News Release

FOR WIRE TRANSMISSION: 10:00 a.m. EDT, Thursday, June 29, 2000
BEA 00-18

International Investment Position of the United States, 1999

   

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Investment Position: Russell B. Scholl (202) 606-9579 BEA 00-18 Harlan W. King 606-9571
    Direct Investment Detail at Historical Cost:
Foreign Direct Investment in the United States:
Sylvia E. Bargas      (202) 606-9804
Gregory G. Fouch            606-9831
U.S. Direct Investment Abroad:
Jeffrey H. Lowe       (202) 606-9865
Mark W. New                 606-9875
   U.S. Net International Investment Position at Yearend, 1999
     At yearend 1999, the value of foreign investments in the United States
exceeded the value of U.S. investments in other countries, according to the
Commerce Department's Bureau of Economic Analysis.  The net international
investment position of the United States was a negative $1,082.5 billion with
direct investment valued at the current cost of replacing plant and equipment
and other tangible assets, and the net position was a negative $1,473.7
billion with direct investment valued at the current stock market value of
owners' equity (Table 1).
     The negative position valued at the current cost of tangible assets
decreased $29.3 billion from $1,111.8 billion (revised) at yearend 1998, and
the negative position valued at current stock market value increased $66.0
billion from $1,407.7 billion (revised) at yearend 1998.  Small changes in the
negative positions reflect net financial inflows that were largely offset by
increases in foreign stock prices for U.S. holdings abroad relative to
increases in U.S. stock prices for foreign holdings in the United States.
          Financial inflows for foreign-owned private assets in the United States
     increased substantially.  Private inflows for net foreign purchases of
     U.S. securities other than U.S. Treasury securities and for foreign
     direct investment in the United States accelerated to new records.  U.S.
     liabilities to foreigners reported by U.S. banks and by U.S. nonbanks
     increased strongly.  Partly offsetting these inflows were net foreign
     private sales of U.S. Treasury securities.
          Financial outflows for U.S.-owned assets abroad increased, reflecting
     record outflows for U.S. direct investment abroad and large merger-
     related net U.S. purchases of foreign securities.  Outflows for U.S.
     claims on foreigners reported by U.S. banks and U.S. nonbanking concerns
     also increased strongly.
          Strong price appreciation primarily reflected the larger increase in
     U.S.-owned assets abroad than in foreign-owned assets in the United
     States.  Price appreciation in U.S.-held foreign stocks from yearend
     1998 to yearend 1999 was widespread and significantly increased the
     value of U.S. holdings of foreign stocks and the value of U.S. direct
     investment abroad when measured on a market value basis.  Stock price
     appreciation in foreign-held U.S. stocks significantly increased the
     value of foreign holdings of U.S. stocks and the value of foreign direct
     investment in the United States when measured on a market value basis,
     but was partly offset by price depreciation in U.S. bonds, as U.S.
     interest rates rose steeply in 1999.
          Net exchange rate depreciation, principally on U.S.-held foreign stocks,
     reflected depreciation of the Euro that was partly offset by the
     appreciation of Japanese and Canadian currencies against the dollar from
     yearend 1998 to yearend 1999.


  ____________________________________________________________________________
            Valuation Methods for Direct Investment
The current-cost method values the U.S. and foreign parents' share of their
affiliates' investment in plant and equipment using the current cost of
capital equipment, in land using general price indexes, and in inventories
using estimates of their replacement cost.
The market-value method values the owners' equity position of the direct
investment position using indexes of stock market prices.
The historical-cost method values assets and liabilities at their book value.
This method is only used to present country and industry detail.
_________________________________________________________________________
     U.S. assets abroad increased $810.0 billion to $5,889.0 billion with
U.S. direct investment valued at current cost, and they increased $1,127.8
billion to $7,173.4 billion with U.S. direct investment valued at market
value.  (Position estimates for 1976-98 have been revised.  See section on
revisions at the end of this release.)
     U.S. holdings of foreign securities increased $530.5 billion to $2,583.4
billion, reflecting large net U.S. purchases and strong foreign price
appreciation, partly offset by exchange rate depreciation, mainly of European
stocks. U.S. holdings of foreign stocks were significantly bolstered by
merger-related exchanges of stocks, mostly with European firms.  U.S. holdings
of foreign bonds decreased, as price and exchange rate depreciation more than
offset small U.S. net purchases.
     U.S. direct investment abroad at current cost increased $124.1 billion
to $1,331.2 billion; at market value, it increased $442.0 billion to $2,615.5
billion.  Net financial outflows increased to a record $150.9 billion. By
account: Net equity capital outflows slowed but remained strong, bolstered by
a few large mergers; reinvested earnings increased sharply as a result of
growth in total earnings and a slowdown in earnings repatriated to U.S.
parents; and net intercompany debt outflows strengthened.  At current cost,
large financial outflows more than accounted for the increase in the position.
At market value, financial outflows were augmented by a substantial increase
in U.S. owners' equity as a result of the sharp rise in foreign stock prices
from yearend 1998 to yearend 1999, particularly in Western Europe, Canada, and
Japan.
     Claims on foreigners reported by U.S. banks increased $89.2 billion to
$1,110.1 billion.  U.S. bank lending to Europe strengthened, fueled by
financing requirements of large mergers and acquisitions, while lending to
Japan fell.  In addition, U.S. brokers and dealers resumed lending to
international bond funds in the Caribbean, and U.S. banks' customers
accelerated their investments in foreign commercial and other short-term
paper.
