The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
UNITED STATES DEPARTMENT OF BUREAU OF ECONOMIC ANALYSIS WASHINGTON, D.C. 20230 FOR WIRE TRANSMISSION 10:00 A.M. EDT, WEDNESDAY, JUNE 25, 1986 Foreign Direct Investment in the United States: Ned G. Howenstine 523-0650 Gregory G. Fouch 523-0547 BEA 86-31 U.S. Direct Investment Abroad: Barbara F. Brereton 523-0632 Ralph Kozlow 523-0661 FOREIGN DIRECT INVESTMENT IN THE UNITED STATES AND U.S. DIRECT INVESTMENT ABROAD GREW MODERATELY IN 1985 In 1985, the foreign direct investment position in the United States increased $18.4 billion, or 11 percent, to $183.0 billion, while the U.S. direct investment position abroad increased $19.7 billion, or 9 percent, to $232.7 billion. Foreign Direct Investment in the United States The 11-percent increase in the foreign direct investment position in the United States in 1985 follows a 20-percent increase in 1984. The smaller increase in 1985 partly reflected the decline in U.S. interest rates and slower U.S. economic growth. Also, an exceptionally large intercompany debt inflow in petroleum in 1984 was followed by a much smaller inflow in 1985, and valuation adjustments were smaller. Lower U.S. interest rates caused borrowing in U.S. capital markets to become a more important, and funds from foreign parents a less important, source for financing new and existing investments. Reflecting this shift in financing, equity capital inflows in 1985 were $3.1 billion less than in 1984. Slower U.S. economic growth contributed to a sharp drop in affiliates' earnings, which lowered affiliates' reinvested earnings. The large 1984 intercompany debt inflow in petroleum — over $4 billion — financed an increase in a Netherlands parent's ownership stake in its U.S. petroleum affiliate. The inflow was in the form of a loan from a British affiliate of the Netherlands parent to the U.S. petroleum affiliate. The increase in ownership also involved an inflow in 1985, but it was less than one-fourth that in 1984. Valuation adjustments dropped from $2.2 billion in 1984 to $0.5 billion in 1985. Bv account. The $18.4 billion increase in the position consisted of capital inflows of $17.9 billion and net positive valuation adjustments of $0.5 billion. Capital inflows consisted of equity capital inflows of $11.9 billion, intercompany debt inflows of $4.8 billion, and reinvested earnings of $1.1 billion. Billions of dollars Change in position Capital inflows Equity capital Intercompany debt Reinvested earnings Valuation adjustments 1984 1985 27.5 25.4 15.0 7.4 2.9 2.2 18.4 17.9 11.9 4.8 1.1 .5 A substantial portion of both the equity capital and intercompany debt inflows financed acquisitions of U.S. businesses by foreign direct investors or by their existing U.S. affiliates. By country and industry. The largest increase in the position — $5.4 billion — was from the United Kingdom. Increases were largest in manufacturing, petroleum, and insurance. The positions of parents in Japan, Switzerland, the Netherlands, and Germany also