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EMBARGOED UNTIL RELEASE AT 8:30 A.M. EDT, WEDNESDAY, JULY 24, 2019 BEA 19-34 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, 2018 The U.S. direct investment abroad position, or cumulative level of investment, decreased $62.3 billion to $5.95 trillion at the end of 2018 from $6.01 trillion at the end of 2017, according to statistics released by the Bureau of Economic Analysis (BEA). The decrease was due to the repatriation of accumulated prior earnings by U.S. multinationals from their foreign affiliates, largely in response to the 2017 Tax Cuts and Jobs Act. The decrease reflected a $75.8 billion decrease in the position in Latin America and Other Western Hemisphere, primarily in Bermuda. By industry, holding company affiliates owned by U.S. manufacturers accounted for most of the decrease. The foreign direct investment in the United States position increased $319.1 billion to $4.34 trillion at the end of 2018 from $4.03 trillion at the end of 2017. The increase mainly reflected a $226.1 billion increase in the position from Europe, primarily the Netherlands and Ireland. By industry, affiliates in manufacturing, retail trade, and real estate accounted for the largest increases. Direct Investment Positions, 2017–2018 Billion $ 2018 2017 U.S. Direct Investment Abroad Foreign Direct Investment in the United States 3,610.4 3,553.4 886.3 401.9 1,008.1 72.2 47.8 453.1 131.4 124.9 28.4 26.0 5.6 Africa 50.3 Source: U.S. Bureau of Economic Analysis 511.2 Middle East 69.1 1,000 684.6 Latin America and Other Western Hemisphere 932.3 2,000 710.6 Canada 391.2 3,000 2,731.3 Asia and Pacific 941.2 4,000 2,957.4 Europe 0 5.6 0 1,000 2,000 3,000 4,000 Effects 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. Dividends of $776.5 billion in 2018 exceeded earnings for the year, which led to negative reinvestment of earnings, decreasing the investment position for the first time since 1982. Tables 3 and 4 provide information on the country and industry breakdown of dividends. By country, nearly half of the dividends in 2018 were repatriated from affiliates in Bermuda ($231.0 billion) and the Netherlands ($138.8 billion). Ireland was the third largest source of dividends, but its value is suppressed due to confidentiality requirements. By industry, U.S. multinationals in chemical manufacturing ($209.1 billion) and computers and electronic products manufacturing ($195.9 billion) repatriated the most in 2018. 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 2018. The U.S. direct investment abroad position remained the largest in the Netherlands at $883.2 billion, followed by the United Kingdom ($757.8 billion), Luxembourg ($713.8 billion), Ireland ($442.2 billion), and Canada ($401.9 billion). 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 2018. 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 54.0 percent of the position, followed by MNEs in finance and insurance (12.1 percent). –2– U.S. MNEs earned income of $531.0 billion in 2018 on their cumulative investment abroad, a 12.8 percent increase from 2017. 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 2018. The United Kingdom remained the top investing country with a position of $560.9 billion. Canada ($511.2 billion) moved up one position from 2017 to be the second largest investing country, moving Japan ($484.4 billion) into third, while the Netherlands ($479.0 billion) and Luxembourg ($356.0 billion) switched places as the fourth and fifth largest investing countries at the end of 2018. By country of the ultimate beneficial owner (UBO), the top five countries in terms of position were the United Kingdom ($597.2 billion), Canada ($588.4 billion), Japan ($488.7 billion), Germany ($474.5 billion), and Ireland ($385.3 billion). On this 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 40.8 percent of the position. There was also sizable investment in finance and insurance (12.1 percent). Foreign MNEs earned income of $208.1 billion in 2018 on their cumulative investment in the United States, a 19.7 percent increase from 2017. Updates to Direct Investment Statistics Delayed Updates to BEA’s detailed country and industry statistics for U.S. direct investment abroad and for foreign direct investment in the United States for 2016 and 2017 were delayed due to the impact of the partial federal government shutdown that started in late December 2018. BEA will update the 2016 and 2017 statistics in 2020 along with updates to the 2018 statistics. Next release: July 2020 Direct Investment by Country and Industry, 2019 –3– Additional Information Resources • • • • • • • Direct investment financial transactions a re fi nancial tra ns actions that increase or decrease financial claims and l i abilities between the pa rent group a nd their affiliates. Di rect i nvestment fi nancial tra ns actions cons ist of rei nvestment of ea rnings, equity i nvestment other than rei nvestment of ea rnings, a nd i nvestment i n debt i ns truments. More s ta tistics on di rect i nvestment by country a nd i ndustry a re available on the BEA website. A des cription of the estimation methods used to compi le statistics on direct investment by country a nd i ndustry i s provi ded i n U.S. International Economic Accounts: Concepts and Methods. Sta y i nformed a bout BEA developments by rea ding the BEA blog, signing up for BEA’s email s ubscription service, or following BEA on Twitter @BEA_News Hi s torical time series for these estimates can be a ccessed in BEA’s i nteractive data application. Summa ry data by country a re a vailable i n BEA’s International Tra de a nd Investment Country Fa cts . Acces s BEA da ta by regi stering for BEA’s Data Appl ication Programming Interface (API). Addi tional i nformation on di rect i nvestment pos itions will be published in the August issue of the Survey of Current Business. Reinvestment