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EMBARGOED UNTIL RELEASE AT 8:30 a.m. EDT, Thursday, July 20, 2023 Technical: Media: Ryan Smith Connie O’Connell 301-278-9246 301-278-9003 BEA 23–32 Ryan.Smith@bea.gov Connie.OConnell@bea.gov Direct Investment by Country and Industry, 2022 The U.S. direct investment abroad position, or cumulative level of investment, increased $212.2 billion to $6.58 trillion at the end of 2022 from $6.37 trillion at the end of 2021, according to statistics released today by the U.S. Bureau of Economic Analysis. The increase reflected a $172.8 billion increase in the position in Europe, primarily in the Netherlands and the United Kingdom. By industry, manufacturing affiliates had the largest increase. The foreign direct investment in the United States position increased $216.8 billion to $5.25 trillion at the end of 2022 from $5.04 trillion at the end of 2021. The increase mainly reflected a $142.2 billion increase in the position from Europe, with the largest increases from the United Kingdom and Germany. By industry, affiliates in manufacturing and wholesale trade accounted for the majority of the increase. Chart 1. Direct Investment Positions, 2021–2022 Billions of dollars 2022 2021 U.S. direct investment abroad Foreign direct investment in the United States 4,026.8 3,854.0 951.2 438.8 1,039.2 80.1 46.2 211.9 210.2 43.9 42.0 11.2 Africa 45.0 U.S. Bureau of Economic Analysis 589.3 549.1 Middle East 81.0 1,000 972.0 Latin America and other Western Hemisphere 1,038.0 2,000 1,002.1 Canada 398.5 3,000 3,254.3 Asia and Pacific 951.1 4,000 3,396.5 Europe 0 10.5 0 1,000 2,000 3,000 4,000 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 U.S. direct investment abroad position at the end of 2022. The position was largest in the United Kingdom ($1.1 trillion), followed by the Netherlands ($0.9 trillion) and Luxembourg ($0.6 trillion). Ireland ($0.6 trillion) and Canada ($0.4 trillion) rounded out the top five. By industry of the directly owned foreign affiliate, investment was largest in holding companies, which accounted for 47.3 percent of the overall position abroad in 2022. Manufacturing affiliates were second largest, with 15.5 percent, and finance and insurance affiliates were third largest, with 14.0 percent, of U.S. investment. By industry of the U.S. parent, investment by manufacturing MNEs accounted for 50.1 percent of the position, followed by MNEs in finance and insurance (14.4 percent). U.S. MNEs earned income of $590.4 billion in 2022 on their cumulative investment abroad, a 3.6 percent increase from 2021. Dividends, or repatriated profits, decreased $19.1 billion, or 6.1 percent, to $294.2 billion in 2022. 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 foreign direct investment in the United States position at the end of 2022. Japan remained the top investing country with a position of $712.0 billion, followed by the United Kingdom ($663.4 billion), the Netherlands ($617.1 billion), Canada ($589.3 billion), and Germany ($431.4 billion). By country of the ultimate beneficial owner (UBO), the entity at the top of the global ownership chain, Japan ($775.2 billion) remained the top investing country in terms of position at the end of 2022. Canada ($683.8 billion) was second, and the United Kingdom ($660.6 billion) was the third-largest investing country. On the UBO basis, investment from the Netherlands and Luxembourg was much lower than by the 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 42.4 percent of the position. There was also sizable investment in finance and insurance (10.6 percent) and wholesale trade (9.7 percent). Foreign MNEs earned income of $289.9 billion in 2022 on their cumulative investment in the United States, a 1.7 percent increase from 2021. Table A. Updates to Previously Published Statistics1 [Billions of dollars] 2019 2020 2021 U.S. direct investment abroad Previously published Revised 5,835 5,837 6,086 6,063 6,489 6,369 Foreign direct investment in the United States Previously published Revised 4,399 — 4,471 4,613 4,977 5,038 1. U.S. Bureau of Economic Analysis statistics for U.S. direct investment abroad for 2019–2021 and foreign direct investment in the United States for 2020–2021 are revised with this release to incorporate newly available and revised source data. U.S. Bureau of Economic Analysis Next release: July 2024 Direct Investment by Country and Industry, 2023 Page 2 of 14 Additional Information Resources • • • • • • • Stay informed about BEA developments by reading The BEA Wire, signing up for BEA’s email subscription service, or following BEA on Twitter @BEA_News. 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. 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. Additional information on direct investment positions will be published in August in the Survey of Current Business. Definitions Direct investment is a category of cross-border investment associated with a resident in one economy having control or a significant degree of influence on the management of an enterprise resident in another economy. Ownership or control of 10 percent or more of the voting securities of an entity in another economy is the threshold for separating direct investment from other types of investment. A foreign affiliate is a foreign business enterprise that is at least 10 percent owned by a single U.S. person or entity. A U.S. parent is a U.S. person or entity that owns 10 percent or more of a foreign business enterprise. 