64 403 5,447 11 2,443 ‐7 2,475 524 5,920 27 2,830 ‐69 2,519 613 4,166 2,985 1,181 5,409 3,976 1,432 5,652 4,013 1,638 9,823 4,061 5,762 ‐48 88 ‐136 1,488 1,132 356 246 23 223 4,151 33 4,118 4 17 ‐12 160 ‐36 196 232 68 164 323 250 73 24,169 12,271 1,112 23 (D) 2,796 (D) 26,668 12,061 1,123 19 6,116 4,871 2,477 29,329 13,982 1,276 19 6,912 5,530 1,609 29,076 14,566 1,256 16 6,220 5,099 1,920 639 90 17 ‐2 716 ‐432 250 2,721 ‐100 23 ‐4 218 2,060 524 2,540 1,871 172 (*) 711 657 ‐870 ‐26 552 ‐143 ‐3 ‐707 ‐34 308 1,154 229 30 1 (D) 232 (D) 1,360 322 34 1 (D) 152 (D) 647 197 24 1 (D) 20 (D) 162 22 ‐122 1 48 146 68 620,189 66,587 31,871 11,494 4,749 427,229 1,121 204 21,661 42,426 7,514 5,334 674,906 62,048 31,306 13,330 5,669 475,864 1,037 1,029 18,185 54,183 7,820 4,435 701,193 63,070 33,543 13,159 5,127 493,763 1,218 2,107 18,267 56,612 10,512 3,816 858,527 80,974 37,685 14,110 5,009 619,259 981 2,550 21,060 61,822 11,099 3,978 61,174 5,660 18,004 1,720 ‐544 33,732 ‐172 ‐233 491 3,699 668 ‐1,850 57,224 ‐1,579 2,746 343 844 42,890 ‐74 104 ‐840 13,348 401 ‐959 29,966 3,113 1,590 3,025 ‐692 18,715 124 458 ‐61 1,868 2,451 ‐625 68,809 16,196 4,260 770 62 38,526 ‐278 250 2,917 5,339 577 189 19,427 477 ‐745 ‐202 120 18,107 4 ‐122 166 1,086 381 156 28,740 295 321 ‐662 199 25,977 1 38 162 1,629 622 157 34,116 4,381 1,170 464 210 24,392 21 377 727 1,614 736 24 35,296 3,448 958 296 ‐140 26,904 ‐37 330 724 2,175 493 148 All countries Canada Europe Austria Belgium Denmark Finland France Latin America and Other Western Hemisphere Africa South Africa Other Middle East Israel Kuwait Lebanon Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Japan Malaysia New Zealand Singapore South Korea Taiwan Other 1 Addendum: European Union 2 2,134,301 2,248,183 2,451,326 2,525,149 253,064 144,947 79,931 106,519 81,615 102,630 113,176 112,267 * A nonzero value that rounds to zero D Suppressed to avoid disclosure of data of individual companies. 1. The “United Kingdom Islands, Caribbean” is composed of the British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. 2. Data for the European Union (EU) reflect the EU membership during the reference period. For the periods shown in this table, the European Union was comprised of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Source: U.S. Bureau of Economic Analysis –10– Table 8. Foreign Direct Investment Position in the United States on a Historical‐Cost Basis, by Country of Foreign Parent and of the Ultimate Beneficial Owner, 2016‐20191 [Millions of dollars] 2016 2017 2018 2019 By country of By country of By country of By country of By country of By country of By country of By country of each member ultimate ultimate each member ultimate each member ultimate each member of the foreign beneficial beneficial of the foreign beneficial of the foreign beneficial of the foreign owner owner parent group parent group owner parent group owner parent group All countries 3,561,808 3,561,808 3,786,848 3,786,848 4,127,175 4,127,175 4,458,362 4,458,362 344,929 422,956 395,495 478,986 442,802 533,910 495,720 580,752 2,448,305 10,655 94,462 18,920 6,118 255,595 2,099,972 3,507 76,496 18,375 8,203 264,026 2,565,251 13,160 76,009 18,617 6,928 