of earnings i s the difference between an a ffi liate’s tota l earnings l ess dividends. It repres ents the pa rt of ea rnings that a re reinvested i n the affiliate rather tha n repatriated to the parent. Equity investment other than reinvestment of earnings is mea sured as the difference between equity i ncreases and decreases. Equity i ncreases are tra nsactions that result in the pa rent i ncreasing their equity i nterest i n their affiliate. Equi ty decreases are transactions that result in the parent reduci ng their equity i nterest in their a ffiliate. Debt instruments investment refl ects parent group lending to a nd borrowing from their a ffiliates. Definitions Income ea rned on di rect i nvestment i ncludes i ncome on equity—whether profits or losses and whether distributed or rei nvested—and net i nterest on debt. Direct investment i s a n i nvestment by a n entity resident in one economy tha t represents a lasting i nterest, defined as 10 percent or more voti ng ownership, i n a n enterprise res i dent i n another economy. Statistical conventions BEA’s di rect i nvestment s tatistics a re pri marily based on da ta reported i n the Qua rterly Survey of U.S. Di rect Investment Abroad (BE-577) a nd the Qua rterly Survey of Forei gn Di rect Investment i n the Uni ted Sta tes (BE-605). Both s urveys are conducted by BEA. A foreign affiliate i s a foreign business enterprise that is at l east 10 percent owned by a single U.S. person or entity. A U.S. parent i s a U.S. person or entity that owns 10 percent or more of a foreign business enterprise. A U.S. affiliate i s a U.S. business enterprise that is at least 10 percent owned by a single foreign person or entity. The countries i dentified in this release reflect the location of the i mmediate counterpart, unless otherwise noted. The countri es identified for the U.S. direct i nvestment abroad pos ition ma y not refl ect the ul timate destination of the funds. Li kewise, the countries i dentified for the foreign di rect i nvestment position i n United States may not reflect the ultimate source of the funds, which is often the ultimate beneficial owner. A foreign parent i s the fi rst person or entity outside the Uni ted States in a U.S. a ffiliate’s ownership chain that has a di rect i nvestment i nterest in the affiliate. The ultimate beneficial owner (UBO) i s tha t person or enti ty, proceeding up a foreign parent’s ownership chain, tha t i s not owned more than 50 percent by a nother person or enti ty. The di rect investment positions in this release are valued at hi s torical cos t. Pos itions reflect the book va l ue of di rect i nvestors’ equity i n, a nd net outstanding l oans to, their a ffi liates. Thi s va l uation i s derived pri ncipally from the a ccounting records of a ffiliates, whi ch a re pri marily compi led under U.S. Generally Accepted Accounting Pri nci ples (GAAP) or International Fi nancial Reporting Sta ndards (IFRS). Thi s di ffers from the ma rket value mea sure featured in the U.S. net international investment pos ition accounts. The direct investment position i s the va l ue of di rect i nvestors’ equity i n, a nd net outstanding l oans to, their a ffi liates. Cha nges i n the pos ition res ult from fi nancial tra ns actions a nd other changes, i ncluding capital gains and l osses, currency-tra nslation a djustments, a nd other cha nges i n volume a nd va luation, s uch as a djustments to book va lue from affiliates’ current sale or purchase price. –4– Thi s release presents s tatistics on a directional basis rather tha n the on the a s set/liability ba sis featured i n the U.S. i nternational tra nsactions a ccounts a nd the U.S. net i nternational i nvestment pos ition a ccounts. On a di rectional basis, direct investment claims and liabilities are cl a ssified according to whether the direct investor i s a U.S. res i dent or a forei gn res ident. U.S. di rect i nvestment a broad occurs between a U.S. pa rent a nd i ts foreign a ffi liates. Foreign di rect i nvestment i n the Uni ted States occurs between a foreign parent and its U.S. affiliates. On a n a s set/liability ba s is, di rect i nvestment s ta tistics are orga nized according to whether the i nvestment relates to a n a sset or liability for U.S. parents or for U.S. affiliates of forei gn parents. a cti vi ties of U.S. MNEs a nd U.S. a ffiliates of foreign MNEs a s well as on new foreign direct investment in the United Sta tes. Related Statistics Sta ti stics on international services, released a nnually, i ncl ude detailed a nnual information on tra de in services a nd on services s upplied through the channel of direct i nvestment by a ffiliates of MNEs. The i nternational i nvestment position (IIP) a ccounts are rel eased quarterly. The IIP is a statistical balance s heet tha t presents the dollar value of U.S. fi nancial assets and l i abilities with respect to foreign residents at a specific poi nt in time. The i nternational tra nsactions accounts (ITAs) a re released qua rterly. The ITAs are a s tatistical s ummary of economic a cti vi ty between U.S. residents and the residents of other countri es. Sta ti stics on direct investment by country a nd i ndustry a re one part of a broader s et of U.S. international economic a ccounts that, ta ken together, provide a comprehensive, i ntegrated and detailed picture of U.S. international economic a ctivities. U.S. i nternational trade in goods and services, released by BEA a nd the U.S. Census Bureau, provi des monthly statistics on tra de in goods a nd s ervices. Sta ti stics on direct investment a nd multinational enterprises (MNEs) include annual statistics on the 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, 2015-2018 All countries Direct investment position on a historical-cost basis 2015 2016 2017 5,289,071 5,586,030 6,013,335 361,954 365,375 391,208 3,075,567 3,309,782 3,553,429 6,508 6,871 