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 ultimate beneficial owner (UBO) is the person or entity, proceeding up a U.S. affiliate's chain of majority ownership (where the entity above owns more than 50 percent of the entity below), 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 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 losses, currency-translation adjustments, and other changes in volume and valuation, such as adjustments to book value from affiliates’ current sale or purchase price. 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. Debt instruments investment reflects parent group lending to and borrowing from their affiliates. Income earned on direct investment includes income on equity—whether profits or losses and whether distributed or reinvested—and net interest on debt. Statistical conventions 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. 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 UBO. 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 measure featured in the U.S. net International Investment Position (IIP) Accounts. Page 3 of 14 This release presents statistics on a directional basis rather than on the asset/liability basis featured in the U.S. International Transactions Accounts (ITAs) and the U.S. net IIP 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. 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. 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. The 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 ITAs are released quarterly and 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. 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. News release tables Table 1. U.S. Direct Investment Abroad: Selected Items by Country of Foreign Affiliate, 2019–2022 Table 2. U.S. Direct Investment Abroad: Selected Items by Industry of Foreign Affiliate, 2019–2022 Table 3. U.S. Direct Investment Abroad: Dividends by Country of Foreign Affiliate, 2019–2022 Table 4. U.S. Direct Investment Abroad: Dividends by Industry of U.S. Parent, 2019–2022 Table 5. U.S. Direct Investment Position Abroad, by Industry of Affiliate and by Industry of U.S. Parent, 2019–2022 Table 6. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, Country by Industry of Foreign Affiliate, 2022 Table 7. Foreign Direct Investment in the United States: Selected Items by Country of Foreign Parent, 2019–2022 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, 2019–2022 Table 9. Foreign Direct Investment in the United States: Selected Items by Industry of U.S. Affiliate, 2019–2022 Table 10. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, Country by Industry of U.S. Affiliate, 2022 Page 4 of 14 Table 1. U.S. Direct Investment Abroad: Selected Items by Country of Foreign Affiliate, 2019-2022 Direct investment position on a historical-cost basis 2019 2020 2021 5,836,983 6,063,288 6,368,797 363,895 366,880 398,548 3,447,083 3,606,804 3,853,988 5,876 4,296 4,058 61,076 65,733 64,543 5,311 5,025 4,951 12,568 15,376 14,508 2,788 3,617 4,046 88,615 106,517 107,702 139,457 152,278 174,510 320 481 782 11,714 13,866 14,043 355,778 379,886 537,239 25,376 27,459 26,604 724,642 654,941 616,698 811,377 827,419 851,236 22,922 13,627 15,802 9,550 11,956 12,375 2,367 1,905 1,945 14,169 12,874 12,268 35,669 37,238 37,549 41,111 55,608 58,394 205,916 236,767 220,435 3,572 6,223 6,223 852,540 944,908 1,036,753 14,369 28,805 31,323 976,705 1,024,534 1,039,197 139,045 147,949 156,087 11,373 13,325 13,122 74,483 69,086 72,285 29,431 27,152 27,473 6,399 6,452 6,748 1,429 929 902 6,397 7,222 7,244 3,311 3,106 3,089 6,221 20,676 25,224 121,015 121,016 130,786 3,125 3,066 2,525 1,484 894 1,064 106,433 110,753 121,114 5,516 3,500 3,546 4,456 2,803 2,536 716,645 755,569 752,324 42,439 57,819 32,540 300,719 288,011 236,363 2,753 2,567 2,440 310,510 350,988 425,749 60,225 56,184 55,231 45,404 43,808 45,038 10,680 10,665 11,701 6,608 6,786 6,004 7,761 6,748 6,607 20,355 19,608 20,725 81,393 80,790 80,966 34,100 41,329 43,475 11,002 11,188 12,453 15,741 16,054 15,986 20,549 12,219 9,053 922,502 940,473 951,061 159,404 178,223 176,552 109,348 116,508 115,734 97,788 94,495 92,479 40,692 42,291 44,793 19,918 12,158 12,803 120,010 118,453 109,543 12,673 13,788 12,591 11,615 11,701 11,861 6,378 5,037 5,327 251,384 264,188 284,630 37,992 37,550 41,081 25,406 18,569 16,218 17,134 15,484 15,320 12,761 12,028 12,128 [Millions of dollars] Financial transactions without current-cost adjustment (outflows (+), inflows (-)) 2022 2019 2020 2021 2022 6,581,044 31,863 226,851 276,482 365,857 438,766 27,078 7,152 34,889 49,100 4,026,811 -41,799 145,012 194,760 188,339 4,051 -45 -679 358 101 61,456 5,693 3,948 -3,071 -548 5,386 -201 -450 55 596 14,016 -601 963 378 -462 4,429 826 648 754 3,360 112,017 7,680 221 241 6,584 190,237 16,870 9,136 15,340 13,855 2,245 -8 51 346 1,724 14,354 12 877 277 530 574,323 -87,942 39,776 49,472 11,102 26,107 2,371 1,583 1,381 404 605,304 10,907 18,494 15,839 -13,034 944,604 -22,713 22,792 28,664 67,508 13,484 -3,062 -1,440 11,172 586 11,960 -579 310 1,135 132 3,830 -111 -782 168 1,997 9,637 560 325 -1,025 -2,182 35,625 3,479 145 1,255 1,337 60,280 -37 1,309 1,728 -317 212,235 538 1,192 8,140 2,537 5,761 358 2,761 158 914 1,077,519 23,921 36,677 57,754 85,842 37,950 284 7,157 4,240 5,773 1,037,998 4,615 39,677 24,102 65,412 170,365 3,352 9,001 1,474 13,893 12,645 1,327 52 -104 169 80,963 54 -5,259 1,766 7,555 29,160 505 (D) -313 1,499 7,074 125 2,221 -9 577 1,000 122 -115 -23 105 9,125 1,443 1,070 1,367 2,440 3,246 -179 305 -121 103 27,154 -46 (D) -1,088 1,445 140,665 7,965 1,262 10,667 16,724 2,906 362 -41 -358 241 1,371 209 -441 163 305 130,274 6,440 2,275 10,737 16,031 3,775 366 227 228 273 2,338 588 -758 -103 -126 726,968 -6,702 29,414 11,961 34,795 28,332 4,862 11,510 -3,397 -4,084 206,389 -16,919 -843 -17,326 14,402 2,531 673 150 192 86 430,395 6,047 17,642 29,708 20,937 59,321 -1,365 955 2,783 3,454 46,169 -3,313 1,817 -119 1,340 12,708 -27 -84 651 1,453 5,621 935 108 -889 -378 7,394 518 -267 67 505 20,447 -4,739 2,061 52 -240 80,148 3,622 6,677 3,059 -915 42,521 3,604 6,667 2,470 -943 12,212 35 16 1,116 -139 16,862 -725 501 397 1,619 8,554 708 -507 -924 -1,452 951,153 41,660 26,516 19,789 62,581 173,653 -5,291 -2,661 -3,917 -1,787 126,104 7,267 8,996 -1,088 12,021 89,437 5,543 2,667 -2,410 -1,828 51,553 3,015 777 2,158 8,217 11,913 931 -1,663 962 -1,023 77,489 7,202 -2,397 5,905 7,104 13,165 237 968 1,009 1,214 10,630 408 -1 738 638 6,163 325 338 -565 294 309,441 15,732 19,902 17,123 34,756 36,655 2,489 -209 890 1,743 16,653 1,419 76 -409 548 15,755 1,400 164 -614 468 12,541 983 -442 4 215 Income without current cost adjustment 2019 543,450 24,229 297,961 760 7,685 69 953 159 3,391 5,932 128 369 63,663 1,698 38,686 84,379 1,168 874 157 940 2,927 5,237 25,285 515 51,964 1,023 121,114 7,965 614 3,319 2,210 734 154 852 -327 410 11,200 251 296 9,673 509 470 101,950 3,927 56,474 375 37,965 3,208 3,759 722 658 523 1,857 8,132 828 662 1,105 5,537 88,254 7,988 11,682 9,962 4,116 520 12,260 1,425 603 645 32,439 2,520 1,102 1,710 1,282 2020 449,789 16,391 250,749 80 6,881 -94 753 475 1,032 3,816 178 929 54,641 1,231 37,629 68,969 568 637 62 1,173 1,694 1,721 12,223 424 48,562 7,164 96,521 4,573 -57 1,498 1,644 394 98 717 22 257 6,799 66 126 6,065 356 185 85,149 4,771 44,036 318 33,100 2,924 1,764 162 189 364 1,049 4,417 503 454 1,017 2,443 79,947 5,648 10,756 11,503 3,316 575 13,944 971 600 373 27,859 2,625 827 969 -20 2021 569,659 34,448 326,082 439 7,976 233 796 467 3,948 9,686 207 1,000 82,571 2,454 35,132 90,910 1,476 657 116 1,269 1,953 2,378 15,947 247 59,641 6,579 97,561 11,093 873 3,526 3,597 651 94 1,642 87 622 12,137 338 41 11,148 349 262 74,332 3,368 27,665 207 39,243 3,848 4,274 853 24 761 2,636 9,244 1,659 1,573 1,621 4,391 98,049 8,396 14,020 12,548 5,630 2,102 13,274 1,092 733 490 34,112 3,043 1,106 1,125 378 2022 590,382 37,271 324,525 203 7,370 210 -28 222 4,823 10,618 414 772 91,000 2,182 31,400 88,109 546 701 226 -15 1,823 2,352 18,091 711 56,365 6,429 98,712 16,783 812 6,876 3,659 979 103 2,421 105 1,828 13,538 682 198 12,037 435 186 68,391 1,455 25,989 206 34,804 5,937 5,145 1,171 96 478 3,400 12,289 1,297 1,651 2,250 7,092 112,440 15,858 12,400 10,959 7,754 1,872 11,936 1,458 1,210 340 44,158 2,632 908 831 126 All countries Canada Europe Austria Belgium Czech Republic Denmark Finland France Germany Greece Hungary Ireland Italy Luxembourg Netherlands Norway Poland Portugal Russia Spain Sweden Switzerland Turkey United Kingdom Other Latin America and Other Western Hemisphere South America Argentina Brazil Chile Colombia Ecuador Peru Venezuela Other Central America Costa Rica Honduras Mexico Panama Other Other Western Hemisphere Barbados Bermuda Dominican Republic United Kingdom Islands, Caribbean 1 Other Africa Egypt Nigeria South Africa Other Middle East Israel Saudi Arabia United Arab Emirates Other Asia and Pacific Australia China Hong Kong India Indonesia Japan Malaysia New Zealand Philippines Singapore South Korea Taiwan Thailand Other Addendum: European Union 2 3,200,115 2,382,406 2,550,271 2,691,329 -39,288 99,469 114,180 95,806 269,727 181,812 241,884 242,532 D Suppressed to avoid disclosure of data of individual companies. 1. The “United Kingdom Islands, Caribbean” is composed of 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 2019, 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. The United Kingdom was excluded beginning in 2020. Source: U.S. Bureau of Economic Analysis Page 5 of 14 Table 2. U.S. Direct Investment Abroad: Selected Items by Industry of Foreign Affiliate, 2019-2022 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 (outflows (+), inflows (-)) historical-cost basis 2019 2020 2021 2022 2019 2020 2021 2022 5,836,983 6,063,288 6,368,797 6,581,044 31,863 226,851 276,482 365,857 155,027 127,921 136,772 157,140 -9,084 -2,903 5,620 19,151 805,439 906,793 948,355 1,019,164 66,976 84,542 51,510 91,288 74,614 97,091 94,331 97,578 1,846 2,491 1,427 6,498 212,489 248,007 267,577 283,881 29,875 62,003 18,451 20,593 47,142 42,484 44,595 45,416 3,549 2,027 133 1,781 44,396 42,914 47,326 48,645 3,458 -361 2,655 2,878 125,732 131,974 139,922 166,043 15,218 8,183 11,730 28,970 13,883 21,197 22,670 24,328 1,036 7,647 2,707 2,173 86,108 86,737 94,009 107,609 6,121 -2,699 2,516 11,917 201,076 236,388 237,924 245,663 5,875 5,250 11,892 16,477 237,549 253,140 250,663 259,340 19,913 19,094 20,472 2,526 269,375 222,928 231,807 301,682 8,709 -9,414 21,454 79,884 144,506 117,188 136,346 141,826 639 -6,105 1,283 -2,640 931,367 926,938 993,491 920,682 -29,969 -33,011 47,204 32,484 152,175 133,864 143,040 162,789 7,297 12,021 13,921 22,121 2,720,512 2,934,527 3,044,307 3,109,814 -74,165 153,706 80,126 91,593 421,033 439,990 484,017 508,607 41,548 8,922 34,891 29,452 Page 6 of 14 Income without current cost adjustment 2019 543,450 9,707 74,585 3,560 25,355 2,502 3,513 15,481 1,133 6,939 16,102 23,542 20,851 4,593 53,927 16,291 292,579 47,374 2020 449,789 4,174 57,251 2,144 15,894 2,526 2,587 15,849 1,145 5,315 11,792 22,052 9,874 702 47,184 12,788 264,245 31,518 2021 569,659 15,727 82,539 3,422 22,126 2,487 4,385 22,709 1,613 6,049 19,748 27,085 12,463 3,458 63,662 20,685 294,956 49,085 2022 590,382 26,904 84,693 3,454 19,776 2,539 3,126 23,424 2,362 9,097 20,916 27,164 14,970 2,425 63,507 19,785 295,541 55,390 Table 3. U.S. Direct Investment Abroad: Dividends by Country of Foreign Affiliate, 2019 - 2022 [Millions of dollars] 2019 2020 2021 2022 All countries 418,939 304,440 313,282 294,231 Canada 7,102 5,953 7,904 7,596 Europe 246,729 163,773 173,187 189,552 of which: Netherlands 93,796 46,673 57,551 40,236 Ireland (D) 50,233 46,083 74,869 United Kingdom 26,168 27,858 27,973 30,856 Switzerland 10,156 17,123 9,704 2,804 Luxembourg 17,392 12,227 9,060 23,292 Latin America and Other Western Hemisphere 109,293 83,833 79,071 38,957 of which: Bermuda 68,928 58,964 48,181 14,889 1 United Kingdom Islands, Caribbean 24,758 9,217 9,916 9,853 Africa 1,581 1,117 1,281 2,062 4,724 5,308 5,004 11,230 Middle East Asia and Pacific 49,509 44,455 46,835 44,834 of which: Singapore 18,388 15,553 8,783 7,403 D Suppressed to avoid disclosure of data of individual companies. 