increased substantially. Almost two-thirds of the increase in the position of Japanese parents was in wholesale trade. As in 1984, the increase was largely in the form of reinvested earnings of U.S. affiliates importing Japanese automobiles for sale in the United States. Almost all of the increase in the position of Swiss parents was in food manufacturing. In what was by the far the largest single inflow in 1985, a Swiss parent made a sizable loan to its U.S. affiliate. The affiliate used these funds, together with funds borrowed from U.S. banks, to acquire a U.S. manufacturer of dairy and other food products for about $3 billion. The position of Netherlands parents increased $2.4 billion. Over one-half of the increase was in petroleum and was mainly in the form of reinvested earnings. Most of the $2.1 billion increase in the position of German parents was in manufacturing, mainly chemicals. -2- U.S. Direct Investment Abroad The 9-percent increase in the U.S. direct investment position abroad followed a 4-year period of limited growth in the wake of the 1981 worldwide recession. Two major factors contributing to the increase in 1985 were the depreciation of the dollar against most major currencies, which boosted the dollar value of affiliates* reinvested earnings, and a shift to intercompany debt outflows with Netherlands Antilles finance affiliates. The position increased despite unusually large net inflows of equity capital. By account. The $19.7 billion increase in the position in 1985 consisted of capital outflows of $18.8 billion and net positive valuation adjustments of $0.9 billion. Capital outflows consisted of reinvested earnings of $20.7 billion, intercompany debt outflows of $0.4 billion, and net equity inflows of $2.3 billion. Billions of dollars Change in position Capital outflows (inflows -) Equity capital Intercompany debt Reinvested earnings Valuation adjustments 1984 1985 5.8 3.9 1.7 -6.9 9.1 1.9 19.7 18.8 -2.3 0.4 20.7 .9 The large net equity inflows were more than accounted for by petroleum and finance affiliates. Inflows from petroleum affiliates were $2.6 billion, and inflows from finance affiliates were $1.2 billion. In an effort to consolidate operations and retire debt incurred from recent large acquisitions in the United States, three U.S. petroleum companies sold off one large affiliate in Canada and partial interests in two other affiliates — one in Canada and one in Colombia. The inflows from finance affiliates mainly reflected reductions of equity in affiliates in the Netherlands Antilles. Companies reported net intercompany debt outflows of $0.4 billion, in contrast to large inflows in 1984. Most of the shift occurred with finance affiliates in the Netherlands Antilles, as U.S. parent companies repaid old debt and discontinued new borrowing from their affiliates. The removal of the U.S. withholding tax on interest payments to foreigners in the third quarter of 1984 encouraged U.S. parent companies to borrow directly from foreign sources rather than through their