7,819 48,096 51,589 54,954 6,343 4,888 5,406 15,794 17,018 13,873 1,258 3,200 3,318 81,274 80,739 85,572 120,519 133,696 136,128 1,007 1,042 1,224 7,625 7,223 7,131 337,831 391,264 446,383 30,869 30,922 30,708 599,001 640,646 676,418 829,693 898,495 936,728 31,697 29,230 29,187 11,872 11,863 12,604 1,971 1,985 2,060 10,259 14,520 13,881 36,075 33,484 33,128 32,593 31,723 34,622 171,342 187,048 249,968 3,798 3,852 4,266 632,327 686,048 747,571 57,815 42,434 20,482 902,642 929,459 1,008,080 129,303 135,681 133,972 14,624 14,057 14,907 56,847 66,418 68,272 28,134 28,959 25,884 7,750 7,467 7,222 913 1,036 779 7,573 5,742 6,370 9,825 7,364 6,632 3,638 4,638 3,906 112,690 111,723 121,695 1,642 1,349 1,567 1,274 1,283 1,405 101,326 100,734 109,671 4,447 4,301 4,706 4,001 4,056 4,346 660,650 682,056 752,413 14,084 20,194 20,368 303,244 314,853 346,804 1,079 1,226 2,140 303,438 306,512 331,391 38,805 39,272 51,711 52,004 51,689 50,285 14,068 12,561 9,352 5,872 4,349 5,774 6,926 6,659 7,334 25,139 28,120 27,824 49,802 48,593 69,132 10,251 10,325 26,667 10,025 10,585 11,085 16,205 13,568 16,785 13,321 14,114 14,595 847,102 881,132 941,202 160,061 166,430 168,855 92,150 97,287 107,556 69,367 68,944 81,234 35,361 38,634 44,458 15,717 14,944 15,171 106,932 124,550 129,064 38,608 38,493 41,602 15,765 14,606 15,080 11,427 11,948 11,938 5,992 6,325 7,116 253,277 255,344 274,260 15,295 15,935 17,031 17,942 18,021 15,006 9,209 9,669 12,830 [Millions of dollars] Financial transactions without current-cost adjustment (outflows (+), inflows (-)) 2018 2015 2016 2017 2018 5,950,991 264,359 289,261 300,378 -90,623 401,874 10,114 13,822 18,624 19,695 3,610,432 152,317 186,333 163,989 51,832 8,579 92 310 1,030 575 64,051 3,014 2,522 1,318 9,937 6,737 433 -497 246 1,394 13,205 -122 1,758 -1,763 -1,114 2,482 -1,322 2,055 -444 -384 86,863 4,156 1,053 2,742 1,560 140,331 1,691 4,424 2,148 2,632 1,415 1,054 45 62 100 7,811 163 -476 510 1,212 442,167 69,631 50,035 44,669 -10,522 38,479 800 -74 705 7,551 713,829 -365 30,833 33,444 37,632 883,188 41,337 44,203 34,542 -26,517 27,913 -235 285 -542 -1,960 12,977 72 613 8 1,094 2,825 15 75 -5 267 14,795 539 1,175 -934 1,363 36,962 1,387 1 388 4,124 39,307 50 1,462 1,259 5,886 278,044 17,059 20,732 30,026 2,994 4,656 333 312 481 778 757,781 14,426 33,469 23,093 8,618 26,034 -1,892 -7,981 -8,994 4,613 932,320 51,917 58,573 63,048 -128,491 140,016 1,402 2,821 -1,984 5,060 15,196 813 223 1,414 2,396 70,878 448 3,796 2,576 2,410 26,146 1,450 346 -1,793 363 7,737 770 -508 -66 768 898 -41 46 -203 160 6,403 -477 -154 551 -932 6,478 -1,449 -1,154 -670 -292 6,279 -112 227 -3,793 186 126,571 7,241 6,091 7,211 6,988 1,625 70 66 194 42 504 425 9 98 -902 114,877 7,255 5,212 6,334 7,180 5,050 -189 599 261 424 4,515 -321 204 326 245 665,733 43,275 49,661 57,820 -140,539 33,276 506 6,435 451 2,776 249,386 25,106 31,015 30,031 -158,148 2,020 199 -201 872 -96 334,477 20,608 11,148 25,731 21,923 46,574 -3,145 1,265 736 -6,994 47,796 829 -2,109 332 353 8,384 325 -801 -1,705 428 5,630 1,094 -131 1,667 -92 7,621 -205 -318 596 847 26,161 -384 -859 -225 -830 72,236 1,562 -237 4,849 4,117 27,144 553 463 734 581 11,379 1,322 729 482 335 17,303 -565 -2,437 3,117 627 16,411 253 1,008 516 2,575 886,333 47,619 32,879 49,537 -38,129 162,983 271 6,739 -414 -2,992 116,518 6,029 8,561 9,850 7,592 82,546 4,988 466 5,374 1,242 45,984 3,820 3,786 4,238 2,080 11,140 176 -452 262 -3,051 125,488 5,177 -1,398 9,653 3,289 41,532 2,225 1,902 1,693 -455 13,581 2,054 -1,083 404 -88 11,289 145 428 6 -336 7,645 75 546 749 689 218,835 21,390 10,945 17,219 -47,508 17,530 751 543 471 529 17,667 200 1,495 -3,357 44 13,595 318 401 3,389 835 Income without current cost adjustment 2015 433,333 21,096 244,558 172 3,244 596 668 109 1,445 6,322 19 591 56,589 1,622 28,340 70,573 1,750 601 207 630 3,088 809 28,953 412 39,022 -1,204 82,212 7,071 1,451 2,068 2,091 286 99 151 1,094 -170 7,963 174 61 7,351 308 68 67,178 1,392 38,357 361 23,664 3,405 2,915 105 1,120 420 1,270 9,256 260 1,355 1,809 5,832 73,296 8,743 10,674 5,663 3,110 989 12,365 2,867 1,539 537 435 22,937 1,177 1,315 946 2016 427,542 19,077 241,450 409 4,343 481 741 126 2,820 4,851 127 455 52,366 1,792 34,819 72,130 854 1,060 232 1,008 1,958 463 30,321 320 36,299 -6,525 83,885 6,182 1,723 2,390 1,636 343 147 321 -475 97 7,812 125 111 6,514 474 588 69,892 972 41,554 350 26,279 738 2,208 113 696 292 1,107 5,753 546 1,105 1,272 2,829 75,168 6,881 12,106 4,407 4,112 1,161 12,832 2,475 957 531 814 25,002 1,334 1,675 879 2017 470,933 27,354 264,804 471 6,166 473 471 285 3,010 6,156 130 656 51,804 1,457 36,825 76,083 1,630 666 272 1,331 3,229 1,880 30,474 577 41,311 -555 86,118 8,928 1,965 3,389 1,810 731 125 484 51 372 10,122 127 68 8,962 603 361 67,069 91 32,341 370 33,235 1,032 3,435 508 821 852 1,255 7,454 560 1,147 1,503 4,244 81,767 7,912 13,417 6,056 4,983 1,472 13,681 2,228 1,012 633 1,096 24,496 1,407 2,298 1,077 2018 531,010 30,619 288,000 804 5,713 560 192 115 1,587 6,810 200 570 53,071 1,534 36,050 86,618 1,505 1,096 165 1,338 3,257 1,181 31,408 639 46,751 6,837 101,329 10,366 1,450 3,846 2,326 1,139 60 741 261 543 9,639 143 -77 8,562 618 393 81,324 2,825 35,178 412 41,804 1,106 4,182 1,031 452 668 2,031 8,063 381 1,020 1,366 5,295 98,816 10,254 13,073 7,867 4,482 3,483 13,088 2,963 1,182 595 837 35,579 1,493 2,575 1,344 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 Korea, Republic of Malaysia New Zealand Philippines Singapore Taiwan Thailand Other Addenda: European Union (28) 2 2,810,011 3,041,226 3,244,095 3,269,739 136,756 170,941 143,443 43,887 214,242 215,648 231,858 246,856 OPEC 3 57,877 67,503 57,334 60,742 -537 -2,100 4,076 3,377 11,332 7,222 8,390 9,228 1. The “United Kingdom Islands, Caribbean” is composed of the British Virgin Islands, Cayman Islands, Montserrat, and Turks and Caicos Islands. 