     Claims on unaffiliated foreigners reported by U.S. nonbanking concerns
increased $78.3 billion to $643.7 billion; U.S. deposits in foreign banks
accelerated sharply.
     U.S. official reserve assets decreased $9.6 billion to $136.4 billion,
mostly reflecting a drop in the U.S. reserve position in the International
Monetary Fund and a drop in foreign currency reserves.
     Foreign assets in the United States increased $780.7 billion to $6,971.5
billion with foreign direct investment valued at current cost, and they
increased $1,193.8 billion to $8,647.1 billion with foreign direct investment
valued at market value.  (Position estimates for 1976-98 have been revised.
See section on revisions at the end of this release.)
     Foreign holdings of U.S. securities other than U.S. Treasury securities
increased $496.9 billion to $2,509.3 billion, mostly as a result of record net
purchases and sizeable price appreciation from rising U.S. stock prices,
partly offset by bond price depreciation.  Record net purchases of U.S.
stocks, mostly from Western Europe and Japan, and sharply higher U.S. stock
prices between yearend 1998 and yearend 1999 both contributed to larger
foreign holdings.  Record net foreign purchases of U.S. bonds, especially U.S.
federally-sponsored agency bonds, were spurred by rising U.S. bond yields and
large new issues of agency bonds.
     Foreign direct investment in the United States valued at current cost
increased $196.6 billion to $1,125.2 billion; at market value, it increased
$609.7 billion to $2,800.7 billion.  Net financial inflows of $275.5 billion
substantially exceeded the prior year's record.  By account: Net equity
capital inflows increased sharply to a record level, boosted by several very
large acquisitions during the year; reinvested earnings rose sharply; and net
intercompany debt inflows increased.  At current cost, large financial inflows
more than accounted for the increase in the position.  At market value, large
net financial inflows were augmented by substantial price appreciation in
owners' equity, resulting from the rise in U.S. stock prices.
     Liabilities to private foreigners and international financial
institutions reported by U.S. banks increased $66.3 billion to $1,082.5
billion, representing heightened U.S. and international demand for credit and
a widening of short-term interest rate differentials in favor of investment in
U.S. dollar assets.  Inflows from banks' own offices in the Caribbean and
Western Europe were partly offset by a decrease in inflows from Japan.
     Holdings of U.S. Treasury securities by private foreigners and
international financial institutions decreased $69.0 billion to $660.7
billion.  The decrease reflected the shift to net foreign sales and
significant price depreciation of U.S. Government bonds, as U.S. long-term
interest rates rose strongly during the year.
     U.S. currency held by foreigners increased $22.4 billion to $250.7
billion; U.S. currency shipments abroad accelerated in the fourth quarter,
partly reflecting concerns over potential Y2K disruptions.
     Liabilities to unaffiliated foreigners reported by U.S. nonbanking
concerns increased $35.9 billion to $473.8 billion, reversing a small decrease
in 1998.
          Foreign official assets in the United States increased $31.6 billion to
$869.3 billion; net financial inflows, largely in the second half of the year,
were partly offset by price depreciation in U.S. securities.
     Detailed estimates of the U.S. direct investment position abroad and of
the foreign direct investment position in the United States are presented in
tables 2 and 3.  These detailed estimates by country and by industry are
available only on a historical-cost basis.
                     *          *          *
                            Revisions
     * The negative international investment position for yearend 1998 has
been revised from $1,239.2 billion to $1,111.8 billion with direct investment
at current cost, and from $1,537.5 billion to $1,407.7 billion with direct
investment at market value.  The major sources of these revisions are listed
below.
     * Estimates of U.S. holdings of foreign securities have been revised for
1997 and 1998, reflecting incorporation of final results of the U.S. Treasury
Department's Benchmark Survey of U.S. Portfolio Investment Abroad as of
December 31, 1997. Previously, only preliminary results were available.  The
benchmark survey covered U.S. ownership of outstanding foreign long-term
securities as of December 31, 1997.  (The new position data, as well as
reported yields on foreign securities, also enabled BEA to develop improved
estimates of the associated dividend and interest income receipts, which have
been incorporated into BEA's revised international transactions accounts,
released on June 20, 2000.)
     * Position estimates of U.S. holdings of foreign securities were also
revised based on revised estimates of financial flows for 1995-99.  These
revised net purchases are the result of a more complete accounting for large-
scale foreign acquisitions of U.S. companies accomplished via exchanges of
stock, and of increases to account for transactions that are not fully
captured by the statistical reporting system.  (These improvements also
affected associated dividend and interest income receipts in BEA's revised
international transactions accounts, released on June 20, 2000).
     * Estimates of U.S. direct investment abroad and foreign direct
investment in the United States positions on the current-cost basis have been
revised back to 1976 to incorporate improved estimates of the current-cost
adjustment.  Revised estimates of prices for equipment and structures are now
incorporated into the current-cost adjustment.  (These improvements also
affected income and financial flows in BEA's revised international
transactions accounts, released on June 20, 2000.)