taxexempt Netherlands Antilles finance affiliates. As a result, intercompany debt with these affiliates shifted $6.4 billion, to net outflows of $2.8 billion. -3- Reinvested earnings were up $11.6 billion from 1984, primarily due to a shift from capital losses of $8.7 billion to capital gains of $4.9 billion. The capital gains largely reflected the impact of dollar depreciation on the translation of affiliates' financial statements from foreign currencies into dollars. Earnings net of capital gains and losses were almost unchanged. Bv country and industry. The position increased $15.3 billion in developed countries, primarily in manufacturing. Increases of $14.7 billion in Europe and $1.2 billion in Japan, largely attributable to the depreciation of the dollar, were partly offset by small declines in Canada, Australia, and South Africa. In Canada, the position fell $0.4 billion, primarily due to sales of large equity interests in the two petroleum affiliates mentioned earlier; reinvested earnings were $1.8 billion. In Australia and South Africa, declining earnings and stable distributed earnings resulted in negative reinvested earnings, which lowered the position. In developing countries, the position increased $4.3 billion. The increase mainly reflected the shift to intercompany debt outflows with Netherlands Antilles finance affiliates. Among other Latin American countries, the position with Mexico increased $0.5 billion, largely in manufacturing, while that with Colombia, Venezuela and Peru declined, largely in petroleum. In "other Asia and Pacific," the position fell $0.2 billion; small increases with most Asian countries were more than offset by declines in Hong Kong, Singapore, Thailand, and, particularly, the Philippines, where the position fell 22 percent. * * * * The foreign direct investment position in the United States is the book value of foreign direct investors' equity in, and net outstanding loans to, their U.S. affiliates. A U.S. affiliate is a U.S. business enterprise in which a single foreign investor owns at least 10 percent of the voting securities, or the equivalent. The U.S. direct investment position abroad is the book value of U.S. direct investors' equity in, and net outstanding loans to, their foreign affiliates. A foreign affiliate is a foreign business enterprise in which a single U.S. investor owns at least 10 percent of the voting securities, or the equivalent. Estimates for 1982-84 for the U.S. direct investment position abroad have been revised to incorporate the results of the 1982 benchmark survey of U.S. direct investment abroad, which was completed in 1985. -4- Additional details on both positions and a discussion of the revised estimates will appear in the June issue of the Survey of Current Business, a monthly journal of BEA. More detailed tables on the positions and on related capital and income flows will be published in the August issue. The Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington, D.C. 20402. First class mail (domestic only): annual subscription $50.00. Foreign airmail delivery rates available upon request. Second class mail: annual subscription $30.00 domestic, $37.00 foreign. Single copy: $4.75 domestic, $5.95 foreign. -5- Table 1.