2. The European Union (28) is composed of Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 3. OPEC (Organization of Petroleum Exporting Countries) is composed of Algeria, Angola, Congo (Brazzaville), Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Data for this memorandum item reflect the OPEC membership during the reference period. Source: U.S. Bureau of Economic Analysis –6– Table 2. U.S. Direct Investment Abroad: Selected Items by Industry of Foreign Affiliate, 2015-2018 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 (-)) 2015 2016 2017 2018 2015 2016 2017 2018 5,289,071 5,586,030 6,013,335 5,950,991 264,359 289,261 300,378 -90,623 180,418 169,643 159,493 156,795 416 -4,488 -16,672 -4,259 693,847 735,648 870,099 902,555 43,502 52,609 77,073 50,911 81,914 76,596 86,403 90,879 4,449 3,059 5,330 2,034 151,369 165,242 213,110 203,002 6,470 14,945 15,639 17,852 34,506 33,687 40,289 45,100 503 -923 4,809 2,025 45,932 56,221 62,286 63,981 3,110 4,151 4,284 2,495 97,641 98,246 126,402 152,302 6,440 12,427 16,218 13,123 17,591 15,029 17,296 18,027 1,545 196 1,649 824 62,087 73,112 84,912 86,189 11,282 7,446 9,160 3,376 202,807 217,516 239,401 243,073 9,704 11,307 19,984 9,182 225,217 238,213 253,645 221,683 9,495 16,629 11,628 -17,785 198,689 207,182 226,576 286,330 13,488 21,503 19,997 51,810 118,271 119,325 117,437 124,479 -6,448 2,503 -4,445 5,887 719,608 738,837 826,391 904,858 15,632 13,705 46,542 110,519 117,646 124,342 127,093 138,790 5,121 9,759 176 10,292 2,686,477 2,864,411 2,996,212 2,779,549 161,310 146,599 125,603 -318,841 348,898 388,427 436,390 435,952 21,842 30,442 40,476 20,844 –7– Income without current cost adjustment 2015 433,333 3,541 67,102 4,149 18,114 1,721 3,495 10,868 1,461 10,632 16,662 19,129 14,756 3,521 45,760 11,145 233,272 35,108 2016 427,542 3,157 72,037 3,509 22,280 2,147 3,922 13,936 1,041 7,699 17,504 20,873 17,485 7,165 39,226 13,511 216,381 37,707 2017 470,933 9,819 81,077 4,180 24,246 1,861 4,973 13,609 1,538 9,937 20,733 21,652 17,566 7,090 47,174 13,909 230,655 41,990 2018 531,010 14,932 79,791 4,057 20,039 2,635 6,458 18,356 1,373 7,991 18,881 26,656 16,781 9,141 57,372 9,577 278,233 38,526 Table 3. U.S. Direct Investment Abroad: Dividends by Country of Foreign Affiliate, 2017 - 2018 [Millions of dollars] 2018 2017 All countries 155,081 776,513 Canada 4,927 9,133 Europe 84,615 395,723 of which: Netherlands 29,546 138,751 Ireland 795 (D) United Kingdom 17,617 40,174 Switzerland 14,759 32,400 Luxembourg 6,530 28,527 Latin America and Other Western Hemisphere 25,521 267,012 of which: Bermuda 9,155 230,950 U.K. Islands, Caribbean 1 3,887 14,756 Africa (D) 1,730 Middle East (D) 6,313 Asia and Pacific 31,381 96,601 of which: Singapore 7,310 53,553 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 - 2018 [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 D Suppressed to avoid disclosure of data of individual companies. Source: U.S. Bureau of Economic Analysis 2017 155,081 1,003 89,532 1,286 34,846 718 2,634 5,405 1,419 5,724 37,501 3,684 3,919 1,175 38,950 1,244 3,667 11,906 2018 776,513 5,374 505,245 8,843 209,079 2,967 7,056 195,881 3,970 25,010 52,440 7,191 (D) 6,567 79,120 4,382 3,415 (D) Table 5. U.S. Direct Investment Position Abroad, by Industry of Affiliate and by Industry of U.S. Parent, 2015-2018 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] 2015 2016 2017 2018 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 5,289,071 5,289,071 5,586,030 5,586,030 6,013,335 6,013,335 5,950,991 5,950,991 180,418 121,066 169,643 111,609 159,493 122,893 156,795 117,731 693,847 2,942,200 735,648 3,110,330 870,099 3,342,151 902,555 3,211,967 81,914 180,981 76,596 184,326 86,403 203,112 90,879 205,067 151,369 831,162 165,242 913,197 213,110 982,815 203,002 972,367 34,506 86,438 33,687 56,639 40,289 62,059 45,100 65,562 45,932 155,422 56,221 163,086 62,286 182,320 63,981 183,400 97,641 475,559 98,246 511,101 126,402 587,117 152,302 481,462 17,591 66,543 15,029 70,174 17,296 75,385 18,027 75,442 62,087 358,978 73,112 367,352 84,912 384,596 86,189 363,692 202,807 787,117 217,516 844,455 239,401 864,746 243,073 864,975 225,217 217,600 238,213 209,663 253,645 229,705 221,683 228,352 198,689 323,724 207,182 344,756 226,576 392,692 286,330 415,062 118,271 238,950 119,325 232,911 117,437 251,585 124,479 260,467 719,608 660,699 738,837 698,889 826,391 747,080 904,858 717,725 117,646 200,742 124,342 236,407 127,093 246,747 138,790 296,803 2,686,477 109,540 2,864,411 88,713 2,996,212 92,932 2,779,549 103,506 348,898 474,550 388,427 552,752 436,390 587,553 435,952 599,378 Addendum: Petroleum 1 177,829 603,434 167,336 579,734 159,916 587,477 155,103 580,341 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, 2018 [Millions of dollars] Manufacturing All industries Mining Total Food Finance (except Professional, Electrical Primary Computers Wholesale Depository depository scientific, and equipment, Information and and Transportation Other trade institutions institutions) technical appliances, Chemicals Machinery fabricated electronic equipment manufacturing and services and metals products insurance components 203,002 45,100 63,981 152,302 18,027 86,189 243,073 221,683 286,330 124,479 904,858 138,790 19,529 7,109 3,401 7,901 3,000 12,534 48,162 29,061 10,650 4,822 54,458 9,745 113,416 21,809 39,033 66,873 7,537 28,701 126,372 82,846 207,655 54,710 493,310 74,060 200 (D) 210 1,192 (D) 53 495 1,063 (D) (D) 1,885 771 18,476 85 711 4,571 (D) 613 (D) 9,027 740 (D) 7,810 1,809 1,202 38 208 510 15 2,090 (D) -40 249 (D) -32 191 61 217 438 551 (D) (*) 2,569 943 748 -2 2,327 340 79 (D) (D) 260 27 (*) 984 197 2 (D) -9 574 3,161 4,395 2,815 1,269 972 583 8,014 5,780 2,171 2,035 19,198 3,122 7,236 722 6,848 5,039 620 2,341 8,789 11,602 8,922 (D) 17,565 6,694 156 (*) 9 (D) 3 0 1,247 96 45 (D) (D) 65 11 4 33 372 -10 1,229 (D) 921 650 36 (D) 66 17,438 132 149 18,772 (D) 365 (D) 520 59,415 (D) 82,575 7,720 2,266 1,347 646 1,295 138 655 4,082 3,674 9,629 93 