1. The “United Kingdom Islands, Caribbean” is composed of British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. Source: U.S. Bureau of Economic Analysis Page 7 of 14 Table 4. U.S. Direct Investment Abroad: Dividends by Industry of U.S. Parent, 2019 - 2022 [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 Wholesale trade Information Depository institution (banking) Finance (except depository institutions) and insurance Professional, scientific, and technical services Holding companies (nonbank) Other industries 2019 418,939 1,876 278,622 6,130 98,654 1,843 3,887 102,596 2,633 14,032 48,847 3,938 (D) 9,080 57,058 3,437 4,700 (D) 2020 304,440 1,902 166,896 6,039 46,396 761 5,629 63,064 2,718 6,560 35,729 3,573 (D) 8,470 48,266 7,162 3,817 (D) 2021 313,282 2,420 154,579 8,441 59,717 1,370 7,829 35,745 4,497 11,807 25,173 2,906 (D) 6,185 50,861 5,352 6,263 (D) 2022 294,231 4,795 166,705 5,617 47,796 514 3,126 28,825 1,851 (D) (D) 3,969 37,031 13,055 46,506 3,444 4,420 14,306 Addendum: Petroleum 1 21,166 23,635 12,408 26,799 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 Page 8 of 14 Table 5. U.S. Direct Investment Position Abroad, by Industry of Affiliate and by Industry of U.S. Parent, 2019-2022 2019 By industry of affiliate 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 5,836,983 155,027 805,439 74,614 212,489 47,142 44,396 125,732 13,883 86,108 201,076 237,549 269,375 144,506 931,367 152,175 2,720,512 421,033 [Millions of dollars] By industry of U.S. parent 5,836,983 102,224 2,931,031 190,783 836,095 77,585 212,701 469,505 41,583 318,156 784,623 218,763 538,602 262,350 845,954 274,859 108,047 555,153 2020 By industry of affiliate 6,063,288 127,921 906,793 97,091 248,007 42,484 42,914 131,974 21,197 86,737 236,388 253,140 222,928 117,188 926,938 133,864 2,934,527 439,990 2021 By industry of U.S. parent 6,063,288 95,245 3,091,973 222,006 920,845 69,358 219,663 462,012 50,331 322,357 825,402 227,933 545,580 273,088 903,070 277,525 112,100 536,774 By industry of affiliate 6,368,797 136,772 948,355 94,331 267,577 44,595 47,326 139,922 22,670 94,009 237,924 250,663 231,807 136,346 993,491 143,040 3,044,307 484,017 2022 By industry of U.S. parent 6,368,797 96,860 3,205,696 223,848 978,872 72,235 233,340 497,897 54,366 330,870 814,266 233,037 605,438 286,524 981,417 288,702 128,824 542,300 By industry of affiliate 6,581,044 157,140 1,019,164 97,578 283,881 45,416 48,645 166,043 24,328 107,609 245,663 259,340 301,682 141,826 920,682 162,789 3,109,814 508,607 By industry of U.S. parent 6,581,044 102,125 3,300,043 227,845 994,264 71,729 245,865 538,274 49,609 323,645 848,811 245,660 667,947 300,905 946,992 309,538 142,918 564,916 Addendum: Petroleum 1 149,698 544,745 134,952 534,269 147,479 524,491 164,483 540,565 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 Page 9 of 14 Table 6. U.S. Direct Investment Position Abroad on a Historical-Cost Basis, Country by Industry of Foreign Affiliate, 2022 [Millions of dollars] Manufacturing All industries Mining Total Food Electrical Primary Computers equipment, Wholesale Depository Information and and Transportation Other Chemicals Machinery appliances, trade institutions fabricated electronic equipment manufacturing and metals products components 283,881 45,416 48,645 166,043 24,328 107,609 245,663 259,340 301,682 141,826 24,156 6,649 2,536 12,272 2,169 18,952 52,180 26,110 15,305 4,933 194,600 22,005 29,772 60,503 5,543 37,403 123,806 102,452 225,951 79,859 -14 329 (D) 636 (D) (D) 297 870 137 (D) 20,656 134 390 558 178 509 10,990 1,892 1,026 (D) 1,417 (D) 72 280 (D) 397 1,697 241 215 0 539 325 647 511 -1 0 (D) 808 1,169 (D) 77 (D) (D) 115 (D) (*) 1,078 273 (D) (D) 14,752 5,381 300 1,935 908 2,549 (D) 6,174 4,680 1,178 11,516 478 8,252 7,732 285 5,378 8,479 14,724 8,713 41,700 (D) (*) (D) (D) 0 0 44 455 (D) (D) 39 (*) 1 571 (D) (D) 160 646 252 (D) 60,266 493 -7 7,163 (D) 422 (D) 3,579 24,118 (D) 2,977 764 977 1,270 119 785 3,523 2,877 1,665 105 (D) (D) (D) (D) (D) (D) 3,324 -508 268 (D) 12,336 2,615 4,981 8,473 320 3,630 24,939 26,780 41,668 (D) 50 (D) (D) 414 (D) (*) 148 490 2,396 -3 431 330 (D) 106 -11 2,492 335 334 (D) (D) 103 48 (D) 62 0 248 -6 257 30 0 769 62 62 373 (D) (D) 1,403 2,054 321 (D) 3,155 955 450 411 (D) 4,975 (D) 1,641 2,445 (D) (D) (D) 354 1,290 182 (D) 3,396 2,779 2,304 0 42,477 265 3,104 6,174 932 (D) 25,213 22,304 9,462 3,418 600 (D) (D) 472 2 597 381 885 (D) (D) 21,114 4,713 8,341 19,853 732 7,919 8,854 13,144 120,375 8,328 55 283 244 (D) (D) 613 1,044 -247 -246 (D) Finance (except Professional, Holding depository scientific, and Other companies institutions) technical industries (nonbank) and services insurance 920,682 162,789 3,109,814 508,607 72,565 10,664 118,278 53,194 466,817 101,088 2,170,465 332,038 234 265 298 (D) 9,723 2,725 4,038 (D) 44 -624 (D) (D) (D) -427 2,886 (D) 34 1,189 (D) -128 14,159 4,298 19,381 (D) 12,663 10,628 50,379 7,197 (D) 1 (*) 10 (D) 191 (D) 336 -1,206 