--Foreign Direct Investment Position in the United States at Yearend [Mi 11 ions of do Ilars] 1984r 1985 Real estate Other industries 11,069 18,557 13,982 513 1,337 2,580 1,985 5,963 2,387 8,921 8,821 5,251 15,738 340 581 4,726 (D) (D) 2,544 6,847 404 5,616 (D) 483 222 300 (0) 1,570 2,539 199 1,681 (D) -917 (D) 25 129 2,088 262 3 7,497 (D) 92 1,656 (D) 0 1,975 3,727 (D) 8,238 9 26 1,049 (0) 24 2,325 4,623 (0) 4,566 (Di (D) 697 <D> 22 1,321 1,638 52 8,961 1,132 7,43! 398 1,873 790 778 305 347 3 88 255 705 -46 627 125 1,424 (0) 1,232 <D> 583 0 444 139 685 <D> (D) (D) 31 2,621 11,822 2,176 710 122 1,054 582 2,702 101 747 (01 63 -19 (D) 117 (0) 1,212 17,050 608 5,558 2,099 1,122 917 662 4,808 1,276 372 256 116 186 6 181 3,385 2,137 1,248 112 104 8 803 842 -39 190 113 78 1,041 (D) (D) 132 123 8 (D) (D) 4 307 199 108 (D) 1 (D) (0) (0) (0) 4,292 151 3,715 1,025 (D> 543 13,685 1,903 10,603 496 97 406 4,755 955 3,717 1,909 (D) 1,364 80 (*) 66 785 5 480 (0) (D) 24 4,501 110 3,945 (D) (D) 602 109 -13 (0) 0 369 57 10 (D) 983 177 (0) (0) 63 19 190 (0) 14 <*> 288 12 (0) 0 399 47 (D) (D) 481 319 162 <D> (D) 9 0 0 0 709 0 709 (0) -6 (D) 4,961 505 4,455 (D) (D) (D) 58 54 3 (0) (D) (D) 521 334 188 186 (D) (D) 0 0 0 746 1 745 (D) 4 (D) 291 318 28 (D) 423 (0) 1,538 (0) 171 231 327 16 (0) 430 (D) (D) 268 9 0 707 <D> 4,560 19 -36 (D) 309 2 0 737 (D) Finance, except banking Insurance Real estate Other industries All industr ies Petroleum Manufacturing Trade Banking Finance, except banking 10,326 5,633 8,922 17,761 13,519 182,951 28,123 60,798 34,212 11,503 4,708 1,734 1,219 608 1,418 2,844 1,804 16,678 1,659 5,130 2,143 1,332 39,083 16,934 5,740 3,457 6,748 8,255 4,850 120,906 25,437 46,515 17,611 22,813 (D) (0) 71 (D) (0) 9,981 10,991 (0) 32,990 471 5,368 4,389 333 74 12,497 9,719 139 15,238 296 728 4,256 (D) (D> 2,787 6,732 216 5,335 (D> 420 272 298 (D) 1,427 2,194 214 2,879 (0) -623 335 (D) 121 1,970 743 2 5,424 (D) 91 1,295 (D) 0 1,445 2,548 (D) 7,714 10 66 966 (D) (D> 2,471 4,135 42 4,163 (D) (D) 745 387 8 1,152 1,325 50 106,004 2,288 6,295 14,417 1,401 584 36,124 43,766 1,129 25,114 (D) (0) (D) (D) (D) 11,315 12,246 (0) 37,553 477 5,485 6,198 273 86 12,986 11,884 165 11,655 2,258 8,146 1,251 329 307 19 3 6,093 1,048 4,774 271 1,696 650 794 252 405 (0) (0) 271 579 (D) 536 (D) 1,325 119 1,152 54 541 0 393 148 688 (0) (D) (D> 14,902 2,384 11,040 1,478 323 296 (0) !D> Japan. . . . . . . . . . . . . . . . . . . . . . . . 16,044 -88 2,460 9,941 1,853 513 138 744 482 19,116 Australia, New Zealand, and South Africa. . . . . . . . . . . . . . . . . . . . . 2,152 57 362 (0) 51 ID) (D) 120 <D> Latin America...... . . . . . . . . . . . . 16,201 656 5,537 2,027 665 861 580 4,664 South and Central America. . . . . . Panama. . . . . . . . . . . . . . . . . . . . Other. . . . . . . . . . . . . . . . . . . . . 