                         *         *         *
     BEA's major national, regional, international, and industry estimates,
the Survey of Current Business, and BEA news releases are available on BEA's
web site:
                       <www.bea.doc.gov>
     STAT-USA maintains an Internet site that contains BEA estimates, the
Survey of Current Business, and BEA news releases.  The information available
through STAT-USA is often more detailed and more timely than that available
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or call (202) 482-1986.  Subscriptions for single-user unlimited access to
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     Summary BEA estimates are available on recorded messages at the time of
public release at the following telephone numbers:
     (202) 606-5362 U.S. international transactions
             -5306 Gross domestic product
             -5303 Personal income and outlays
     Most of BEA's estimates and analyses appear in the Survey of Current
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available from the Superintendent of Documents, U.S. Government Printing
Office, Washington, D.C. 20402.  First class mail: Annual subscription $120.00
domestic.  Second class mail: Annual subscription $48.00 domestic, $60.00
foreign; single issue $17.25 domestic, $21.56 foreign.
Table 1
International Investment Position of the United States at Yearend, 1998 and 1999
[Millions of dollars]
                                                                                                            Changes in 1999 (decrease (-))
Line                                    Type of investment                                       Position   Attributable to :                                    Position
                                                                                                  1998/r/             Valuation adjustments                       1999/p/
                                                                                                                                Exchange               Total
                                                                                                            Financial   Price     rate     Other
                                                                                                              flows    changes changes/1/changes/2/  (a+b+c+d)
                                                                                                               (a)       (b)      (c)        (d)
     Net international investment position of the United States:
 1          With direct investment positions at current cost (line 3 less line 16).............  -1,111,813  -323,377  344,215   -60,235     68,702     29,305   -1,082,508
 2          With direct investment positions at market value (line 4 less line 17).............  -1,407,670  -323,377  301,897   -57,364     12,829    -66,015   -1,473,685
        U.S.-owned assets abroad:
 3             With direct investment positions at current cost (lines 5+6+7)..................   5,079,056   430,187  455,115   -71,115     -4,215    809,972    5,889,028
 4             With direct investment positions at market value (lines 5+6+8)..................   6,045,544   430,187  755,413   -63,035      5,264  1,127,829    7,173,373
 5         U.S. official reserve assets........................................................     146,006    -8,747      642    -1,500         17     -9,588      136,418
 6         U.S. Government assets, other than official reserve assets..........................      86,768    -2,751  ........        7        202     -2,542       84,226
           U.S. private assets:
 7                 With direct investment at current cost (lines 9+11+14+15)...................   4,846,282   441,685  454,473   -69,622     -4,434    822,102    5,668,384
 8                 With direct investment at market value (lines 10+11+14+15)..................   5,812,770   441,685  754,771   -61,542      5,045  1,139,959    6,952,729
               Direct investment abroad:
 9                At current cost..............................................................   1,207,059   150,901    5,475   -17,646    -14,602    124,128    1,331,187
 10               At market value..............................................................   2,173,547   150,901  305,773    -9,566     -5,123    441,985    2,615,532
 11            Foreign securities..............................................................   2,052,929   128,594  448,998   -47,135    ........   530,457    2,583,386
 12                Bonds.......................................................................     576,745    14,193  -31,341    -2,849    ........   -19,997      556,748
 13                Corporate stocks............................................................   1,476,184   114,401  480,339   -44,286    ........   550,454    2,026,638
 14            U.S. claims on unaffiliated foreigners reported by U.S.
                   nonbanking concerns.........................................................     565,466    92,328  ........   -8,037     -6,010     78,281      643,747
 15            U.S. claims reported by U.S. banks, not included elsewhere......................   1,020,828    69,862  ........    3,196     16,178     89,236    1,110,064
         Foreign-owned assets in the United States:
 16             With direct investment at current cost (lines 18+19)...........................   6,190,869   753,564  110,900   -10,880    -72,917    780,667    6,971,536
 17             With direct investment at market value (lines 18+20)...........................   7,453,214   753,564  453,516    -5,671     -7,565  1,193,844    8,647,058
 18         Foreign official assets in the United States.......................................     837,701    42,864  -11,231   ........   ........    31,633      869,334
            Other foreign assets:
 19                With direct investment at current cost
                      (lines 21+23+24+27+28+29)................................................   5,353,168   710,700  122,131   -10,880    -72,917    749,034    6,102,202
 20                With direct investment at market value
                       (lines 22+23+24+27+28+29)...............................................   6,615,513   710,700  464,747    -5,671     -7,565  1,162,211    7,777,724
                Direct investment in the United States:
 21                At current cost.............................................................     928,645   275,533    1,766    -5,209    -75,521    196,569    1,125,214
 22                At market value.............................................................   2,190,990   275,533  344,382   ........   -10,169    609,746    2,800,736
 23             U.S. Treasury securities.......................................................     729,738   -20,464  -48,552   ........   ........   -69,016      660,722
 24             U.S. securities other than U.S. Treasury securities............................   2,012,431   331,523  168,917    -3,549    ........   496,891    2,509,322
 25                 Corporate and other bonds..................................................     902,155   232,814  -67,690    -3,549    ........   161,575    1,063,730
 26                 Corporate stocks...........................................................   1,110,276    98,709  236,607   ........   ........   335,316    1,445,592
 27             U.S. currency..................................................................     228,250    22,407  ........  ........   ........    22,407      250,657
 28             U.S. liabillities to unaffiliated foreigners reported by U.S.
                    nonbanking concerns........................................................     437,973    34,298  ........   -1,050      2,604     35,852      473,825
 29             U.S. liabilities reported by U.S. banks, not included elsewhere................   1,016,131    67,403  ........   -1,072    ........    66,331    1,082,462
   r Revised.
  p Preliminary.