5,689 1,363 3 (D) 34 (D) (D) 912 7,511 1,504 3,540 5,236 48,875 2,642 18,509 672 7,706 8,307 -68 2,898 32,696 9,614 27,435 (D) 50,569 2,210 329 (D) 841 226 (D) 1 (D) 310 3,202 1 409 383 873 347 -128 248 (D) 2,717 (D) 2,061 95 (D) 226 518 90 41 51 46 -1 202 (D) 812 144 -5 291 389 530 (D) 315 553 (D) (D) 1,290 1,449 1,214 (D) 327 845 5,834 25 454 2,527 507 3,585 1,513 3,039 3,600 1,078 2,465 515 (D) (D) 217 3,518 (D) 559 759 2,566 2,637 (D) 4,137 1,671 19,864 (D) 3,819 7,355 1,957 (D) 17,225 13,298 7,972 (D) 19,735 4,668 400 -29 (D) 446 (*) 516 758 1,177 -132 152 462 133 13,241 5,918 12,619 9,965 1,112 5,872 23,125 12,206 74,037 11,315 225,975 35,824 (D) 131 (D) (D) (D) 1,140 745 1,027 (D) (D) 1,690 1,549 Holding companies (nonbank) Other industries All countries 5,950,991 156,795 902,555 90,879 2,779,549 435,952 Canada 401,874 14,119 110,075 8,438 105,013 63,931 Europe 3,610,432 25,328 455,679 51,939 1,961,305 255,539 Austria 8,579 (D) 2,499 49 456 657 Belgium 64,051 (D) 36,634 1,786 996 (D) Czech Republic 6,737 0 5,419 (D) (D) (D) Denmark 13,205 (D) 4,151 (D) 4,836 (D) Finland 2,482 0 2,082 (D) (D) (D) France 86,863 234 27,771 6,562 16,343 10,208 Germany 140,331 (D) 32,204 609 58,365 (D) Greece 1,415 0 1,520 (D) (*) -75 Hungary 7,811 (D) 1,955 (D) 1,804 263 Ireland 442,167 (D) 40,302 547 144,175 (D) Italy 38,479 358 12,442 2,013 1,409 3,823 Luxembourg 713,829 (D) 10,711 1 617,590 (D) Netherlands 883,188 1,636 77,039 6,319 682,586 (D) Norway 27,913 5,095 2,383 (D) (D) (D) Poland 12,977 (*) 6,495 1,358 (D) (D) Portugal 2,825 0 475 (D) (D) (D) Russia 14,795 (D) 6,332 1,749 1,215 (D) Spain 36,962 (D) 16,201 1,756 8,430 (D) Sweden 39,307 (D) 11,293 (D) 14,746 2,236 Switzerland 278,044 (D) 54,669 75 136,979 32,953 Turkey 4,656 (D) 2,566 (D) (D) 333 United Kingdom 757,781 6,273 96,887 25,034 245,720 49,544 Other 26,034 2,300 3,646 628 10,649 3,384 Latin America and Other Western Hemisphere 932,320 55,254 97,905 8,672 19,624 7,723 6,870 8,459 3,114 20,178 23,265 36,639 21,640 23,752 234,963 7,240 418,032 36,895 South America 140,016 28,494 37,791 3,953 11,799 4,413 3,723 815 788 4,331 7,969 6,164 9,646 (D) 22,571 2,813 16,202 (D) Argentina 15,196 1,011 2,975 65 1,465 (D) 373 (D) 24 617 986 484 2,363 1,112 764 70 (D) (D) Brazil 70,878 8,969 22,906 2,059 6,300 4,478 3,085 847 322 2,322 3,493 2,666 4,083 (D) 13,678 1,781 6,078 (D) Chile 26,146 7,342 6,048 85 2,617 -117 94 343 (D) (D) 2,266 1,637 901 (D) 6,066 615 1,705 (D) Colombia 7,737 2,658 2,593 233 908 (D) 12 318 (D) 206 653 608 286 (D) 638 501 -428 (D) Ecuador 898 454 411 (D) -40 (D) 2 5 (D) (D) 103 226 (D) (D) 265 (D) (D) 28 Peru 6,403 4,074 655 86 158 (*) 88 (D) 10 (*) (D) 281 58 (D) 262 249 102 (D) Venezuela 6,478 557 1,959 (D) 355 (D) 60 (D) 18 (D) 61 64 1,642 0 (D) 252 1,031 (D) Other 6,279 3,429 245 72 37 0 8 18 (D) 4 (D) 198 (D) (D) (D) (D) (D) 494 Central America 126,571 13,166 49,421 4,672 7,598 (D) (D) 1,438 2,322 15,869 12,118 4,251 811 (D) 17,863 732 23,860 (D) Costa Rica 1,625 0 1,315 23 395 5 1 255 (D) (*) (D) -75 -1 (D) (D) 94 (D) -291 Honduras 504 0 156 (D) 12 0 0 (D) (*) (D) 65 -25 4 (D) (D) 2 0 61 Mexico 114,877 12,957 46,724 4,578 7,020 2,829 2,516 1,227 2,138 (D) (D) 3,983 763 (D) 15,580 566 19,975 (D) Panama 5,050 209 122 15 102 (D) 6 (D) 3 0 -36 270 14 (D) 184 56 3,816 (D) Other 4,515 (*) 1,104 (D) 68 (D) (D) (D) (D) (*) (D) 98 31 (D) (D) 14 (D) 482 Other Western Hemisphere 665,733 13,594 10,693 48 227 (D) (D) 6,206 4 -22 3,179 26,223 11,183 14,812 194,528 3,695 377,969 13,035 Barbados 33,276 13 69 (D) (D) 0 4 9 0 (*) (*) (D) 4 0 21,244 (D) 4,671 (D) Bermuda 249,386 -146 2,505 0 45 0 (D) (D) 0 (D) (D) (D) 6,689 395 56,991 (D) 163,149 814 Dominican Republic 2,020 0 1,415 -37 (D) (D) (*) (*) (*) 0 1,395 79 60 (D) 9 -4 10 (D) United Kingdom Islands, Caribbean 1 334,477 8,759 6,190 0 68 15 (D) (D) 4 (D) (D) 1,104 3,574 13,165 103,368 -165 191,204 7,278 Other 46,574 4,967 514 (D) (D) (D) (*) -9 0 0 22 4,321 856 (D) 12,916 368 18,935 (D) Africa 47,796 15,140 4,226 1,497 1,026 181 458 -398 155 (D) (D) 2,335 784 (D) 3,934 1,923 13,842 (D) Egypt 8,384 (D) -344 (D) -119 (D) 26 (D) -3 (D) -48 507 40 (D) -2 -2 (D) 75 Nigeria 5,630 1,704 188 18 (D) 0 (D) 20 0 0 -1 (D) (D) (D) (*) (*) (D) -1 South Africa 7,621 -165 3,716 1,160 1,130 25 245 -47 (D) 698 (D) 742 257 (D) 497 859 325 (D) Other 26,161 (D) 667 (D) (D) (D) (D) (D) (D) 106 263 (D) (D) (D) 3,440 1,066 (D) 1,804 Middle East 72,236 18,383 24,956 945 2,635 366 364 18,364 -115 (D) (D) 3,405 2,500 (D) 1,986 3,593 13,127 (D) Israel 27,144 (D) 21,893 (D) 474 (D) 320 18,396 (D) (D) 2,100 296 1,117 (D) 191 2,401 (D) 436 Saudi Arabia 11,379 1,095 448 7 674 37 (D) (D) 0 (D) (D) 759 (D) (D) (D) 416 8,266 136 United Arab Emirates 17,303 8,271 917 (D) (D) -43 152 (D) (D) 0 367 2,247 (D) (D) 903 538 -9 2,506 Other 16,411 (D) 1,699 (D) (D) (D) (D) 2 0 0 (D) 104 251 (D) (D) 238 (D) (D) Asia and Pacific 886,333 28,570 209,713 19,389 46,772 7,912 13,855 51,103 4,336 23,858 42,488 67,397 43,101 36,533 116,207 42,228 268,229 74,354 Australia 162,983 17,149 21,132 8,370 2,113 1,270 1,029 2,119 55 1,555 4,621 5,501 8,179 713 6,499 10,838 85,974 6,999 China 116,518 775 58,512 3,165 13,027 2,152 5,684 10,666 1,026 14,604 8,188 15,261 3,178 5,075 8,398 1,850 6,563 16,905 Hong Kong 82,546 0 7,946 26 1,075 920 1,264 2,466 649 -599 2,144 8,826 7,855 2,552 5,795 3,200 40,602 5,771 India 45,984 484 10,188 1,468 2,331 289 993 1,464 691 1,561 1,391 4,245 701 (D) 5,641 16,506 634 (D) Indonesia 11,140 6,643 603 258 198 -7 (D) -17 (D) -51 91 69 241 1,001 580 453 1,655 -105 Japan 125,488 0 29,633 481 6,795 811 331 6,056 (D) 2,821 (D) 4,708 12,053 3,453 54,875 4,714 (D) (D) Korea, Republic of 41,532 (D) 14,528 725 3,978 375 393 4,436 95 -250 4,775 2,330 830 (D) 10,145 961 (D) 2,615 Malaysia 13,581 534 4,556 (D) 642 250 768 1,437 (D) 164 984 364 270 (D) 2,322 209 4,114 (D) New Zealand 11,289 24 2,358 (D) 262 19 136 321 (*) (*) (D) 832 