2,859 1,924 935 50 45 5 981 959 22 44 14 30 (0) (D> 574 115 108 7 (D) (D) (*> Other Western Hemisphere....... Bermuda. . . . . . . . . . . . . . . . . . . Netherlands Anti 1les. . . . . . . . United Kingdom Islands, Caribbean. . . . . . . . . . . . . . . . . . . Other. . . . . . . . . . . . . . . . . . . . . 13,343 1,370 10,935 606 452 4,555 306 4,092 1,983 363 1,394 <D> 0 (0) 746 7 643 866 172 (D) (D) 140 18 186 40 16 0 Middle Eas t. . . . . . . . . . . . . . . . Israel. . . . . . . . . . . . . . . . . . . . . Other. . . . . . . . . . . . . . . . . . . . . . 5,336 525 4,811 15 6 9 116 97 20 (0) (0) (D) Other Africa, Asia, and Pacific.... 1,353 75 128 Memo ran dum— OPEC 1/. . . . . . . . . . . 4,892 12 -21 All industries Petroleum Manufacturing Trade Banking All countries. . . . . . . . . . . . . . 164,583 25,400 51,802 31,219 Canada. . . . . . . . . . . . . . . . . . . . . . . 15,286 1,544 4,115 Europe. . . . . . . . . . . . . . . . . . . . . . . 108,211 23,142 European Communities (10). . . . . . Belgium. . . . . . . . . . . . . . . . . . . France. . . . . . . . . . . . . . . .... Germany. . . . . . . . . . . . . . . . . . . Italy. . . . . . . . . . . . . . . . . . . . . Luxembourg. . . . . . . . . . . . . . . . Netherlands. . . . . . . . . . . . . . . . United Kingdom. . . . . . . . . . . . . Denmark, Greece, and Ireland... 36,555 2,548 6,591 12,330 1,438 753 33,728 38,387 779 Other Europe. . . . . . . . . . . . . . . . Sweden. . . . . . . . . . . . . . . . . . . . Switzerland. . . . . . . . . . . . . . . . Other. . . . . . . . . . . . . . . . . . . . no Insurance r Revised. * Less than $500,000 (+). D Suppressed to avoid disclosure of data of individual companies. 1. OPEC is the Organization of Petroleum Exporting Countries. Its members are Algeria, Ecuador, G a b o n M n d o n e s i a , Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, Venezuela, and the United Arab Emirates. Table 2.--U.S. Oirect Investment Position Abroad at Yearend [H i I l i o n s o f d o l l a r s l 1984r A ll in d u st r ie s }e t r o leum a n u fa c t u r in g (h o le s a le trad e B a n king 1985 Fin a n c e and In su ra n c e Se rv ic e s O th e r in d u st r ie s A ll in d u st r ie s P e t ro leum lan u fa ct u r in g W ho les a le trad e Ba n kin g Fin a n c e and n su ra n ce Se rv ic e s O ther in d u st r ie s A l l c o u n t r ie s ................. 2 1 2,99 4 5 9 ,0 8 9 8 5 ,2 5 3 2 1 ,7 9 0 1 3 ,246 15 ,828 4 ,6 2 5 13 ,165 23 2 ,6 6 7 5 8 ,347 9 5 ,5 8 6 2 3 ,8 2 2 14,728 2 1 ,9 1 4 5 ,2 6 0 13,010 De ve lop e d c o u n t r ie s ................. 157,461 3 6 ,0 2 6 6 6 ,4 0 3 1 6 ,303 6 ,0 7 6 2 1 ,3 6 2 3 ,3 8 8 7 ,9 0 3 17 2,75 0 3 6 ,6 2 7 7 5 ,8 5 3 1 7 ,844 7 ,4 6 6 2 3 ,3 8 9 3 ,7 8 5 7 ,7 8 6 Canada ................................ 4 6 ,8 3 0 11,241 2 0 ,8 7 9 2 ,6 8 4 521 6 ,0 9 8 703 4 ,7 0 4 4 6 ,4 3 5 9 ,5 4 8 2 2 ,0 9 7 2,7 21 570 6 ,2 0 7 776 4 ,5 1 5 Eu rop e ................................ 