  1. Represents gains or losses on foreign currency-denominated assets due to their revaluation at current exchange rates.
  2. Includes changes in coverage, statistical discrepancies, and other adjustments to the value of assets.


Table 2--U.S. Direct Investment Position Abroad on a Historical-Cost Basis
[Millions of dollars]
                                                                                                   1998                                                                                    1999
                                                                 All      Petro-      Manu-     Whole-     Depos-     Finance     Serv-      Other       All      Petro-      Manu-     Whole-     Depos-     Finance     Serv-      Other
                                                             industries    leum     facturing    sale       itory     (except     ices      indus-   industries    leum     facturing    sale       itory     (except     ices      indus-
                                                                                                 trade    institi-    depos-                 tries                                       trade    institi-    depos-                 tries
                                                                                                           tutions     itory                                                                       tutions     itory
                                                                                                                     institi-                                                                                institi-
                                                                                                                     tutions),                                                                               tutions),
                                                                                                                     insurance                                                                               insurance
                                                                                                                     and real                                                                                and real
                                                                                                                      estate                                                                                  estate
     All countries .......................................... 1,014,012     92,964    294,129     70,014     40,582    375,965     60,696     79,663  1,132,622     99,925    318,121     80,148     39,937    436,024     68,763     89,705
Canada ......................................................   101,871     13,573     41,780      7,376      1,199     22,860      4,783     10,300    111,707     16,416     44,023      8,982      1,977     25,084      6,438      8,785
Europe ......................................................   528,113     33,824    150,714     39,073     23,874    214,000     37,377     29,251    581,791     33,990    161,627     46,466     23,368    237,659     42,379     36,301
    Austria .................................................     3,850        152      1,060        504        (D)        (D)        203        -31      3,696        (D)      1,115        603        (D)        140        158        -65
    Belgium .................................................    18,637        156      8,497      2,617        321      4,748      2,365        -67     17,285        109      7,176      3,456        365      3,728      2,593       -142
    Denmark .................................................     2,854        582        589        (D)        (*)        (D)        151         54      3,887        762      1,449        (D)        (*)        869         99        (D)
    Finland .................................................     1,695         40        994        296         20        (D)         70        (D)      1,355         32        486        351         20        259         64        143
    France ..................................................    42,067      1,083     19,826      2,720      1,688      9,689      5,094      1,967     39,984      1,044     17,210      2,839      1,652     10,583      5,400      1,257
    Germany .................................................    46,405      3,245     22,219      3,173      1,507     12,153      2,082      2,025     49,617      2,683     24,351      3,197      1,388     14,131      2,373      1,493
    Greece ..................................................       639        (D)         90         93        155        128         46       (D)         602       (D)          66         85        138        146       (D)        (D)
    Ireland .................................................    16,991        (D)      7,915        276        (D)      7,170      1,103        (D)     19,823        (D)      8,949        235         -7      7,960      1,994        (D)
    Italy ...................................................    16,008        (D)      8,309      2,631        334        882      2,448        (D)     17,595        (D)      9,394      2,129        390      1,656      2,397        (D)
    Luxembourg ..............................................    14,524        (D)      2,563        (D)        257     11,089         37         17     15,263         53      2,569        (D)        228     11,700        (D)         18
    Netherlands .............................................    93,592      2,831     15,643      7,799         93     59,154      7,220        852    106,436      3,296     19,508      8,498        (D)     64,199      9,031        (D)
    Norway ..................................................     7,015      3,801        841        229        (D)      1,549        309        (D)      6,601      4,078        871        314        (D)        640        273        (D)
    Portugal ................................................     1,476        (D)        359        344        239        262        122        (D)      1,478        (D)        436        355        (D)        173        158         69
    Spain ...................................................    13,676        199      8,414      1,525      2,115        515        548        361     12,456        200      7,786      1,245      2,022        435        465        304
    Sweden ..................................................     5,339         79      1,809        298        (D)      1,500      1,059        (D)      9,595         86      2,207        -41        (D)      5,604      1,039        (D)
    Switzerland .............................................    40,144          5      5,197      8,128      2,588     22,268      1,519        438     51,227        271      5,702     14,289      2,844     25,684      1,865        571
    Turkey ..................................................     1,074         82        594        -18        224        (D)         57        (D)      1,299         79        736        -27        292          7         67        146
    United Kingdom ..........................................   192,663     18,372     43,633      7,000     10,491     79,208     12,844     21,116    213,070     17,443     49,699      7,175      9,778     86,659     14,285     28,031
    Other ...................................................     9,465      1,665      2,163        400        (D)        (D)        100      1,335     10,522      2,028      1,918        494        (D)      3,085         50        (D)
Latin America and Other Western Hemisphere ..................   200,477      8,275     49,627      6,840      3,429    103,899      6,972     21,436    223,182      8,715     51,294      7,620      2,371    124,072      6,203     22,908
    South America ...........................................    74,254      5,541     30,872      1,999      4,782     13,689      3,334     14,038     74,839      6,364     28,491      1,761      5,595     15,365      2,222     15,041
        Argentina ...........................................    12,834        677      3,600        423      1,840      3,533        905      1,856     14,187        601      3,537        488      2,205      4,837        597      1,922
        Brazil ..............................................    38,195      1,728     22,760        517      1,662      5,173      1,777      4,577     35,003      1,703     20,225        355      2,034      5,225        848      4,613
        Chile ...............................................     9,351         18      1,022        380        636      3,634        201      3,461      9,886         33      1,323        365        656      3,404        211      3,893
        Colombia ............................................     3,732        954      1,092        154        180        807         59        486      4,029        973      1,212        130        (D)        929         62        (D)
        Ecuador .............................................     1,017        577        196         66         21         86          4         67      1,202        639        285         66        (D)        123          4        (D)
        Peru ................................................     2,088        122        210        102         54        279         32      1,288      2,532        268        192         81        133        293         48      1,516
        Venezuela ...........................................     5,729      1,298      1,802        261         85         64        327      1,891      6,750      2,048      1,538        149         50        434        428      2,104