12,112 283,997 (D) 1,904 1,758 1,529 4,092 52,762 1,737 514,434 (D) 55,698 8,268 721,226 (D) (D) 137 157 (D) 216 535 (D) 1,569 (D) 280 (D) (D) 365 831 442 236 3,076 3,983 8,883 (D) 5,949 2,280 33,331 (D) 4,669 4,098 66,546 (D) 102 -57 2 403 295,892 45,052 429,392 61,759 1,508 1,829 24,860 (D) All countries 6,581,044 157,140 1,019,164 97,578 Canada 438,766 13,517 124,198 5,283 Europe 4,026,811 11,649 536,490 62,858 Austria 4,051 2 1,627 (D) Belgium 61,456 37 34,378 964 Czech Republic 5,386 -7 4,825 (D) Denmark 14,016 (D) 6,816 (D) Finland 4,429 0 2,107 (D) France 112,017 (D) 49,046 (D) Germany 190,237 47 44,186 2,066 Greece 2,245 0 1,916 (D) Hungary 14,354 (D) 1,551 (D) Ireland 574,323 -22 89,263 1,721 Italy 26,107 157 12,020 1,603 Luxembourg 605,304 744 6,453 0 Netherlands 944,604 2,277 56,850 -446 Norway 13,484 2,668 1,052 338 Poland 11,960 (*) 6,511 (D) Portugal 3,830 0 463 (D) Russia 9,637 (D) 4,479 (D) Spain 35,625 -14 12,097 811 Sweden 60,280 (D) 13,950 (D) Switzerland 212,235 (D) 79,614 (D) Turkey 5,761 69 2,474 (D) United Kingdom 1,077,519 2,436 101,141 29,616 Other 37,950 2,046 3,671 763 Latin America and Other Western Hemisphere 1,037,998 56,953 106,772 10,385 20,170 9,379 5,455 10,185 3,453 25,154 22,593 33,316 24,989 14,199 272,425 11,548 475,578 42,217 South America 170,365 36,259 39,529 5,980 11,283 5,368 1,738 4,360 519 5,560 4,722 6,873 12,699 (D) 25,836 5,282 27,084 (D) Argentina 12,645 761 2,610 203 1,021 (D) 144 27 2 773 (D) 1,257 2,193 (D) 1,627 150 2,025 (D) Brazil 80,963 (D) 27,453 4,984 5,801 4,456 1,548 3,921 (D) 3,626 (D) 2,582 5,268 2,915 15,205 3,557 7,415 (D) Chile 29,160 6,017 5,273 113 2,442 (D) (D) 325 4 (D) 1,247 1,512 4,379 (D) 7,325 888 (D) 1,575 Colombia 7,074 2,334 1,366 (D) 450 (D) 1 51 (D) (D) 43 466 711 (D) 825 -6 172 (D) Ecuador 1,000 (D) 285 133 -1 (D) 0 10 1 (D) -68 270 (D) (D) 314 (D) 24 491 Peru 9,125 5,982 506 118 82 (*) (D) 24 -2 0 (D) 661 44 (D) 299 169 (D) 790 Venezuela 3,246 -11 1,909 (D) 1,449 1 16 1 7 (D) 32 3 -100 0 -60 (D) 124 (D) Other 27,154 (D) 127 22 39 0 3 1 0 (D) (D) 123 (D) (D) 301 37 (D) 306 Central America 140,665 10,352 55,781 4,070 5,182 (D) (D) 2,927 2,930 19,559 16,113 7,317 5,564 1,340 12,382 -1,076 30,007 18,998 Costa Rica 2,906 0 1,273 11 961 (D) (D) (D) 263 (D) -525 192 84 (D) (D) 39 35 (D) Honduras 1,371 1 605 (D) (D) 0 0 (D) 0 (D) (D) (D) (*) (D) (D) 5 6 307 Mexico 130,274 (D) 52,669 3,976 3,988 3,357 1,572 2,237 2,668 19,558 15,313 6,236 5,477 (D) 11,290 -1,147 26,961 17,599 Panama 3,775 (D) 375 29 112 (D) 2 (*) 0 0 (D) 574 -1 (D) 181 17 2,993 -537 Other 2,338 (*) 857 (D) (D) (D) 0 (D) (*) 0 (D) (D) 3 (D) 249 10 12 (D) Other Western Hemisphere 726,968 10,342 11,463 335 3,704 (D) (D) 2,898 4 35 1,757 19,126 6,726 (D) 234,207 7,342 418,488 (D) Barbados 28,332 18 244 (D) (*) 3 2 1 0 0 (D) 13 (D) 0 24,794 2 (D) 604 Bermuda 206,389 (D) 6,806 (*) (D) 0 (D) (D) 0 (D) (*) (D) 4,501 (D) 53,240 -40 117,277 89 Dominican Republic 2,531 (*) 1,731 (D) -8 (D) 0 (D) (*) 0 1,444 12 20 (D) 7 (D) 10 508 United Kingdom Islands, Caribbean 1 430,395 347 2,279 0 112 (D) (D) (D) 2 8 71 -340 2,126 159 145,245 7,039 264,141 9,399 Other 59,321 (D) 402 22 (D) (D) 8 -2 2 (D) (D) (D) (D) (D) 10,922 (D) (D) (D) Africa 46,169 21,703 6,662 2,635 277 183 422 306 (D) 1,211 (D) 2,603 767 (D) 5,081 -315 4,744 (D) Egypt 12,708 (D) 1,011 420 200 (D) (D) (D) (D) (D) 41 394 (D) (D) 31 128 (D) -2 Nigeria 5,621 1,705 (D) (D) (D) 0 -5 (D) 0 0 (D) (D) 183 (D) (D) -15 (D) -20 South Africa 7,394 582 3,160 (D) 147 9 183 79 (D) 1,026 242 522 336 (D) 939 221 27 (D) Other 20,447 (D) (D) 95 (D) (D) (D) 65 (D) (D) (D) (D) (D) (D) (D) -649 (D) 1,046 Middle East 80,148 15,646 36,004 744 2,334 -31 535 20,914 (D) 85 (D) 3,652 6,087 (D) 1,119 3,982 8,884 (D) Israel 42,521 (D) 32,751 (D) 782 (*) -284 20,909 (D) (D) (D) 626 5,024 (D) 137 2,154 1,238 270 Saudi Arabia 12,212 1,719 22 (D) 155 -103 30 -76 0 (D) (D) 1,541 (D) (D) 267 580 7,653 356 United Arab Emirates 16,862 8,025 1,619 (D) (D) (D) 795 -17 2 0 297 1,442 726 (D) 1,044 554 (D) (D) Other 8,554 (D) 1,612 (D) (D) (D) -7 99 1 0 (D) 43 (D) (D) -329 693 (D) 273 Asia and Pacific 951,153 37,672 209,037 15,674 42,344 7,231 9,926 61,863 4,857 24,804 42,339 91,207 28,582 37,694 102,676 35,821 331,864 76,600 Australia 173,653 21,633 18,549 6,688 1,328 2,298 1,465 1,245 78 1,407 4,039 5,343 8,037 1,343 15,592 6,011 87,133 10,011 China 126,104 (D) 58,749 2,947 12,625 1,847 1,561 17,169 647 13,670 8,284 18,806 4,196 7,298 10,121 3,259 2,421 (D) Hong Kong 89,437 -1 9,888 167 2,825 582 793 3,948 202 102 1,270 11,475 1,022 3,222 11,704 902 46,785 4,439 India 51,553 -895 12,205 1,164 2,938 140 1,820 1,951 555 947 2,689 3,486 9,013 (D) 8,235 13,406 871 (D) Indonesia 11,913 8,608 1,257 252 836 2 24 2 (D) (D) 149 433 202 (D) 377 164 496 (D) Japan 77,489 0 28,866 832 6,563 (D) 487 6,108 1,025 2,707 (D) 8,382 5,079 420 14,224 5,424 -880 15,974 Malaysia 13,165 252 5,238 (D) 447 (D) 541 1,794 (D) 736 1,345 2,446 375 (D) 1,241 257 2,146 (D) New Zealand 10,630 10 1,855 (D) 143 1 216 (D) 4 (D) 485 1,493 317 (D) 1,901 58 3,575 (D) Philippines 6,163 1 2,203 (D) 327 35 (D) 947 (D) (D) 101 688 44 (D) 198 756 262 (D) Singapore 309,441 424 38,068 852 7,717 968 1,517 17,758 1,616 1,792 5,850 32,450 -1,212 1,777 31,222 1,985 187,273 17,456 South Korea 36,655 (D) 14,136 -130 2,806 241 977 4,352 31 1,943 3,917 3,414 1,060 (D) 3,897 2,751 125 (D) Taiwan 16,653 0 6,631 (D) 413 -119 171 5,703 158 -3 (D) 1,299 521 (D) 2,597 163 620 (D) Thailand 15,755 (D) 9,626 1,177 2,936 219 434 961 5 1,129 2,765 1,221 -112 1,354 306 890 663 (D) Other 12,541 (D) 1,766 283 441 (D) (D) (D) 1 (D) 346 271 40 (D) 1,063 -206 375 4,323 Addendum: European Union 2 