9 2 ,0 1 7 2 0 ,9 5 3 3 7 ,3 1 2 1 0 ,913 4,9 81 13 ,886 2 ,4 60 1,5 12 10 6,76 2 2 2 ,6 3 8 4 5 ,214 1 2 ,428 6 ,3 2 6 1 5 ,628 2 ,7 3 8 1,7 90 Europ ean Com m unities (10) — B e lg iu m ................ Denmark ......................... F ran ce ........................... Germany ......................... G reece ........................... Ir e la n d ......................... I t a l y ............................ Luxem bourg ..................... N e t h e r la n d s .................... U n ite d Kingdom ................ O th e r Eu rop e ..................... A u s t r ia ......................... F in la n d ......................... Norway ........................... P o rt u g a l ........................ S p a in ............................ Sweden ........................... S w it z e rla n d .................... Tu rke y ........................... O th e r ............................ 6 9 ,6 8 8 4 ,6 0 2 1,1 44 6,2 2 4 14 ,794 257 2 ,8 39 4 ,5 9 2 399 6,2 01 2 8 ,6 3 5 2 2 ,3 2 9 521 191 2 ,8 22 1 5 ,543 708 603 479 2 ,8 9 2 115 -1 3 570 7 1 ,8 06 8 ,3 7 5 5 ,4 1 0 (D) (D) 2 ,3 8 7 3 4 ,0 4 0 2 ,6 0 6 185 3 ,9 8 6 8 ,8 3 0 66 2 ,1 7 9 2 ,7 2 9 245 2 ,8 4 8 10 ,383 3 ,2 7 2 134 18 194 5,2 61 688 280 982 613 61 29 477 3 615 1 ,5 12 5 ,6 52 125 125 156 3,7 0 9 230 28 291 1,1 25 (D) (D) 334 199 91 1,4 20 1,271 12 7 0 8 ,0 3 9 43 14 251 901 (D) (D) 237 -5 5 82 5 ,9 2 5 5 ,8 47 (D) 0 (D) 1,7 42 170 23 165 61 8 6 68 0 544 695 718 30 2 30 82,071 5 ,1 0 5 1,2 82 7 ,8 3 5 16,746 222 3,7 4 8 5 ,6 4 4 461 7,0 64 3 3 ,9 6 3 24,691 477 265 3 ,2 9 7 16 ,746 711 572 589 2 ,6 01 141 -4 2 476 -7 205 2 ,1 8 6 851 14 ,865 228 460 (D) 192 (D) (D) 105 24 79 1,469 330 921 35 92 (D) 203 179 4 ,7 10 <D> 100 9 202 0 994 41 5 1 22 142 5 ,3 2 8 0 246 (D) 48 8 573 (D) -1 0 1 ,3 53 157 11 88 373 13 -2 176 0 214 325 159 5 (D) (D) 6 49 (D) (D) (D) 3 216 2 ,5 9 8 929 16 ,230 224 45 5 38 176 (D) <D> 95 27 4 1 ,497 2 ,9 1 3 197 5 ,1 2 8 10,659 55 2 ,7 0 5 3 ,5 7 7 290 3 ,4 1 5 12,560 3 ,7 17 89 <D) 167 87 1,7 29 443 1,1 02 36 (D) 6 ,2 3 5 808 424 1,1 98 639 55 33 652 4 692 1 ,7 30 6 ,1 9 3 167 197 235 (D) 271 191 4 ,9 6 2 (D) 100 4 ,6 5 5 300 37 359 1,3 37 (D) (D> 366 21 5 121 1,9 72 1,671 21 (D) (D) (D) 270 0 1 ,2 86 34 7 9 ,3 9 3 44 (D) 202 1 ,0 35 (D) 1,0 36 308 -41 -51 6 ,8 3 2 6 ,2 3 5 (D) 0 (D) 1 26 135 5 ,6 9 6 0 262 1,9 1 5 155 28 215 46 8 7 89 0 554 814 823 15 2 35 (D) 75 8 63 5 (D) (D) 1,6 30 174 (D) 144 431 13 (D) 176 0 223 462 160 6 8 5 7 51 (D) (D) 9 3 2 ,1 11 9 ,5 9 3 5 ,8 9 2 (D) (D) 2 ,7 7 4 Japan ................................. 7 ,9 2 0 2 ,0 5 2 3 ,9 4 2 1,3 14 176 347 31 58 9 ,0 9 5 2 ,1 7 8 4,6 21 1,4 42 177 519 74 83 A u s t r a l i a , New Z e a la n d and S o u th A f r ic a ........................ A u s t r a l i a ......................... New Ze ala n d ....................... S o u th A f r ic a ..................... 10 ,694 8 ,6 74 510 1,5 10 1,7 80 1,2 5 3 (D) (D) 4 ,2 7 0 3 ,3 2 9 151 790 1,3 93 1,1 72 82 139 398 370 (D) (D) 1,031 918 59 53 194 170 3 20 1 ,6 29 1,461 7 161 10 ,459 8 ,5 6 4 549 1 ,3 46 2 ,2 6 3 1,691 (D) (D) 3,9 21 3,1 1 4 161 646 1 ,2 53 1 ,0 46 109 99 393 366 <D> (D) 1 ,0 35 953 37 45 196 175 4 18 1,3 98 1,2 20 17 162 D e v e lo p in g c o u n t r ie s ................ 