        Other ...............................................     1,308        167        189         96        304        112         28        412      1,250         98        178        126        302        121         24        401
    Central America .........................................    57,764      1,245     17,057      2,843        844     29,362      1,725      4,689     70,774      1,288     20,265      2,534      1,342     38,395      1,599      5,350
        Costa Rica ..........................................     2,080         28        619        (D)          0        (D)        (*)        (D)      1,646         30        663        867          0          4         -2         83
        Guatemala ...........................................       405        134        189         26          5         12          5         34        453        146        217         25        (D)        (D)          4        (D)
        Honduras ............................................       117        (D)        190          2          5         29          0        (D)         56        (D)        212          2          5          4          0        (D)
        Mexico ..............................................    28,396        (D)     15,891        989        699      4,946        (D)      4,589     34,265        188     18,861      1,167      1,182      6,308      1,303      5,257
        Panama ..............................................    25,982        620        137        (D)        118     24,103        (D)        (D)     33,429        648        157        442        131     31,805        285        -38
        Other ...............................................       785        (D)         30         25         18        (D)          8        (D)        924        (D)        156         31        (D)        (D)          9        190
    Other Western Hemisphere ................................    68,459      1,489      1,698      1,999     -2,198     60,848      1,914      2,710     77,569      1,063      2,537      3,325     -4,567     70,312      2,382      2,516
        Bahamas .............................................       160         58         81         98     -1,551      1,306        117         51      1,065         15         89         75     -2,193      2,871        154         55
        Barbados ............................................       950         82          5        189        (D)        308        313        (D)      1,131        (D)         22        268         25        389        289        (D)
        Bermuda .............................................    40,403        (D)          3      1,122          0     37,788      1,277        (D)     45,959        (D)        (D)      1,901          0     42,367      1,657        (D)
        Dominican Republic ..................................       653        (D)        371         22        (D)        (*)        (D)        105        952        156        470         29         71        (*)         20        205
        Jamaica .............................................     2,100        (D)        144        (D)         11          6         39      1,648      2,469        (D)        262        266         14        (D)         46        (D)
        Netherlands Antilles ................................     4,372        (D)         27        (D)          5      4,299        (D)        (*)      4,377        (D)         27         20          0      4,311        (D)        (*)
        Trinidad and Tobago .................................     1,005        703         54         20        (D)        (D)          1        (D)      1,094        790         48         21        (D)        (D)          1        (D)
        United Kingdom Islands, Caribbean ...................    18,203        306        (D)        315       -769     16,677        114        (D)     19,948        304      1,271        743     -2,561     19,867        154        171
        Other ...............................................       614        167        (D)        (*)          7        (D)         35        (D)        573         50        (D)          3        (D)        (D)        (D)        (D)
Africa ......................................................    14,241      9,806      1,829        204        338        627        178      1,257     15,062      9,629      1,964        179        363        905        307      1,715
    Egypt ...................................................     2,036      1,452        430         28        163          0        -48         13      2,213      1,485        573         48        177          0        -81         11
    Nigeria .................................................     1,788      1,559         55          1        (D)        (D)          0          4      1,375      1,148         65          5        (D)        (D)          0          5
    South Africa ............................................     2,312        (D)        855        111        (D)        245        168        (D)      3,258        372        836         87        (D)        605        317        (D)
    Other ...................................................     8,105        (D)        489         64        (D)        (D)         59        (D)      8,216      6,623        490         39        119        (D)         72        (D)
Middle East .................................................    10,632      2,951      2,376        296        850      2,300        428      1,430     11,137      3,246      2,321        335        834      2,448        777      1,177
    Israel ..................................................     2,922         41      2,191        (D)          0        389        (D)        (D)      3,199          4      2,168        130          0        405        381        111
    Saudi Arabia ............................................     4,276        272        154        (D)        687      1,621        270        (D)      4,231        237        144         97        (D)      1,701        290        (D)
    United Arab Emirates ....................................       687        277         80        112        (D)        (D)         71        (D)        543        221         90        107        (D)        (D)         65        -36
    Other ...................................................     2,747      2,361        -48          1        (D)        (D)        (D)        (D)      3,163      2,785        -81          1        -39        (D)         41        (D)
Asia and Pacific ............................................   155,364     22,546     47,803     16,225     10,892     32,278     10,957     14,663    185,912     25,347     56,891     16,566     11,025     45,856     12,659     17,568
    Australia ...............................................    31,150      4,100      6,952      2,210      2,585      6,222      2,299      6,782     33,662      3,344      7,646      2,146      2,705      8,465      2,190      7,167
    China ...................................................     6,481        938      3,785        222        127        795         44        570      7,766        991      4,789        201         69        784        260        673
    Hong Kong ...............................................    18,421        598      3,292      4,319      1,766      4,604        997      2,844     20,848        398      3,798      4,851      1,873      5,766      1,141      3,022
    India ...................................................     1,460        190        367         93        402        343         38         26      1,189       -386        466        128        420        263         50        247
    Indonesia ...............................................     7,916      5,019        203        (D)        186        207         58        (D)     10,504      7,378         66          8        287        287         53      2,424
    Japan ...................................................    35,633      4,402     12,053      3,823        551      8,649      5,785        370     47,786      4,419     13,332      5,429        608     14,928      7,132      1,938
    Korea, Republic of ......................................     7,395        (D)      2,818        638      2,243         23        453        (D)      8,749      1,550      3,651        810      2,110         47        533         48
    Malaysia ................................................     5,743        833      3,705        183        393        352        276        (*)      5,989      1,041      3,555        139        440        483        343        -13
    New Zealand .............................................     6,041        330        797        245        (D)      3,491         36        (D)      6,080        177        768        255        (D)      3,676         32        (D)
    Philippines .............................................     3,930        283      1,564        157        288      1,204        199        234      3,792        601      1,270        184        283      1,028        223        203
    Singapore ...............................................    18,427      2,695      7,085      2,786        735      4,419        627         79     24,781      2,815     11,367      1,354        532      8,103        519         91
    Taiwan ..................................................     6,262         49      3,450        487        611      1,449         77        138      6,860         60      3,631        614        691      1,577        101        185