2,691,329 3,510 347,442 31,271 129,568 16,465 18,446 33,179 3,767 26,878 87,868 63,183 91,494 67,339 162,056 49,898 1,663,748 242,659 * 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 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 2018-2019, 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. The United Kingdom was excluded beginning in 2020. Source: U.S. Bureau of Economic Analysis Page 10 of 14 Table 7. Foreign Direct Investment in the United States: Selected Items by Country of Foreign Parent, 2019–2022 Direct investment position on a historical-cost basis [Millions of dollars] Financial transactions without current-cost adjustment (inflows (+), outflows (-)) Income without current-cost adjustment 2019 4,179,984 2020 4,613,481 2021 5,038,025 2022 5,254,816 2019 203,234 2020 95,874 2021 392,134 2022 345,138 2019 203,687 2020 153,522 2021 284,890 2022 289,853 447,276 487,449 549,083 589,288 29,132 19,579 46,289 54,945 27,300 19,638 34,434 40,020 2,793,000 11,618 73,102 19,703 14,221 255,016 2,980,117 15,346 66,093 30,173 8,082 282,257 3,254,325 16,236 67,042 34,049 10,153 281,787 3,396,499 17,641 71,257 39,428 9,868 297,637 100,014 -2,657 2,505 1,867 1,457 992 35,001 800 1,359 7,224 -314 13,507 250,558 678 2,072 1,078 1,827 15,973 219,286 1,375 2,426 5,591 -239 20,975 132,961 1,196 1,898 1,739 821 12,208 98,254 908 1,825 2,043 484 13,183 176,186 1,109 2,714 2,202 633 9,613 172,270 1,744 2,828 2,332 931 15,298 Germany Ireland Italy Luxembourg Netherlands Norway 320,457 276,963 27,606 333,774 448,285 37,048 347,509 249,295 31,294 316,922 554,720 30,362 405,253 294,329 34,167 322,660 602,949 32,830 431,449 295,001 39,752 323,661 617,076 36,872 22,358 67,432 1,489 -121,699 78,306 4,599 24,471 -3,759 2,666 -12,925 18,289 -1,604 53,624 42,223 3,240 6,644 35,396 2,134 30,108 8,044 5,446 11,536 36,032 5,770 22,623 9,023 1,539 16,539 20,721 2,466 17,772 7,646 1,176 9,794 13,610 -1,105 27,990 11,578 1,735 13,052 29,919 2,680 25,601 13,082 1,842 9,356 19,832 6,909 Spain Sweden Switzerland United Kingdom Other 86,884 46,361 291,862 489,179 60,922 84,571 59,964 293,461 535,715 74,355 75,545 78,879 300,375 623,702 74,370 75,712 94,146 307,231 663,369 76,398 6,319 1,819 28,188 -2,796 9,835 2,080 4,133 8,072 -27,831 -1,167 -4,107 16,268 3,836 70,322 -651 274 14,982 16,111 58,155 2,700 2,834 3,701 20,295 14,808 551 1,739 3,936 11,040 11,954 2,250 6,235 5,262 15,098 43,159 3,206 5,904 5,397 11,786 46,034 3,395 148,772 209,774 210,172 211,876 41,147 -7,938 19,237 23,238 7,156 7,286 14,561 18,133 30,919 3,350 18,481 2,615 1,697 4,776 44,165 4,480 20,646 1,796 1,381 15,862 55,350 4,403 27,799 1,872 1,074 20,203 63,913 4,198 33,787 1,928 3,008 20,992 4,735 2,986 260 355 758 376 3,662 140 2,514 1,151 (D) (D) 9,971 -172 5,965 76 -379 4,481 8,135 -269 5,012 118 (D) (D) 2,557 109 1,388 119 (D) (D) 3,015 151 2,639 44 (D) (D) 6,302 250 5,393 36 (D) (D) 7,870 207 4,837 30 (D) (D) 117,853 984 16,682 1,328 90,769 8,089 165,610 1,897 52,021 1,193 99,194 11,305 154,822 2,016 38,202 1,112 101,803 11,689 147,963 2,187 35,008 967 97,739 12,062 36,411 349 31,970 27 5,102 -1,037 -11,600 80 4,961 29 -16,471 -199 9,266 141 2,176 -70 6,362 656 15,103 175 7,032 -139 7,621 414 4,599 110 1,893 7 2,056 533 4,271 6 3,292 -105 601 476 8,259 63 3,779 -32 4,140 309 10,263 69 7,386 65 2,507 235 5,049 3,121 1,927 9,875 3,552 6,323 10,454 3,952 6,503 11,160 4,533 6,627 223 12 211 872 529 343 834 372 462 611 641 -30 204 41 163 497 (D) (D) 680 (D) (D) 790 (D) (D) 37,827 12,248 1,464 9 7,738 14,795 1,573 41,336 10,487 1,423 2 6,395 20,409 2,621 41,983 10,332 1,435 -1 6,350 21,181 2,686 43,907 10,554 1,400 -2 6,795 22,625 2,536 4,936 1,631 158 -6 592 3,450 -889 4,449 1,845 8 -2 (D) 2,931 (D) 491 -110 20 -3 (D) 702 (D) 1,809 10 7 -1 447 1,465 -118 1,136 186 3 -5 (D) 522 (D) 48 321 45 -1 (D) 892 (D) 2,572 274 60 (*) (D) 1,328 (D) 2,080 89 16 (*) (D) 1,413 (D) 748,061 74,146 35,437 15,115 4,518 514,234 1,021 3,211 24,598 57,998 13,840 3,940 884,928 85,809 36,738 14,212 1,658 632,079 1,034 2,396 28,486 60,548 17,974 3,994 972,008 97,942 30,884 14,200 3,505 701,415 1,021 2,707 29,896 70,594 15,918 3,924 1,002,087 106,519 28,659 14,174 3,749 711,963 1,060 3,246 36,880 74,696 16,101 5,039 27,783 119 320 3,309 -1,072 20,817 448 345 477 1,787 1,876 -644 43,910 7,102 -1,490 -685 -302 28,615 216 541 1,503 4,974 3,484 -47 74,725 8,659 -6,452 412 1,005 62,721 5 38 1,512 9,565 -2,663 -76 45,249 6,076 -1,294 68 344 27,598 138 618 5,346 4,687 1,223 445 34,929 2,206 1,271 970 133 26,215 (*) 388 1,309 1,654 776 6 27,799 2,573 -534 268 51 21,458 -1 670 1,297 1,410 508 100 56,457 5,750 221 784 470 39,651 11 83 1,812 6,330 1,076 269 56,560 5,827 -1,275 648 835 37,985 23 644 3,216 6,978 1,545 135 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: 2,442,581 2,101,476 2,276,793 2,367,656 65,168 55,994 173,003 138,088 109,144 75,723 113,720 106,682 European Union 2 * 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 2019, 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. The United Kingdom was excluded beginning in 2020. Source: U.S. Bureau of Economic Analysis Page 11 of 14 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, 2019-20221 2019 [Millions of dollars] 2020 2021 2022 By country of By country of By country of By country of By country of By country of By country of By country of ultimate each member ultimate each member ultimate each member ultimate each member beneficial of the foreign beneficial of the foreign beneficial of the foreign beneficial of the foreign owner parent group owner parent group owner parent group owner parent group All countries 4,398,763 4,398,763 4,613,481 4,613,481 5,038,025 5,038,025 