50,131 18,651 1 8 ,849 5 ,4 8 7 7 ,1 70 -5 ,5 3 4 1 ,2 37 4 ,2 71 5 4 ,4 7 4 17,314 1 9 ,733 5 ,9 7 8 7 ,2 6 2 -1,47 4 1 ,4 76 4 ,1 8 7 L a t in A m erica ....................... 2 5 ,2 2 9 6 ,3 2 0 14 ,566 2,8 41 4 ,9 98 -6,56 0 468 2 ,5 9 5 2 9 ,479 5 ,2 9 9 15 ,323 3 ,0 9 5 5 ,4 1 6 -2,26 8 498 2 ,4 7 5 S o u th A m e ric a .................... A rg e n tin a ....................... B r a z il ........................... C h ile ............................ Colom bia ........................ Ec u a d o r ......................... P eru ............................. V en e zu e la ....................... O th e r ............................ C e n tra l A m e rica ................. M e x ico ........................... Panama ........................... O th e r ............................ O th e r W este rn H em isphere ..... Bahamas ......................... Bermuda ......................... Jam aica ......................... N e t h e r la n d s A n t i l l e s ........ T rin id a d -T o b a g o ............... U n ite d Kingdom Is l a n d s , C a rib b e a n ..................... O th e r ............................ 19 ,006 2 ,7 4 6 9 ,3 7 7 46 2 ,2 6 7 371 1,9 03 1 ,7 62 534 9 ,8 2 8 4 ,5 6 8 4 ,4 67 792 -3,60 5 3 ,4 12 13 ,009 257 -2 4 ,6 2 6 871 3 ,5 4 4 443 302 44 1 ,0 75 192 1,0 83 265 140 734 75 548 112 2 ,0 4 2 912 -8 7 (D> (D> 771 9 ,9 8 6 1,568 6 ,7 6 4 -2 7 6 694 126 111 950 49 4 ,1 50 3 ,6 3 2 (D) <D> 431 38 (D) 179 17 54 996 174 410 49 83 26 68 163 24 1,1 53 410 701 42 692 (D) 412 14 51 18 979 340 474 81 (D) 3 9 19 <D> 401 -3 380 24 3 ,6 1 8 1,9 00 (D) 6 (D) 2 1,4 27 46 1 ,1 13 -11 46 12 5 217 -1 2 ,6 1 5 194 2 ,3 8 7 35 - 1 0 ,6 0 2 333 12,704 (D) - 2 5 ,0 4 0 3 328 54 135 24 2 1 (D) 94 <D> 90 <*) 69 21 50 58 -9 8 6 20 <D> 1 ,7 46 122 178 136 <D> 11 (D) 55 (D) 685 261 (D) (D) 165 (D> 5 13 (D) (D) 18 ,625 2 ,7 8 5 9 ,4 8 0 71 2 ,1 4 2 406 1,6 84 1,5 48 510 10 ,374 5 ,0 8 7 4,611 676 479 3 ,3 77 14 ,104 141 -2 1 ,6 4 5 480 3 ,2 31 440 286 31 1,0 26 <D> 946 133 (D) 700 56 554 90 1,3 68 858 -1 8 8 ( *) 84 400 1 0 ,145 1,5 78 7 ,0 7 8 -2 7 6 691 129 58 837 50 4 ,5 8 7 4 ,0 9 3 209 284 592 40 (D> 94 22 38 1 ,0 08 181 429 42 58 30 63 180 26 1 ,2 88 489 760 39 799 229 426 18 44 16 801 360 285 108 (D) -6 7 17 (D) 459 -1 451 9 4 ,1 5 6 2 ,0 5 0 (D) 5 <D> (*) 1 ,3 87 53 1 ,0 85 -1 6 38 13 5 214 -5 2 ,6 4 2 190 2 ,4 3 0 22 -6,65 7 96 13,660 9 - 2 1 ,9 9 4 3 342 61 135 28 2 1 (0) 100 (D) 90 (* ) 66 25 66 79 -1 2 2 6 20 (D) 1,711 111 182 154 (D) <D) (D) 68 (D) 608 261 141 207 155 25 5 10 (D) (D) 3 ,0 07 465 5 201 (D) 134 (D) 15 1,5 30 22 1,331 (D) 59 (D) 35 48 3 ,5 25 497 7 206 (D) 148 (D) (D) 1,8 49 17 1 ,5 08 61 67 (D> 38 49 O th e r A f r ic a ........................ Sa h a ra n ............................ L ib y a ............................ O th e r ............................ S u b -S a h a ra n ....................... L ib e r ia ......................... N ig e r i a ......................... O th e r ............................ 