281 (D) 1,423 182 (D) (D) Philippines 7,645 (*) 3,346 (D) 459 (D) (D) 1,545 (D) (D) 611 569 114 (D) 268 602 328 (D) Singapore 218,835 941 35,796 1,345 11,903 945 1,282 14,918 420 2,376 2,608 20,048 8,739 1,917 17,283 1,987 114,395 17,729 Taiwan 17,530 0 6,160 (D) 1,165 152 153 3,617 176 112 (D) 3,204 525 (D) 2,608 142 719 (D) Thailand 17,667 (D) 11,803 1,364 2,741 (D) 417 2,163 (D) 1,366 3,432 892 80 (D) -351 511 (D) 705 Other 13,595 (D) 3,155 408 84 (D) (D) -87 1 (D) 714 549 58 499 722 72 (D) 5,131 Addenda: European Union (28) 2 3,269,739 16,599 389,223 49,116 92,277 17,782 33,763 58,284 5,512 25,724 106,765 66,253 195,325 45,957 470,775 67,622 1,798,940 219,045 OPEC 3 60,742 22,272 4,907 1,460 2,450 31 177 -73 19 (D) (D) 3,333 3,134 (D) 2,431 830 18,463 (D) * 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. The European Union (28) is composed of Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 3. OPEC (Organization of Petroleum Exporting Countries) is composed of Algeria, Angola, Congo (Brazzaville), Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Data for this memorandum item reflect the OPEC membership during the reference period. Source: U.S. Bureau of Economic Analysis –9– Table 7. Foreign Direct Investment in the United States: Selected Items by Country of Foreign Parent, 2015–2018 [Millions of dollars] All countries Canada Direct investment position on a historical-cost basis 2015 2016 2017 2018 3,354,907 3,765,114 4,025,492 4,344,610 Financial transactions without current-cost adjustment (inflows (+), outflows (-)) 2015 2016 2017 2018 467,625 471,792 277,258 253,561 Income without current-cost adjustment 2015 149,926 2016 155,978 2017 173,778 2018 208,078 323,207 380,730 453,127 511,176 58,887 67,053 71,904 47,469 14,732 14,485 22,273 27,330 2,306,254 7,159 88,121 14,509 6,471 233,547 2,603,054 10,516 104,007 18,004 5,686 256,011 2,731,290 12,303 103,451 17,974 6,507 275,470 2,957,427 12,638 100,166 20,108 13,409 292,721 338,691 198 -12,327 1,013 655 33,472 318,177 3,482 3,363 3,616 -79 28,104 150,267 1,788 5,982 176 829 20,757 153,703 -443 6,015 2,041 1,459 23,440 103,476 509 2,616 1,051 398 15,808 114,812 565 3,289 1,110 466 12,017 118,276 728 8,339 1,206 320 10,999 139,431 943 6,262 1,627 846 11,277 Germany Ireland Italy Luxembourg Netherlands Norway 281,295 55,861 27,709 350,772 298,782 20,641 294,257 105,756 29,898 424,109 345,899 25,201 310,190 147,834 29,285 410,729 367,145 26,035 324,151 235,701 31,256 356,015 479,039 29,941 25,353 14,892 6,924 172,740 33,318 8,130 14,931 36,695 608 57,398 47,186 -572 11,899 17,269 262 2,477 17,770 473 26,795 64,187 2,367 -110,388 83,614 (D) 12,872 9,772 516 8,264 16,069 71 14,683 7,094 476 13,698 18,645 -638 13,043 10,741 645 12,881 15,546 442 23,422 8,433 1,353 16,145 19,187 2,121 Spain Sweden Switzerland United Kingdom Other 67,349 44,961 241,008 522,954 45,114 68,897 48,780 283,212 535,083 47,736 74,716 50,902 309,363 540,922 48,463 78,481 50,115 309,673 560,914 63,098 4,956 3,685 -5,732 50,294 1,122 3,294 4,161 56,155 57,267 2,569 4,078 -265 21,082 43,694 1,997 3,843 550 25,576 1,326 (D) 2,105 3,278 19,588 8,942 1,619 1,518 3,278 18,300 18,697 1,615 1,571 3,498 15,660 20,467 2,192 3,111 3,616 20,165 18,822 2,099 123,846 124,568 124,862 131,381 11,628 19,422 247 14,666 8,560 6,834 4,390 6,391 25,261 142 15,262 2,592 4,186 3,080 25,417 -2,445 17,209 2,723 4,469 3,462 26,060 -2,025 18,011 2,443 4,519 3,113 28,510 -2,468 18,693 2,793 5,481 4,011 846 -750 1,116 243 224 13 743 -2,586 2,372 100 491 366 1,062 866 702 -280 -154 -72 783 -361 -260 335 911 158 2,570 12 1,352 301 (D) (D) 1,580 -8 1,208 116 196 68 1,647 -55 1,269 13 342 77 2,520 -81 1,417 132 (D) (D) 98,585 794 -7,323 1,630 101,725 1,759 99,150 301 9,070 1,509 86,857 1,414 98,803 297 6,697 1,339 87,409 3,060 102,871 885 5,355 1,408 88,481 6,742 10,782 -128 -933 143 11,574 126 18,679 -421 20,515 -133 -1,213 -69 -815 -534 -3,750 -99 2,065 1,503 13,883 588 12,109 58 3,234 -2,106 5,990 66 2,718 -22 3,143 85 5,255 -31 1,358 -88 3,896 120 2,743 -23 104 -88 2,234 516 3,870 8 989 9 2,389 475 4,310 2,936 1,374 4,466 2,985 1,481 5,591 4,117 1,474 5,591 3,886 1,705 1,853 1,893 -40 194 95 99 1,210 1,141 69 54 -116 170 189 (D) (D) -3 11 -14 170 -21 190 159 -1 160 17,582 6,865 1,113 -14 (D) 2,752 (D) 24,406 12,289 1,122 -15 (D) 3,194 (D) 26,025 11,940 1,115 -17 (D) 4,837 (D) 28,442 13,602 1,257 -17 (D) 5,178 (D) 1,448 952 41 5 474 129 -154 986 116 15 -1 743 -32 145 1,639 -243 9 -3 -161 1,630 407 2,188 1,671 173 (*) 943 327 -926 -244 -845 66 1 (D) 197 (D) 1,053 226 29 1 (D) 237 (D) 877 308 20 1 (D) 150 (D) 687 166 24 1 (D) 104 (D) 579,708 65,259 14,714 10,981 9,639 401,835 39,784 1,278 439 21,585 6,889 7,305 627,889 69,276 40,447 11,210 8,805 418,331 42,508 1,134 209 23,579 7,573 4,817 684,598 66,736 39,518 11,022 9,819 469,047 51,770 1,101 164 22,360 8,058 5,003 710,593 66,250 39,473 15,716 9,623 484,392 58,315 1,208 1,241 19,665 10,592 4,118 55,117 10,587 5,127 682 298 32,997 1,302 118 -317 2,660 760 905 65,959 4,715 25,445 1,430 -537 31,610 3,392 -157 -228 2,013 665 -2,389 51,991 -905 -504 -568 928 43,868 10,392 -30 -39 -1,713 432 131 35,480 3,204 -754 3,493 -223 22,200 5,218 182 615 -477 2,480 -458 23,213 1,221 683 -284 477 17,789 1,948 (*) -64 831 554 58 18,797 555 -248 -109 120 16,637 1,251 4 -124 173 382 156 27,793 908 454 -748 353 24,355 1,627 2 -8 71 622 159 34,080 4,267 811 564 174 24,765 1,857 21 377 480 738 26 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 Korea, Republic of Malaysia New Zealand Singapore Taiwan Other Addenda: European Union (28) 2 2,018,276 2,269,135 2,372,100 2,596,293 329,844 259,250 127,893 121,685 82,831 96,287 100,933 116,047 OPEC 3 15,438 17,626 18,952 20,901 877 324 1,676 1,708 1,442 1,057 895 1,378 * 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. The European Union (28) is composed of Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 3. OPEC (Organization of Petroleum Exporting Countries) is composed of Algeria, Angola, Congo (Brazzaville), Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Data for this memorandum item reflect the OPEC membership during the reference period. Source: U.S. Bureau of Economic Analysis –10– Table 8. Historical-Cost Foreign Direct Investment Position in the United States, by Country of Foreign Parent and of the Ultimate Beneficial Owner, 2015-2018 1 2015 [Millions of dollars] 2016 2017 2018 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 ultimate each member each member beneficial of the foreign beneficial of the foreign beneficial beneficial of the foreign of the foreign owner parent group owner owner owner parent group parent group parent group All countries 3,354,907 3,354,907 3,765,114 3,765,114 4,025,492 4,025,492 4,344,610 4,344,610 323,207 394,814 380,730 457,557 453,127 523,761 511,176 588,399 2,306,254 7,159 88,121 14,509 6,471 233,547 2,023,553 3,181 47,192 14,534 8,750 255,524 2,603,054 10,516 104,007 18,004 5,686 256,011 2,239,298 3,468 71,223 17,588 8,197 272,149 2,731,290 12,303 103,451 17,974 6,507 275,470 2,369,770 3,954 80,352 17,541 8,741 301,540 2,957,427 12,638 100,166 20,108 13,409 292,721 2,594,925 6,290 84,661 19,572 9,978 326,437 Germany Ireland Italy Luxembourg Netherlands Norway 281,295 55,861 27,709 350,772 298,782 20,641 356,982 260,047 34,425 12,728 165,597 29,477 294,257 105,756 29,898 424,109 345,899 25,201 371,148 320,089 35,258 29,760 189,873 26,950 310,190 147,834 29,285 410,729 367,145 26,035 405,552 328,671 35,672 28,792 169,155 27,661 324,151 235,701 31,256 356,015 479,039 29,941 474,472 385,322 38,626 18,440 228,144 28,413 Spain Sweden Switzerland United Kingdom Other 67,349 44,961 241,008 522,954 45,114 66,106 48,137 143,403 558,931 18,540 68,897 48,780 283,212 535,083 47,736 67,880 54,418 180,893 572,206 18,198 74,716 50,902 309,363 540,922 48,463 73,244 54,150 201,867 614,865 18,013 78,481 50,115 309,673 560,914 63,098 76,380 55,424 222,491 597,219 23,058 123,846 159,456 124,568 163,699 124,862 172,650 131,381 206,862 25,261 142 15,262 2,592 4,186 3,080 94,092 43,662 34,390 658 4,558 10,824 25,417 -2,445 17,209 2,723 4,469 3,462 90,057 38,751 34,783 733 4,742 11,049 26,060 -2,025 18,011 2,443 4,519 3,113 94,628 42,841 35,408 759 4,801 10,819 28,510 -2,468 18,693 2,793 5,481 4,011 96,300 39,803 37,234 862 5,728 12,673 98,585 794 -7,323 1,630 101,725 1,759 65,365 123 30,555 (D) 11,559 (D) 99,150 301 9,070 1,509 86,857 1,414 73,642 168 33,237 (D) 12,295 (D) 98,803 297 6,697 1,339 87,409 3,060 78,022 179 35,920 (D) 13,398 (D) 102,871 885 5,355 1,408 88,481 6,742 110,561 378 60,750 (D) 20,895 (D) 4,310 2,936 1,374 4,470 3,934 536 4,466 2,985 1,481 4,485 3,878 607 5,591 4,117 1,474 5,806 5,073 733 5,591 3,886 1,705 5,752 4,991 761 17,582 6,865 1,113 -14 (D) 2,752 (D) 65,601 24,923 808 309 11,497 24,978 3,085 24,406 12,289 1,122 -15 (D) 3,194 (D) 100,742 59,229 787 366 12,280 24,990 3,090 26,025 11,940 1,115 -17 (D) 4,837 (D) 84,331 39,307 804 433 14,055 26,011 3,719 28,442 13,602 1,257 -17 (D) 5,178 (D) 84,591 38,453 967 490 15,368 26,738 2,574 579,708 65,259 14,714 10,981 9,639 401,835 39,784 1,278 439 21,585 6,889 7,305 623,217 68,733 33,050 14,567 11,647 404,081 37,837 1,307 509 38,573 10,249 2,663 627,889 69,276 40,447 11,210 8,805 418,331 42,508 1,134 209 23,579 7,573 4,817 725,923 76,220 58,976 15,009 12,155 422,243 41,243 1,484 529 82,786 10,924 4,352 684,598 66,736 39,518 11,022 9,819 469,047 51,770 1,101 164 22,360 8,058 5,003 793,610 73,002 58,048 14,996 13,123 476,878 50,633 1,471 1,039 88,596 11,306 4,517 710,593 66,250 39,473 15,716 9,623 484,392 58,315 1,208 1,241 19,665 10,592 4,118 784,638 71,460 60,182 16,888 13,734 488,714 57,623 2,417 1,310 54,227 14,093 3,991 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 Korea, Republic of Malaysia New Zealand Singapore Taiwan Other United States -----------83,796 -----------73,410 -----------75,565 -----------79,443 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, 2015–2018 [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 2015 3,354,907 1,359,812 97,111 578,830 63,422 92,754 54,743 40,175 131,842 300,935 369,535 64,610 168,281 193,896 444,014 72,452 159,044 523,263 2016 3,765,114 1,541,897 97,947 687,428 64,037 95,107 80,495 44,822 137,475 334,587 374,110 75,554 172,933 197,801 508,794 80,408 207,020 606,597 2017 4,025,492 1,607,209 101,626 702,677 66,037 101,747 81,910 49,833 149,571 353,808 425,403 88,640 184,168 205,694 538,992 90,851 212,091 672,446 –12– 2018 4,344,610 1,771,552 113,490 814,666 70,754 98,735 89,439 60,561 151,914 371,994 446,387 148,236 180,441 214,074 527,345 129,377 190,523 736,674 Financial transactions without current-cost adjustment (inflows (+); outflows (-)) 2015 2016 2017 2018 467,625 471,792 277,258 253,561 230,981 204,441 95,575 166,889 11,394 4,881 2,724 11,554 169,378 122,566 41,258 109,771 2,762 2,717 1,357 3,217 9,279 1,853 6,324 -5,018 3,206 19,529 4,767 10,544 2,782 4,895 4,792 8,366 21,511 7,505 11,668 9,415 10,669 40,494 22,684 19,041 28,084 12,384 59,196 21,013 2,474 9,353 12,861 59,176 8,810 9,695 5,974 5,504 447 9,197 7,745 6,507 65,869 65,545 32,615 27,384 8,424 8,503 9,368 35,654 22,998 45,320 6,825 -98,819 99,538 107,353 47,100 30,253 Income without current-cost adjustment 2015 149,926 64,636 3,739 37,307 1,118 4,115 2,393 2,201 8,803 4,960 18,128 5,423 2,611 7,197 24,359 4,209 5,290 18,074 2016 155,978 76,148 5,864 32,775 2,965 4,532 2,826 3,242 8,881 15,063 7,213 6,207 1,836 6,711 29,451 4,648 4,685 19,079 2017 173,778 88,786 5,820 37,859 3,272 3,892 911 3,074 11,648 22,310 12,328 6,679 3,037 11,161 18,273 5,030 4,666 23,818 2018 208,078 94,473 4,799 35,825 5,634 4,936 2,299 4,085 11,583 25,312 24,943 6,968 6,233 10,916 23,207 5,353 3,950 32,034 Table 10. Foreign Direct Investment Position in the United States on a Historical-Cost Basis, Country by Industry