    Thailand ................................................     5,383      1,211      1,732      1,003        485        452         39        461      6,966      2,529      2,571        416        625        385         49        391
    Other ...................................................     1,123        (D)        (*)        (D)        (D)         66         28         31        940        430        -18         31        (D)         62         33        (D)
International 1/ ............................................     3,315      1,990        ....       ....       ....       ....       ....     1,325      3,832      2,580        ....       ....       ....       ....       ....     1,252
* Less than $500,000 (+/-).
D Suppressed to avoid disclosure of data of individual companies.
1. "International" consists of affiliates that have operations spanning more than one country and that are engaged in petroleum shipping, other water transportation, or offshore oil and gas drilling.



Table 3.--Foreign Direct Investment Position in the United States on a Historical-Cost Basis at Yearend
   [Millions of dollars]
                                                                                                                               1998                                                                                                               1999
                                                                            All         Petro-      Manufac-       Trade      Deposi-     Finance,     Insur-       Real        Other         All         Petro-      Manufac-       Trade       Deposi-     Finance,     Insur-        Real        Other
                                                                           indus-        leum        turing                     tory       except       ance       estate      indus-        indus-        leum        turing                      tory       except       ance        estate      indus-
                                                                           tries                                               insti-     deposi-                               tries        tries                                                insti-     deposi-                                tries
                                                                                                                              tutions       tory                                                                                                 tutions       tory
                                                                                                                                           insti-                                                                                                             insti-
                                                                                                                                          tutions                                                                                                            tutions
      All countries ...................................................      793,748      51,729       334,898      111,069      43,804      45,895      77,785      43,558       85,011       986,668      55,940       391,013       132,321      60,118      52,133      101,760      44,720      148,664
   Canada .............................................................       74,143       2,526        26,507        5,204       2,664       7,874       7,624       9,080       12,662        79,716       2,836        26,270         5,450       2,905      10,718        9,712       9,925       11,902
   Europe .............................................................      528,601      46,008       251,750       62,235      25,547      16,817      63,117      11,869       51,257       685,845      49,642       305,543        68,304      43,815      18,630       78,355      13,252      108,305
     Austria ..........................................................        1,969          (D)          360           (D)         (D)         (D)          1           7           (D)        2,483          (D)          674            (D)         (D)         (D)           1           7           19
     Belgium ..........................................................       10,966          (D)        4,068        1,831          (D)      2,108           2          49           (D)       11,448         204         3,972            (D)         (D)      2,465            1          46        2,255
     Denmark ..........................................................        3,312           5           831        1,879          (D)         (D)         -4          (D)         326         4,959           3           956         3,625          (D)         (D)          -4          (D)         273
     Finland ..........................................................        4,106          (D)        1,262        1,914          (D)        -46          (D)         15           (D)        4,816          (D)        1,435         2,959          (D)         (D)           5          18           (D)
     France ...........................................................       58,051          (D)       38,087        2,447       2,598       5,140       4,715          (D)       4,586        77,622          (D)       39,087         2,350       2,778       5,093        4,827          (D)      22,199
     Germany ..........................................................       94,404         138        54,392       11,730       5,644       1,673      10,196       3,002        7,628       111,138         173        59,303        12,162      15,073        -712       10,882       3,802       10,457
     Ireland ..........................................................       12,484         739         2,674           (D)         (D)       -203       1,799          33        1,706        17,969         699         3,868            (D)         (D)        -49        5,930          40        1,673
     Italy ............................................................        4,143          (D)          918          938       1,089          (D)         (D)         72           (D)        4,982          (D)        1,050         1,591       1,199          (D)         317          76          388
     Liechtenstein ....................................................          109           0            (D)          56           0           4           0          42           (D)          135           0            -1            88           0          (D)           0          64           (D)
     Luxembourg .......................................................       26,650          93            (D)          (D)          0         116          (D)         (D)          (D)       54,894          (D)       45,305            (D)          0       1,024           (D)        145        6,270
     Netherlands ......................................................       98,926      11,400        38,041       12,853       7,089       3,451      16,855       5,561        3,677       130,703      11,083        42,922            (D)     14,257       3,578       30,577       5,754           (D)
     Norway ...........................................................        3,833          (D)        1,938          162          (D)         -5           2          44           (D)        4,201       1,240         2,044           223          (D)         (D)           1          41          628
     Spain ............................................................        2,285          -3           728          236       1,111         -75         168          48           72         2,629          -6         1,014           242       1,177          (D)         162          (D)          50
     Sweden ...........................................................       15,139          (D)        7,335           (D)         (D)         (D)        831         924        1,293        17,904          (D)        6,856         4,863         -24          (D)          (D)        990           (D)
     Switzerland ......................................................       48,403         243        24,253        2,565          (D)      1,232      15,021         230           (D)       55,280         572        27,814         3,274          (D)      1,020       15,538         140           (D)
     United Kingdom ...................................................      143,165      30,069        54,765       14,958       3,382       2,933      12,266       1,452       23,338       183,145      33,446        68,242        13,571       3,322       6,056        8,683       1,716       48,108
     Other ............................................................          654          11           389           (D)         11           4          (*)        111           (D)        1,537           8         1,000            (D)        180           4           (D)        125          -13
   Latin America and Other Western
     Hemisphere ...................................                           27,854         917         4,351        3,018       3,728       2,013       5,620       4,057        4,150        44,591       1,836         6,028         3,350       2,750       2,332       12,170       4,012       12,113
     South and Central America ........................................        9,819        -693         1,159          299       2,802         428          (D)        190           (D)       10,606        -370         1,980           441       1,868         709           (D)         81           (D)