266,570 2,173,105 3,978 62,529 19,221 8,816 283,794 2,794,561 12,392 64,661 20,654 14,464 268,169 2,434,287 5,157 65,754 20,302 9,912 295,395 2,871,431 13,964 65,918 23,870 14,826 282,226 2,505,980 6,250 70,073 23,541 9,947 310,743 Germany Ireland Italy Luxembourg Netherlands Norway 277,209 102,251 30,072 371,121 313,649 24,794 347,963 234,899 34,583 28,851 169,633 25,848 298,754 157,846 29,450 382,605 348,836 22,800 387,997 235,942 35,762 31,321 184,386 23,747 328,124 265,004 30,749 312,976 462,303 26,007 482,608 322,531 38,625 26,176 253,112 24,450 372,879 225,517 32,811 297,052 487,079 24,221 521,979 343,538 43,660 22,760 290,429 22,765 Spain Sweden Switzerland United Kingdom Other 71,559 48,372 267,657 505,190 50,681 70,766 53,132 158,672 587,407 17,612 77,816 51,286 274,721 487,570 52,282 75,990 54,936 159,168 587,618 17,899 83,379 49,546 295,783 496,622 63,726 81,480 55,171 202,043 527,839 23,732 86,796 52,683 300,393 505,088 86,106 84,338 61,316 224,368 446,179 24,095 120,051 144,707 119,119 171,820 153,638 204,926 193,786 227,689 South and Central America Brazil Mexico Panama Venezuela Other 26,235 1,020 17,426 2,749 1,563 3,476 79,598 31,266 34,967 728 1,830 10,808 28,704 977 20,693 2,466 1,603 2,965 100,683 48,482 39,068 749 1,819 10,565 32,025 2,514 21,050 2,789 1,673 4,000 102,692 45,010 42,621 823 1,825 12,412 35,072 4,617 21,526 2,965 1,705 4,259 104,942 45,273 42,902 899 1,864 14,004 Other Western Hemisphere Bahamas Bermuda Curacao United Kingdom Islands, Caribbean 2 Other 93,817 262 6,982 1,486 79,690 5,398 65,109 159 36,191 (D) (D) 264 90,415 513 ‐3,280 1,312 82,247 9,624 71,137 155 34,848 (D) (D) 272 121,613 646 28,018 1,335 83,555 8,058 102,235 (D) 60,785 (D) 21,865 (D) 158,714 1,089 56,279 1,182 90,554 9,609 122,748 278 77,140 (D) 24,630 (D) 4,166 2,985 1,181 4,484 3,880 604 5,409 3,976 1,432 5,705 4,960 746 5,652 4,013 1,638 5,925 5,151 774 9,823 4,061 5,762 6,014 5,179 835 24,169 12,271 1,112 23 (D) 2,796 (D) 99,662 56,198 1,704 403 12,953 24,904 3,500 26,668 12,061 1,123 19 6,116 4,871 2,477 83,645 36,245 1,739 473 14,980 26,809 3,399 29,329 13,982 1,276 19 6,912 5,530 1,609 84,195 36,700 1,913 528 14,697 27,539 2,818 29,076 14,566 1,256 16 6,220 5,099 1,920 83,835 36,641 1,820 599 13,242 27,633 3,899 620,189 66,587 31,871 11,494 4,749 427,229 1,121 204 21,661 42,426 7,514 5,334 719,135 73,526 54,393 15,167 8,445 431,555 1,483 356 77,885 41,129 10,867 4,329 674,906 62,048 31,306 13,330 5,669 475,864 1,037 1,029 18,185 54,183 7,820 4,435 795,526 67,212 54,710 15,242 9,476 484,696 1,466 1,148 92,355 53,233 11,516 4,473 701,193 63,070 33,543 13,159 5,127 493,763 1,218 2,107 18,267 56,612 10,512 3,816 788,199 68,753 55,489 16,908 10,212 499,088 2,442 2,183 58,399 55,843 14,176 4,705 858,527 80,974 37,685 14,110 5,009 619,259 981 2,550 21,060 61,822 11,099 3,978 969,973 86,537 59,043 17,594 16,693 644,727 1,050 2,619 60,138 61,135 16,183 4,253 Canada Europe Austria Belgium Denmark Finland France Latin America and Other Western Hemisphere Africa South Africa Other Middle East Israel Kuwait Lebanon Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Japan Malaysia New Zealand Singapore South Korea Taiwan Other United States ‐‐‐‐‐‐‐‐‐‐‐‐ 70,891 ‐‐‐‐‐‐‐‐‐‐‐‐ 78,061 ‐‐‐‐‐‐‐‐‐‐‐‐ 75,733 ‐‐‐‐‐‐‐‐‐‐‐‐ 84,119 D Suppressed to avoid disclosure of data of individual companies. 