4 ,7 5 2 2 ,0 3 5 1,5 36 348 152 2 ,7 17 152 301 2 ,2 64 3 ,3 2 9 1,711 1,281 319 111 1,6 18 26 193 1,3 99 404 47 29 0 18 358 0 85 273 129 (D) 11 4 (D) (D) (D) 39 (D> 219 125 125 0 1 94 (* ) 56 37 16 (D> -3 0 (D> (D) -1 0 (*) <D> 78 55 36 (D) <D) 23 <D) (D) 15 577 75 58 (D) (D) 502 116 <D> (D) 4 ,9 94 2 ,6 6 8 1,911 589 167 2 ,3 2 7 197 33 2 ,0 97 3 ,4 9 7 2 ,2 9 9 1,6 18 557 125 1,1 98 31 -1 0 8 1,2 7 5 399 53 34 0 19 346 0 88 258 123 (D) 15 4 (D) (D) (D) 33 43 229 128 127 0 1 101 -1 56 46 47 (D) 3 0 (D) (D) 23 (* ) (D) 89 68 48 (D) (0) 21 (D) (D> 12 610 85 67 (D) (D) 525 118 (D) (D) M id d le E a s t ......................... I s r a e l ............................. S a u d i A r a b ia ..................... U n ite d A rab E m ir a t e s ........... O th e r ............................... 5 ,0 3 2 733 2 ,3 5 6 971 971 2 ,6 1 3 (0> 967 826 (D) 482 157 303 26 -3 636 (0) 231 (D> 55 444 <D> (D) (D) 115 154 152 -2 3 6 19 340 -2 380 -5 -3 3 363 (D) <D> 19 (D) 5 ,1 2 7 855 2 ,6 2 2 744 90 5 2 ,3 2 6 <D> 914 580 (D) 471 174 261 37 -1 724 <D> 253 (D) 51 361 (D) (D) (D) 20 235 152 -5 (D) (D) 505 3 560 -1 0 -4 9 505 (D) (D) 23 (D) O th e r A s ia and P a c i f i c ........... Hong Kong ......................... In d ia ............................... In d o n e s ia ......................... M a la y s ia ........................... P h i 1 ip p in e s ....................... S in g a p o re ......................... S o u th K o re a ....................... Taiw an ............................. T h a ila n d ........................... O th e r ............................... 1 5 ,119 3 ,2 4 9 403 3 ,9 8 7 1,1 75 1,264 1,9 43 731 736 1,0 8 8 542 6 ,3 8 9 372 <D> 3 ,6 1 8 630 202 403 (D) (D) 794 245 3 ,3 9 6 364 296 94 395 427 911 190 491 163 65 1,881 1,1 38 1 (D) 79 79 276 (D) 94 57 24 1,5 09 543 16 25 23 253 245 219 119 42 25 856 495 (D) 22 16 99 61 128 10 (D) (0) 351 (D) <*) (D> (D) (D) 21 15 (* ) 10 (D) 736 (D) (D) 160 <D> (D) 27 35 (D) (D) 141 14 ,874 3 ,1 2 4 466 4 ,0 8 7 1,217 983 1,8 97 757 754 1,0 22 567 6,1 91 351 67 3 ,7 1 0 604 47 368 4 -8 768 281 3 ,5 3 9 341 333 101 453 389 97 3 212 552 125 60 2 ,0 3 6 1 ,3 08 1 (D) 79 75 227 (D) 124 48 24 1 ,2 56 387 (D) 17 27 177 228 269 58 46 (D) 871 51 6 5 28 15 107 55 124 11 2 6 383 212 (*) (D) <D) 51 19 19 -1 12 597 7 (D) 164 (D) 138 27 (D) 17 21 130 603 335 623 330 I l 991 a fo u l Memorandum— OPEC 1/ ................ 10 ,345 6 ,5 7 9 1 ,5 85 258 471 515 5 ,4 4 3 10,391 1,037 4 ,4 0 6 6,3 01 1,4 55 342 638 r R e v is e d . * L e s s than $ 5 0 0 ,0 0 0 <+). D S u p p re sse d to a v o id d is c lo s u r e of data of in d iv id u a l com panies. 1. OPEC i s the O r g a n iz a t io n o f P e tro le u m E x p o r t in g C o u n t r ie s . I t s members are A l g e r ia , E c u a d o r, G abon, In d o n e s ia , Ir a n , Ir a q , K u w a it, L ib y a , N ig e r i a , Q a ta r, S a u d i A ra b ia , V e n e zu e la , and th e U n ite d Arab E m ira te s. 702
@FedFRASER