       Brazil .........................................................          635          (D)         -176          -29         680          (D)         (D)         (D)          19           651          (D)         -157            45         425          (D)          (D)         -6          -23
       Mexico .........................................................        2,432          -8         1,315          456          75          26           2          54          512         3,612          -3         2,243            (D)        199          (D)           1          57          668
       Panama .........................................................        6,504          (D)          165         -101          (D)        290          (D)        148          297         5,896          13            89            59         108         300           (D)         90           (D)
       Venezuela ......................................................         -529          (D)          -23           (*)        260          -1           6          (D)          51          -170          (D)          -42             4         271          -2            7         -64           (D)
       Other ..........................................................          778          10          -123          -27          (D)         (D)         11           6           (D)          617           9          -154            (D)        865          (D)          11           4           (D)
     Other Western Hemisphere .........................................       18,034       1,611         3,192        2,719         925       1,585          (D)      3,867           (D)       33,984       2,206         4,048         2,909         882       1,623           (D)      3,932           (D)
       Bahamas ........................................................        2,077          (D)          147           (D)         (D)         (D)          0         385          417         2,163          (D)          136            (D)         (D)         (D)           0         371          411
       Bermuda ........................................................        3,740         182           219          520           5         -21         597         594        1,646        13,054         153           862            (D)          4          53        1,646         591           (D)
       Netherlands Antilles ...........................................        2,844          (D)          788          700          (D)         21          -2         331           69         2,695         607         1,268           388         113          11           -2         278           32
       United Kingdom Islands, Caribbean ..............................        9,009         506         2,054          858         642          (D)         (D)      2,652        1,022        13,883       1,247         1,789         1,882         587          (D)          (D)      2,603           (D)
       Other ..........................................................          363          (D)          -16           (D)          3          24          (D)        -94           (D)        2,189          (D)           -6            (D)         (D)         23           (D)         88           48
   Africa .............................................................          862           3           -92          115          47         445           0         115          230         1,545          20          -172           448          41         494           (*)        168          546
     South Africa .....................................................          121           2           -85           (D)          0          (D)          0          (D)          (D)          427           1          -103            (D)          0          (D)           0          -6          342
     Other ............................................................          741          (*)           -7           (D)         47          (D)          0          (D)          (D)        1,118          19           -69            (D)         41          (D)          (*)        173          204
   Middle East ........................................................        6,346         925           691          180         904         201           0       3,297          148         7,087         868         1,150           186         934         330            0       3,371          249
     Israel ...........................................................        2,084          -3           867           (D)        793          (D)          0          (D)          68         2,680           0         1,144            (D)        848          (D)           0          (D)          (D)
     Kuwait ...........................................................           (D)         (D)            1            0          (D)         (D)          0       3,222           (D)        3,391          (D)            1             0          (D)         (D)           0       3,305           (D)
     Lebanon ..........................................................          -19           0            (D)          -1           0           0           0          (D)          (*)          -21           0            (D)           -1           0           0            0          (D)          (*)
     Saudi Arabia .....................................................           (D)         (D)           -6           (D)         (D)          2           0          (D)          (D)          949          (D)           -3             4           9           2            0          38           (D)
     United Arab Emirates .............................................           43         -11            -2           (D)         (D)          1           0          12           (D)           16          (D)           -4            (D)         (D)          1            0          11            6
     Other ............................................................         -102           0            (D)          -2          48          -5           0          42           (D)           72          (D)           (D)           (D)         44          (D)           0          43           (D)
   Asia and Pacific ...................................................      155,943       1,350        51,691       40,317      10,913      18,545       1,423      15,139       16,565       167,884         737        52,195        54,584       9,673      19,629        1,523      13,992       15,550
     Australia ........................................................       12,883         780         2,142          -22         157          (D)         (D)        744           (D)       10,818         763         2,574            16          (D)      2,094           (D)        483        4,452
     Hong Kong ........................................................        1,578          (D)          385          423         224          (D)          1         204          334         1,210          (D)          484           372         206          (D)           1         175          -41
     Japan ............................................................      134,590         734        47,347       37,793       8,803      16,518         991      12,688        9,716       148,947         165        47,277        51,799       7,478      17,593        1,074      11,836       11,724
     Korea, Republic of ...............................................          974          (D)           15           (D)         35          (D)         (D)         46           17         1,520          (D)          234         1,237          36         146           (D)         36           -8
     Malaysia .........................................................          100          (D)           54           22          (D)         (D)          0          74          122           -20          (*)           38             8          (D)         (D)           0           3          118
     New Zealand ......................................................          337           0            23           (D)         (D)          0          (D)         71           19           329           0            20            (D)          0           0           (D)        102           16
     Philippines ......................................................           93          (*)           11           -4         102           0          -6          -2           -8           116          (*)           15           -19         142           0           -8          -2          -11
     Singapore ........................................................        1,561         -11           243          303         118          -3          (*)      1,303         -391         1,049          (*)          237            (D)        114         -26           (*)         (D)        -843
     Taiwan ...........................................................        3,144          -2         1,454           (D)        857          20           7          35           (D)        2,983          -4         1,257           575         953          15            9          33          144
     Other ............................................................          683         -22            16          124         600           5           2         -24          -18           932         -17            60           225         693           5           (D)         (D)          -3
      * Less than $500,000 (+/-).