1. The ultimate beneficial owner (UBO) is the person or entity, proceeding up a U.S. affiliate's ownership chain, beginning with the foreign parent, that is not owned more than 50 percent by another entity. The UBO ultimately owns or controls, and thus ultimately derives the benefits and assumes the risks from owning or controlling, an affiliate. The country of the UBO is often the same as that of the foreign parent, but it may be a different country or the United States. 2. The “United Kingdom Islands, Caribbean” is composed of the British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. Source: U.S. Bureau of Economic Analysis –11– Table 9. Foreign Direct Investment in the United States: Selected Items by Industry of U.S. Affiliate, 2016–2019 [Millions of dollars] Direct investment position on a historical‐cost basis All industries Manufacturing Food Chemicals Primary and fabricated metals Machinery Computers and electronic products Electrical equipment, appliances, and components Transportation equipment Other manufacturing Wholesale trade Retail trade Information Depository institutions (banking) Finance (except depository institutions) and insurance Real estate and rental and leasing Professional, scientific, and technical services Other industries Source: U.S. Bureau of Economic Analysis 2016 3,561,808 1,476,461 70,241 641,834 55,700 96,192 95,082 41,757 137,494 338,162 365,373 70,078 171,474 204,455 435,127 99,340 184,230 555,270 2017 3,786,848 1,482,932 101,929 610,895 55,046 118,107 108,756 40,947 126,385 320,868 446,694 90,778 170,487 211,062 463,128 119,142 195,954 606,670 2018 4,127,175 1,664,397 109,331 727,571 59,466 110,716 122,800 52,255 154,973 327,285 432,150 151,370 181,791 208,726 487,528 149,547 177,942 673,723 –12– 2019 4,458,362 1,785,688 112,757 774,533 65,725 109,072 132,594 56,275 178,914 355,816 467,238 156,686 185,371 213,652 549,691 161,368 195,057 743,612 Financial transactions without current‐cost adjustment (inflows (+); outflows (‐)) 2016 2017 2018 2019 459,419 295,296 223,401 261,412 200,578 135,716 169,976 94,944 ‐1,591 23,611 11,473 3,172 112,112 56,404 95,728 41,283 ‐361 1,147 3,293 2,267 ‐124 4,730 ‐5,658 ‐886 21,622 15,172 9,345 10,241 4,994 2,833 8,173 3,741 23,903 8,101 13,309 15,355 40,023 23,719 34,313 19,772 25,678 53,454 ‐7,594 33,015 8,207 15,897 61,400 5,452 19,035 ‐10,934 5,068 8,262 10,906 7,594 7,135 1,725 55,486 23,478 30,728 27,004 11,734 20,897 31,537 10,294 45,584 13,066 ‐100,047 16,428 82,211 36,127 25,199 64,287 Income without current‐cost adjustment 2016 141,603 66,812 5,416 26,309 2,755 4,988 1,146 3,457 8,888 13,852 8,616 5,787 2,119 7,256 25,364 6,258 2,808 16,582 2017 174,241 89,199 6,597 37,729 2,919 5,261 446 3,074 10,391 22,782 17,119 4,840 3,719 10,538 17,256 5,683 4,986 20,903 2018 206,522 90,215 5,882 34,009 4,759 7,011 2,545 4,308 10,648 21,052 26,326 7,037 6,754 10,812 24,459 4,138 4,645 32,136 2019 208,140 83,344 5,512 29,465 3,229 6,719 2,750 3,536 13,398 18,734 24,402 7,304 8,016 8,424 32,835 5,833 4,439 33,542 Table 10. Foreign Direct