of U.S. Affiliate, 2018 Manufacturing All industries All countries Total Food Chemicals Primary and fabricated metals [Millions of dollars] Electrical Computers and equipment, electronic appliances, and products components Machinery Transportation equipment 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 4,344,610 1,771,552 113,490 814,666 70,754 98,735 89,439 60,561 151,914 371,994 446,387 148,236 180,441 214,074 527,345 129,377 190,523 511,176 135,836 5,125 93,519 4,816 267 1,306 -118 6,061 24,859 57,848 14,712 4,158 (D) 74,748 32,730 11,402 (D) 2,957,427 12,638 100,166 20,108 13,409 292,721 1,365,939 5,223 55,126 5,382 8,004 142,340 87,750 46 (D) 391 (D) 14,047 664,513 11 9,021 785 (D) 85,874 50,593 1,508 (D) (D) (D) 2,118 79,136 1,412 746 2,491 1,822 392 51,123 2 (D) (D) (D) 2,484 57,534 6 (D) (D) (D) (D) 89,370 8 (D) (D) (D) 8,618 285,921 2,230 (D) 520 (D) (D) 208,865 (D) 2,677 7,824 2,506 18,822 120,926 (D) 1 (D) (*) 5,764 137,854 3 7 (D) (D) 18,842 91,745 (D) (D) 0 (D) 12,041 353,392 3 6 2 (*) 52,668 57,271 21 104 32 2 2,391 154,091 (D) (D) 91 (D) 14,006 467,343 (D) (D) 6,366 (D) 25,847 Germany Ireland Italy Luxembourg Netherlands Norway 324,151 235,701 31,256 356,015 479,039 29,941 119,529 98,456 10,736 195,651 266,399 (D) 356 1,012 677 18,073 (D) 1 28,295 75,403 1,299 139,990 115,873 (D) 7,733 4,312 527 6,451 261 (D) 12,448 (D) 1,929 (D) (D) (D) 7,894 (D) 1,571 (D) 11,577 -4 1,234 (D) 113 (D) 30,659 (D) 41,641 (D) 1,141 -200 7,829 3 19,928 (D) 3,480 8,946 72,853 29 36,891 1,756 1,733 33,565 27,181 (D) (D) (D) 4,041 16,152 11,957 (D) 35,143 14,991 108 10,868 14,003 18 24,020 (D) (D) 0 (D) (D) 38,287 16,343 152 (D) 48,995 122 12,981 (D) 179 2,615 2,117 295 (D) (D) (D) 10,066 33,821 241 30,438 21,057 4,267 (D) (D) 214 Spain Sweden Switzerland United Kingdom Other 78,481 50,115 309,673 560,914 63,098 11,439 42,629 150,145 230,407 (D) (D) 2 (D) 7,812 9,646 (D) 17,534 77,792 102,623 (D) (D) 7,085 1,807 11,128 3,497 (D) 2,223 3,489 10,291 -79 (D) (D) 3,231 6,554 69 29 (D) (D) 115 112 718 5,995 (D) 21,300 1,101 1,104 7,800 (D) 70,584 3,898 739 -1,815 25,618 23,458 (D) (D) 73 11,393 7,515 841 2,596 195 14,669 25,406 (D) (D) (D) (D) (D) (D) (D) 839 71,160 89,027 81 (D) (D) 1,333 9,053 (D) 511 (D) 3,093 22,792 62 20,164 4,269 (D) (D) 16,427 131,381 39,367 11,889 6,864 2,686 66 8,140 (D) -1,780 (D) (D) 1,269 3,874 7,920 (D) 13,485 3,040 55,973 28,510 -2,468 18,693 2,793 5,481 4,011 11,143 -381 5,324 (D) (D) 769 3,425 -194 3,586 -3 -9 45 -575 -256 -161 (D) (D) -309 2,208 (D) 1,106 (D) (D) (D) -101 -37 34 -8 (D) (D) -126 -27 -89 1 0 -11 -21 -16 13 -1 0 -18 (D) 119 -485 3 (*) (D) (D) (D) 1,320 (D) (D) (D) (D) -2,849 1,735 71 23 (D) 282 (*) 195 19 (D) (D) 503 3 454 2 -2 46 7,183 1,825 (D) (D) (D) 3,514 (D) 671 212 92 -1 (D) 1,299 88 442 642 17 110 -78 -55 -14 (D) 3 (D) 7,993 -1,770 (D) 583 -24 (D) 102,871 885 5,355 1,408 88,481 6,742 28,224 -2 (D) 34 15,705 (D) 8,464 3 (D) -1 (D) (D) 7,439 0 (D) (D) (D) (D) 477 (D) (D) 0 (D) (D) 167 0 (D) (D) (D) (D) 8,266 1 (D) 1 (D) (D) (D) (*) 0 0 (D) 0 (D) 1 0 0 170 (D) 4,623 (D) 1,155 (D) 3,407 -5 5,508 (D) -5,009 (D) 9,986 599 987 0 7 (D) 1,029 (D) 3,372 (D) (D) (D) 565 159 737 0 0 (D) (D) 10 760 (D) -15,083 16 16,421 (D) 12,186 358 1,386 (D) 9,722 (D) 3,117 (D) 2,253 (D) 387 (D) 47,980 572 12,623 372 (D) (D) 5,591 3,886 1,705 2,074 (D) (D) (D) -2 (D) (D) (D) -105 (D) -1 (D) (D) (D) (D) (D) (D) 0 (D) (*) (D) (D) -10 (D) (D) -1 (D) 129 35 94 (D) (D) 0 8 5 3 (D) 0 (D) 8 (*) 8 533 1 532 129 -46 175 (D) (D) 937 28,442 13,602 1,257 -17 (D) 5,178 (D) 9,299 9,253 (D) 0 -111 (D) (D) (D) (D) 0 0 (D) 0 0 (D) 8,461 0 0 (D) -25 (D) (D) (D) 0 0 (D) -3 0 (D) (D) 0 0 (*) (D) (*) (D) (D) (D) 0 -1 2 (D) (D) 0 (D) 0 (D) -1 0 (D) (D) (D) 0 (*) (D) 0 88 -13 -1 0 -7 (D) (D) (D) 474 0 (*) (D) (D) (D) (D) (D) 0 0 0 (D) (D) 935 (D) (D) 0 1 (D) (D) (D) 2,165 3 0 (D) (D) -118 (D) (D) (*) 0 (D) (D) (D) 3,010 563 (D) (D) (D) (D) (D) 804 (D) (*) (D) -10 -23 2 2,232 -794 (D) (D) 74 1,203 (D) 710,593 66,250 39,473 15,716 9,623 484,392 58,315 1,208 1,241 19,665 10,592 4,118 219,038 19,403 13,641 1,727 2,334 161,809 6,528 54 -22 7,851 4,371 1,341 8,676 (D) -23 (D) (D) 5,876 (D) 26 (D) (D) (*) (D) 38,983 5,699 279 (D) 533 29,243 432 4 (*) 180 (D) -21 12,829 2,312 477 19 10 9,050 774 (*) 4 (D) 1 (D) 19,204 (D) 654 14 6 16,014 (D) 1 -1 -10 2 -1 28,181 -8 (D) 78 2 12,636 40 -16 (*) (D) 491 21 3,052 (D) 287 55 5 2,293 -19 -1 (D) 294 (D) -36 58,337 -3 2,366 (D) 24 53,439 1,835 (*) (D) 531 13 206 49,776 10,855 (D) -19 (D) 33,257 279 40 (D) 76 (D) (D) 165,620 1,776 623 3,194 167 111,188 44,716 (D) (D) 270 2,019 742 11,384 31 -20 308 (D) 10,551 9 -1 (*) (D) 121 (*) 33,612 -28 98 (D) 250 31,276 854 (D) 1 -191 141 (D) 41,465 2,095 3,864 1,089 1,714 28,434 1,324 (D) 0 637 1,864 (D) 96,631 4,979 446 -35 (D) 81,423 568 (D) 3 (D) (D) 53 22,347 -119 1,380 1,717 4 18,281 155 (D) 72 660 19 (D) 21,057 (D) -86 1,983 3,164 9,107 (D) (D) (D) 404 (D) (D) 99,440 (D) 19,526 (D) (D) 32,324 (D) 157 725 1,676 2,099 1,519 150,741 -34 422,017 3,153 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 Korea, Republic of Malaysia New Zealand Singapore Taiwan Other Addenda: European Union (28) 2 2,596,293 1,207,175 56,061 582,713 45,254 75,731 47,907 (D) 89,258 (D) 156,536 109,396 123,142 90,513 282,085 54,689 OPEC 3 20,901 4,226 (D) 9 (D) -5 (D) (D) (D) (D) (D) (D) 13 1,387 (D) 2,453 * 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. The European Union (28) is composed of Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, and the United Kingdom. 3. OPEC (Organization of Petroleum Exporting Countries) is composed of Algeria, Angola, Congo (Brazzaville), Ecuador, Equatorial Guinea, Gabon, Iran, Iraq, Kuwait, Libya, Nigeria, Qatar, Saudi Arabia, the United Arab Emirates, and Venezuela. Data for this memorandum item reflect the OPEC membership during the reference period. Source: U.S. Bureau of Economic Analysis –13– 736,674