5,254,816 5,254,816 481,722 567,222 487,449 569,718 549,083 629,104 589,288 683,798 2,791,464 14,454 68,133 22,658 8,141 266,448 2,463,179 13,561 60,302 23,932 15,544 291,133 2,980,117 15,346 66,093 30,173 8,082 282,257 2,481,222 17,010 60,575 30,975 17,493 316,404 3,254,325 16,236 67,042 34,049 10,153 281,787 2,757,845 18,384 63,388 34,839 20,824 337,884 3,396,499 17,641 71,257 39,428 9,868 297,637 2,907,614 19,979 67,181 40,071 21,704 360,165 Germany Ireland Italy Luxembourg Netherlands Norway 319,615 235,786 29,788 322,291 496,672 34,391 499,845 371,165 37,080 33,970 224,538 35,091 347,509 249,295 31,294 316,922 554,720 30,362 546,544 302,396 37,047 23,198 169,815 30,977 405,253 294,329 34,167 322,660 602,949 32,830 596,688 330,928 40,121 30,139 215,948 33,345 431,449 295,001 39,752 323,661 617,076 36,872 618,814 344,048 46,181 39,909 212,400 37,430 Spain Sweden Switzerland United Kingdom Other 86,370 55,295 254,975 500,921 75,525 90,148 52,687 192,360 501,933 19,890 84,571 59,964 293,461 535,715 74,355 88,450 56,346 223,020 532,985 27,987 75,545 78,879 300,375 623,702 74,370 80,345 77,464 229,856 617,064 30,627 75,712 94,146 307,231 663,369 76,398 82,440 97,867 227,377 660,570 31,478 203,097 225,841 209,774 225,286 210,172 210,434 211,876 198,238 44,186 5,740 19,583 1,838 1,671 15,353 108,593 48,051 39,642 490 1,928 18,483 44,165 4,480 20,646 1,796 1,381 15,862 107,826 44,388 42,068 550 1,666 19,154 55,350 4,403 27,799 1,872 1,074 20,203 113,608 43,760 48,154 509 1,410 19,775 63,913 4,198 33,787 1,928 3,008 20,992 110,066 30,595 54,049 290 3,370 21,762 158,911 1,526 44,752 1,191 101,538 9,904 117,248 (D) 63,221 (D) 33,380 (D) 165,610 1,897 52,021 1,193 99,194 11,305 117,459 (D) 61,332 (D) 35,174 (D) 154,822 2,016 38,202 1,112 101,803 11,689 96,826 (D) 47,295 (D) 28,230 (D) 147,963 2,187 35,008 967 97,739 12,062 88,172 (D) 38,779 (D) 27,788 (D) 9,007 2,960 6,047 5,055 4,049 1,006 9,875 3,552 6,323 5,435 4,456 979 10,454 3,952 6,503 6,329 5,315 1,014 11,160 4,533 6,627 7,610 6,503 1,107 41,454 13,429 1,448 4 7,271 17,426 1,875 94,349 38,591 1,594 500 14,314 35,223 4,126 41,336 10,487 1,423 2 6,395 20,409 2,621 77,654 27,601 1,568 470 10,880 31,674 5,461 41,983 10,332 1,435 -1 6,350 21,181 2,686 75,848 24,614 1,574 546 10,342 33,467 5,306 43,907 10,554 1,400 -2 6,795 22,625 2,536 77,673 22,610 1,522 547 10,063 38,076 4,855 872,020 76,477 38,792 14,049 4,036 633,882 861 2,629 27,134 55,606 14,558 3,996 962,086 80,910 52,023 17,828 12,491 663,176 1,307 2,399 52,725 54,696 19,941 4,590 884,928 85,809 36,738 14,212 1,658 632,079 1,034 2,396 28,486 60,548 17,974 3,994 1,004,639 90,380 52,700 16,562 12,622 694,223 342 2,197 47,821 59,617 23,845 4,329 972,008 97,942 30,884 14,200 3,505 701,415 1,021 2,707 29,896 70,594 15,918 3,924 1,099,645 102,736 47,321 18,906 15,203 768,902 -285 2,586 48,247 70,015 22,138 3,876 1,002,087 106,519 28,659 14,174 3,749 711,963 1,060 3,246 36,880 74,696 16,101 5,039 1,128,107 111,660 44,786 19,128 15,512 775,247 -485 3,127 57,527 74,620 22,420 4,565 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 2 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 United States -----------81,031 -----------249,527 -----------258,820 -----------251,776 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 Page 12 of 14 Table 9. Foreign Direct Investment in the United States: Selected Items by Industry of U.S. Affiliate, 2019–2022 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 [Millions of dollars] Financial transactions without current-cost adjustment Direct investment position on a historical-cost basis (inflows (+); outflows (-)) 2019 2020 2021 2022 2019 2020 2021 2022 4,398,763 4,613,481 5,038,025 5,254,816 242,519 95,874 392,134 345,138 1,826,805 1,924,468 2,122,795 2,229,918 101,645 29,897 200,318 142,917 113,025 112,432 112,593 101,627 3,134 -2,426 3,162 1,378 747,054 728,731 818,786 841,254 45,846 -2,084 93,106 31,568 80,650 85,183 94,113 98,566 6,542 2,745 7,643 4,944 79,526 95,507 103,901 117,780 4,043 9,063 4,141 18,374 150,910 168,324 188,145 187,225 16,992 18,275 25,203 8,423 62,449 64,614 72,119 74,664 1,658 1,740 7,523 2,461 159,570 166,527 188,162 198,279 3,977 11,400 17,601 10,179 433,619 503,150 544,977 610,523 19,452 -8,817 41,940 65,590 422,295 447,756 457,913 511,857 31,270 28,995 28,476 46,837 138,140 141,680 174,543 188,912 6,085 4,235 33,081 13,498 204,950 182,913 251,183 278,278 10,087 -2,577 18,377 27,601 212,575 217,272 207,143 201,822 1,591 5,527 -4,420 10,236 537,905 585,749 623,962 557,516 27,578 8,845 29,875 18,931 162,759 168,392 206,772 221,771 7,439 9,342 35,856 13,634 199,377 206,403 216,089 227,413 13,103 5,718 10,868 12,496 693,958 738,848 777,625 837,330 43,722 5,893 39,703 58,988 Page 13 of 14 Income without current-cost adjustment 2019 196,607 81,337 6,372 29,967 2,866 5,590 3,415 1,792 9,201 22,133 22,111 7,174 8,035 8,261 33,389 5,844 3,512 26,943 2020 153,522 67,829 7,357 24,209 1,382 5,333 4,934 1,222 6,584 16,809 18,651 6,148 5,778 6,354 24,924 3,739 3,833 16,265 2021 284,890 117,248 8,626 29,425 8,487 9,009 6,258 2,922 14,116 38,405 38,373 11,942 12,855 17,773 40,429 5,622 6,839 33,809 2022 289,853 114,161 6,438 23,172 7,568 11,161 5,712 2,893 6,587 50,630 44,573 13,505 10,686 16,119 26,385 5,676 9,591 49,157 Table 10. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, Country by Industry of U.S. Affiliate, 2022 Manufacturing All industries All countries Total Food Chemicals Primary and fabricated metals Machinery [Millions of dollars] Electrical Computers and Transportation equipment, electronic appliances, and equipment products components Other manufacturing Wholesale trade Retail trade Information Depository institutions Finance (except Real estate and depository rental and institutions) leasing and insurance Professional, scientific, and technical services Other industries 5,254,816 2,229,918 101,627 841,254 98,566 117,780 187,225 74,664 198,279 610,523 511,857 188,912 278,278 201,822 557,516 221,771 227,413 837,330 589,288 91,135 11,042 21,946 10,484 3,342 (D) 1,101 8,505 (D) 71,323 20,998 13,258 79,325 102,134 46,561 7,258 157,296 3,396,499 17,641 71,257 39,428 9,868 297,637 1,692,541 8,026 59,528 14,097 5,482 162,017 76,054 215 (D) 552 (D) 15,345 688,177 160 12,466 2,109 (D) 90,723 63,482 2,663 505 23 (D) 4,177 86,692 1,116 (D) (D) 3,461 573 123,661 -23 -75 (D) 345 5,294 64,223 (*) 115 (D) (*) (D) 112,860 59 (D) (*) (D) 7,881 477,392 3,835 (D) 2,100 709 (D) 224,341 (D) 2,899 13,427 2,541 23,649 119,252 (D) 1 (D) 1 2,973 226,811 11 (D) 7 (D) 12,959 62,906 (D) (D) 0 (D) 13,256 315,324 1 (D) 8 (D) 33,067 87,300 126 138 38 5 720 178,665 -4 329 1,113 -248 15,227 489,359 101 8,060 (D) -18 33,770 Germany Ireland Italy Luxembourg Netherlands Norway 431,449 295,001 39,752 323,661 617,076 36,872 173,439 107,727 22,094 235,844 338,791 1,905 109 (D) 465 (D) -3,258 1 45,634 61,415 4,364 (D) 134,915 (D) 4,536 14,312 358 (D) 2,138 (D) 6,027 6,169 (D) (D) (D) (D) 37,339 8 3,373 (D) 59,420 (D) 740 (D) (D) (D) 8,301 (D) 52,095 1,253 1,226 (D) (D) 1 26,959 21,193 4,506 64,872 98,282 5 62,232 5,573 2,787 4,941 32,676 (D) (D) (D) 4,858 (D) 9,496 5 30,362 18,102 135 20,595 55,509 97 27,902 (D) (D) 3 (D) (D) 51,932 18,754 265 7,654 36,830 (D) 15,821 (D) 427 2,311 5,146 (D) 29,279 (D) (D) 1,447 19,221 547 (D) (D) 5,755 (D) (D) 11,095 Spain Sweden Switzerland United Kingdom Other 75,712 94,146 307,231 663,369 76,398 12,047 48,963 166,907 302,381 33,293 2,693 13 (D) (D) (D) (D) 18,980 98,403 93,998 10,395 (D) 9,156 1,644 9,775 2,257 948 2,187 1,501 9,501 (D) 17 206 3,542 9,319 -75 3 (D) (D) 549 92 (D) (D) -165 17,325 3,864 240 9,101 23,934 (D) (D) 753 18,915 4,694 26,867 (D) (D) 140 (D) 16,918 -9 1,125 6,397 (D) (D) 385 2,072 (D) (D) 23,483 (D) (D) 1,135 (D) 45,417 (D) 3,742 (D) 1,550 12,278 (D) (D) 6,488 3,423 59,551 862 29,718 (D) 27,268 (D) (D) 211,876 38,558 5,593 8,056 5,101 (D) 3,977 (D) 3,629 (D) 7,697 6,773 17,107 10,008 20,951 34,135 5,837 70,809 63,913 4,198 33,787 1,928 3,008 20,992 13,945 148 8,990 (D) (D) (D) 6,440 41 6,423 (*) -8 -17 -1,196 -695 -62 (D) (D) (D) (D) (D) 2,121 -1 -2 (D) (D) -45 -95 (D) 2 -266 -433 -28 -395 (D) (*) (D) (D) (D) 50 (*) (D) (D) -43 510 -472 (*) 0 -81 4,604 (D) 1,420 17 (D) (D) 4,540 -548 3,715 422 23 929 1,784 -5 (D) 18 (*) (D) 857 6 749 (*) (*) 102 9,357 4,229 (D) (D) (D) 3,868 797 413 259 35 (*) 91 1,774 187 786 502 (D) (D) 36 -48 70 22 (*) -8 30,823 -182 18,343 660 -89 12,090 147,963 2,187 35,008 967 97,739 12,062 24,614 (D) 4,708 (D) 10,103 (D) -847 3 (D) (D) (D) 23 9,252 (D) (D) (D) -139 (D) (D) (D) 0 0 (D) -5 5 (D) 3 (D) (D) 0 4,409 (D) (D) 3 4,311 1 (D) (D) 1 0 (D) 1 3,672 2 (D) 0 (D) (D) (D) (D) (D) 1 1,513 49 3,157 (D) -825 (D) 2,973 853 4,989 0 (D) (D) 1,617 (D) 16,250 (D) (D) (*) 14,812 (D) 651 (D) 0 (D) (D) 22 20,154 29 -14,769 (D) (D) (D) 32,361 (D) (D) 296 11,488 426 5,801 (D) (D) (D) 2,178 108 39,986 894 17,932 101 20,860 198 Africa South Africa Other 11,160 4,533 6,627 6,788 (D) (D) (D) -8 (D) (D) (D) (D) (D) 1 (D) (D) (D) (D) -9 -9 (*) (D) (D) (D) (D) -3 (D) -23 (D) (D) 125 37 88 -4 -4 (*) -80 (D) (D) (D) (*) (D) -7 -2 -5 761 (D) (D) 212 -19 231 (D) (D) (D) Middle East Israel Kuwait Lebanon Saudi Arabia United Arab Emirates Other 43,907 10,554 1,400 -2 6,795 22,625 2,536 24,101 1,879 (D) (*) (D) 20,758 115 (D) (D) 0 0 0 (*) 0 (D) 687 -4 0 (D) -44 (D) (D) 49 (*) 0 (D) -5 0 4,099 (D) 0 0 (*) (D) (D) (D) 1,045 (D) 0 -5 -2 0 (D) (D) 1 0 (*) 1 0 (D) (D) 4 0 (D) (D) 0 (D) 161 (D) (*) (D) (D) (D) 5,806 (D) 0 (*) (D) 29 (D) -39 (D) 0 (D) (D) (D) 1 1,028 980 (*) (D) 3 17 (D) (D) 2,726 (D) 0 (D) (D) -75 238 59 (*) 0 (D) (D) (*) 5,122 2,855 1,188 -19 (D) (D) (D) 655 (D) (D) -4 (D) 16 (D) (D) 815 (D) 0 (D) 658 (D) 1,002,087 106,519 28,659 14,174 3,749 711,963 1,060 3,246 36,880 74,696 16,101 5,039 376,794 26,607 6,203 2,124 2,450 312,261 226 2,444 8,716 7,272 7,517 974 8,974 (D) -19 -40 4 6,940 (D) 32 (D) (D) (*) 381 116,019 (D) 189 379 1,313 106,357 (D) -2 122 630 4,090 -18 19,477 4,448 628 22 8 12,538 (*) 2 29 1,716 (D) (D) 23,748 -289 800 101 -13 22,113 4 (D) -14 974 31 (D) 52,136 101 629 1,261 -56 40,564 -48 5 (D) -3 2,143 (D) (D) (*) 505 (D) (D) 3,663 4 (D) 454 -34 251 74 72,113 -17 2,417 134 37 65,690 9 (D) 100 3,302 (D) (D) (D) 18,672 1,052 (D) (D) 54,396 (D) (D) (D) (D) (D) 185 202,566 2,531 674 3,264 180 132,400 137 501 2,392 58,875 970 641 41,932 72 (D) 256 (D) (D) (*) 1 (D) 102 (D) (D) 20,154 149 1,308 197 183 18,940 6 10 -384 -445 190 (*) 46,588 1,458 2,199 1,879 2,190 32,995 (D) 0 1,394 1,551 2,448 (D) 118,876 7,740 (D) (D) (D) 95,037 (D) (D) (D) 656 (D) (D) 47,891 6,701 2,338 1,623 (D) 32,724 (D) 314 3,429 269 87 132 34,785 12,858 133 1,925 3,399 15,270 10 -150 1,012 397 -38 -32 112,500 48,403 13,788 (D) (D) (D) 208 (D) (D) 6,019 2,358 (D) 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 1 United Kingdom Islands, Caribbean Other Asia and Pacific Australia China Hong Kong India Japan Malaysia New Zealand Singapore South Korea Taiwan Other Addendum: European Union 2 2,367,656 1,215,872 36,044 492,768 48,782 75,645 110,823 56,298 95,650 299,862 172,127 91,424 146,518 48,548 172,642 72,321 115,127 333,078 * 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 2019, 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. The United Kingdom was excluded beginning in 2020. Source: U.S. Bureau of Economic Analysis Page 14 of 14