Investment Position in the United States on a Historical‐Cost Basis, Country by Industry of U.S. Affiliate, 2019 [Millions of dollars] Manufacturing All industries Total Food Chemicals Primary and fabricated metals Machinery Electrical Computers and equipment, Transportation electronic appliances, and equipment products components Other manufacturing Wholesale trade Retail trade Depository institutions Information Finance (except Real estate and depository rental and institutions) leasing and insurance Professional, scientific, and technical services Other industries 4,458,362 1,785,688 112,757 774,533 65,725 109,072 132,594 56,275 178,914 355,816 467,238 156,686 185,371 213,652 549,691 161,368 195,057 743,612 495,720 71,733 5,378 25,012 4,722 235 4,773 ‐182 7,583 24,212 19,273 26,264 5,076 81,556 76,436 22,944 5,130 187,307 2,871,431 13,964 65,918 23,870 14,826 282,226 1,318,188 6,091 52,979 6,717 10,659 120,986 82,397 41 (D) 418 (D) 14,692 592,085 9 4,403 1,902 (D) 68,938 46,910 1,843 405 (D) 12 2,511 89,795 1,244 937 (D) 2,867 366 87,353 (D) ‐75 (D) (D) 2,993 50,749 (D) (D) (D) (D) (D) 98,034 14 (D) (D) (D) 8,166 270,864 2,956 (D) 438 1,264 (D) 254,549 (D) 2,743 10,388 2,236 25,749 114,622 (D) 1 (D) (*) 2,302 141,284 5 ‐3 42 (D) 28,080 78,098 (D) (D) 0 (D) 9,964 339,391 (D) (D) (D) (D) 50,812 65,873 21 118 22 2 5,477 149,417 15 (D) 37 55 13,184 410,010 136 9,494 (D) 18 25,672 Germany Ireland Italy Luxembourg Netherlands Norway 372,879 225,517 32,811 297,052 487,079 24,221 142,623 89,350 11,298 209,569 246,975 (D) 379 1,991 978 18,468 ‐1,381 1 33,014 50,471 1,459 102,744 108,994 104 4,031 8,285 782 (D) 472 (D) 14,355 (D) 2,052 (D) 24,751 (D) 20,112 20 1,880 30,020 10,920 ‐4 794 (D) 114 375 25,250 (D) 43,810 ‐31 (D) 1,792 (D) (D) 26,128 (D) (D) 40,822 (D) (D) 50,562 5,599 2,151 7,226 50,761 20,701 (D) (D) 4,457 (D) 9,471 (D) (D) 16,489 148 7,427 9,182 (D) 24,922 (D) (D) 0 (D) (D) 43,343 8,217 (D) (D) 50,806 (D) 11,977 (D) 187 2,051 2,998 82 (D) (D) (D) 2,940 38,642 431 29,460 (D) 4,569 43,075 (D) 329 Spain Sweden Switzerland United Kingdom Other 86,796 52,683 300,393 505,088 86,106 12,418 42,413 164,086 167,230 (D) (D) 3 (D) 6,291 10,257 (D) 17,781 (D) 86,088 9,867 (D) 7,869 1,456 9,064 3,676 (D) 2,092 1,766 10,910 ‐29 6 176 3,065 10,860 260 (D) (D) (D) (D) 75 695 (D) 136 19,545 1,147 (D) 7,132 21,110 (D) (D) 265 ‐325 2,998 71,082 (D) (D) (D) 11,577 8,747 (D) (D) (D) 11,793 25,100 72 (D) (D) (D) (D) (D) (D) (D) 86,683 64,346 (D) (D) (D) 1,512 8,280 (D) (D) (D) 3,584 29,078 586 26,399 4,990 (D) (D) 27,927 193,786 51,145 17,882 7,953 1,287 179 13,354 (D) 1,084 (D) 8,153 (D) 3,907 8,959 25,171 37,890 5,514 (D) 35,072 4,617 21,526 2,965 1,705 4,259 9,146 1,142 5,093 (D) (D) 500 (D) (D) 3,851 (*) ‐9 (D) ‐972 ‐409 ‐126 (D) (*) (D) 801 (D) 589 (D) ‐4 (D) 23 ‐43 163 ‐7 2 ‐91 ‐342 ‐14 ‐321 (*) (*) ‐8 (D) (D) 11 (*) 0 (D) 1,220 1,265 19 2 (*) ‐67 (D) ‐37 907 (D) (D) 253 1,770 ‐146 1,341 158 22 395 (D) ‐2 123 (D) (D) 65 407 ‐29 397 (*) ‐2 42 8,061 3,285 (D) (D) (D) 3,647 997 663 208 92 ‐1 36 1,243 86 395 630 (D) (D) (*) ‐40 ‐32 21 ‐1 52 (D) ‐342 (D) 635 (*) (D) 158,714 1,089 56,279 1,182 90,554 9,609 41,999 ‐8 (D) (D) 26,262 (D) (D) 4 (D) ‐5 (D) (D) 8,925 0 (D) (D) (D) (D) 486 (D) (D) 0 (D) (D) 155 0 (D) (D) 160 ‐1 13,696 1 (D) 1 (D) (D) (D) (*) 0 0 (D) 0 ‐135 1 0 0 (D) (D) 3,730 (D) 1,561 1 2,219 (D) 6,383 (D) ‐19 (D) 5,883 698 1,544 0 7 (D) 1,381 (D) 3,500 (D) (D) (D) 1,052 76 897 (D) 0 (D) (D) 5 24,174 (D) 195 (D) 24,416 (D) 36,647 (D) (D) 355 11,733 (D) 5,514 (*) (D) (D) 1,590 (D) 38,056 973 18,997 334 (D) (D) 9,823 4,061 5,762 (D) (D) (D) 1 ‐2 3 (D) (D) (D) (D) (D) (D) (D) (D) (D) ‐2 ‐2 0 ‐18 (D) (D) ‐25 ‐15 ‐10 ‐11 (D) (D) (D) 16 (D) (D) (D) 0 ‐4 2 ‐6 (D) 0 (D) 5 (*) 5 530 1 529 333 (D) (D) (D) 1,692 (D) 29,076 14,566 1,256 16 6,220 5,099 1,920 (D) 9,519 (D) (*) (D) ‐99 58 71 (D) 0 0 0 (D) 0 (D) 8,666 0 0 ‐5 (D) (D) (D) 38 (D) 0 (D) (D) (D) (D) (D) 0 0 ‐1 ‐3 (D) 762 (D) (D) 0 (D) 2 (D) (D) (D) (D) 0 (D) ‐4 0 235 (D) 3 0 (D) (D) 0 70 ‐44 0 (*) (D) ‐3 (D) (D) 455 ‐1 (*) (D) (D) ‐218 (D) (D) 0 0 0 (D) (D) 998 (D) (D) 0 (D) (D) (D) (D) 2,364 (D) 0 (D) (D) ‐114 842 (D) (D) 0 (D) (D) (D) 3,418 (D) 1,188 18 (D) (D) (D) 662 (D) 3 ‐2 (D) ‐16 3 2,836 ‐594 (D) 0 (D) 1,146 (D) 858,527 80,974 37,685 14,110 5,009 619,259 981 2,550 21,060 61,822 11,099 3,978 328,760 19,759 6,221 2,812 2,301 276,449 54 (D) 7,110 7,863 4,133 (D) 7,026 (D) ‐20 ‐29 (D) 4,938 (D) (D) 50 (D) (*) (D) 134,340 (D) 341 (D) 1,389 119,296 7 ‐3 49 (D) (D) ‐4 12,944 2,167 434 98 9 9,204 (*) (D) (D) 949 (*) 13 19,062 ‐162 591 76 (D) 17,297 (D) (D) (D) (D) (D) (D) 26,355 (D) 572 1,113 2 17,961 ‐17 (*) (D) 38 252 ‐133 (D) ‐3 167 38 (D) 2,528 3 ‐3 338 (D) 39 (D) 72,003 ‐60 1,617 (D) ‐4 68,250 1 (D) 78 2,017 9 202 (D) 11,630 2,520 (D) (D) 36,975 24 (D) 95 ‐184 (D) 120 176,670 (D) 6,357 2,909 10 112,474 (D) 346 1,675 47,009 2,651 903 14,086 34 (D) 224 (D) 11,421 (*) (*) 618 (D) 143 (*) 34,111 336 2,265 349 297 30,582 (D) 4 ‐519 677 138 (D) 42,541 2,461 2,625 1,295 1,895 29,803 (D) 0 755 1,266 1,984 (D) 107,846 4,916 469 ‐54 (D) 92,630 (D) (D) (D) 589 ‐46 (D) 30,713 428 2,164 1,998 3 24,346 228 178 1,143 114 18 92 34,002 (D) ‐10 1,771 2,726 17,718 18 (D) 1,021 (D) ‐46 ‐3 89,799 40,187 (D) 2,807 ‐2,087 23,835 53 1,073 (D) 4,135 2,123 1,544 All countries Canada Europe Austria Belgium Denmark Finland France Latin America and Other Western Hemisphere South and Central America Brazil Mexico Panama Venezuela Other Other Western Hemisphere Bahamas Bermuda Curacao United Kingdom Islands, Caribbean 1 Other Africa South Africa Other Middle East Israel Kuwait Lebanon Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Japan Malaysia New Zealand Singapore South Korea Taiwan Other Addendum: European Union 2 2,525,149 1,146,459 (D) 488,205 41,836 88,008 84,353 (D) 97,834 248,877 229,867 102,907 129,465 (D) 252,386 63,333 145,414 * A nonzero value that rounds to zero D Suppressed to avoid disclosure of data of individual companies. 1. The “United Kingdom Islands, Caribbean” is composed of the British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. 2. Data for the European Union (EU) reflect the EU membership during the reference period. For the periods shown in this table, the European Union was comprised of Austria, Belgium, Bulgaria, Croatia, Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. Source: U.S. Bureau of Economic Analysis –13– (D)
@FedFRASER