      D Suppressed to avoid disclosure of data of individual companies.



Table 4.--International Investment Position of the United States at Yearend, 1976-99
(Millions of dollars)
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

Line              Type of investment                                                                       1976/r/   1977/r/   1978/r/   1979/r/   1980/r/     1981/r/      1982/r/      1983/r/      1984/r/      1985/r/      1986/r/      1987/r/      1988/r/      1989/r/      1990/r/      1991/r/      1992/r/      1993/r/      1994/r/      1995/r/      1996/r/      1997/r/       1998/r/       1999/p/
______________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________

     Net international investment position of the United States:
   1     With direct investment positions at current cost (line 3 less line 24)...........................  164,832   171,440   206,423   316,926   360,838      339,767      328,954      298,304      160,695       54,343      -36,209      -80,007     -178,470     -259,506     -245,347     -309,259     -431,198     -306,956     -311,872     -514,637     -596,554      -970,503    -1,111,806    -1,082,508
   2     With direct investment positions at market value (line 4 less line 25)...........................     .....     .....     .....     .....     .....        .....     235,947      257,393      134,088       96,886      100,782       50,529       10,466      -46,987     -164,495     -260,819     -452,305     -178,020     -170,505     -418,648     -542,751    -1,065,480    -1,407,663    -1,473,685

       U.S.-owned assets abroad:
   3       With direct investment at current cost (lines 5+10+15).........................................  456,964   512,278   621,227   786,701   929,806    1,001,667    1,108,436    1,210,974    1,204,900    1,287,396    1,469,396    1,646,527    1,829,665    2,070,868    2,178,978    2,286,456    2,331,696    2,753,648    2,998,633    3,451,983    4,008,872     4,557,945     5,079,063     5,889,028
   4       With direct investment at market value (lines 5+10+16)........................                      .....     .....     .....     .....     .....        .....     961,015    1,129,673    1,127,132    1,302,712    1,594,652    1,758,711    2,008,365    2,350,235    2,294,085    2,470,629    2,466,496    3,057,669    3,279,871    3,873,632    4,548,579     5,277,399     6,045,551     7,173,373

   5     U.S. official reserve assets.....................................................................   44,094    53,376    69,450   143,260   171,412      124,568      143,445      123,110      105,040      117,930      139,875      162,370      144,179      168,714      174,664      159,223      147,435      164,945      163,394      176,061      160,739       134,836       146,006       136,418
   6       Gold /1/.......................................................................................   36,944    45,781    62,471   135,476   155,816      105,644      120,635      100,484       81,202       85,834      102,428      127,648      107,434      105,164      102,406       92,561       87,168      102,556      100,110      101,279       96,698        75,929        75,291        75,950
   7       Special drawing rights.........................................................................    2,395     2,629     1,558     2,724     2,610        4,096        5,250        5,025        5,641        7,293        8,395       10,283        9,637        9,951       10,989       11,240        8,503        9,039       10,039       11,037       10,312        10,027        10,603        10,336
   8       Reserve position in the International Monetary Fund............................................    4,434     4,946     1,047     1,253     2,852        5,054        7,348       11,312       11,541       11,947       11,730       11,349        9,745        9,048        9,076        9,488       11,759       11,818       12,030       14,649       15,435        18,071        24,111        17,950
   9       Foreign currencies.............................................................................      321        20     4,374     3,807    10,134        9,774       10,212        6,289        6,656       12,856       17,322       13,090       17,363       44,551       52,193       45,934       40,005       41,532       41,215       49,096       38,294        30,809        36,001        32,182

  10     U.S. Government assets, other than official reserve assets.......................................   44,978    48,567    53,187    58,851    65,573       70,893       76,903       81,664       86,945       89,792       91,850       90,681       87,892       86,643       84,344       81,422       83,022       83,382       83,908       85,064       86,123        86,198        86,768        84,226
  11       U.S. credits and other long-term assets /2/....................................................   44,124    47,749    52,252    57,909    63,731       69,320       75,105       79,852       84,857       87,854       90,923       89,900       87,163       86,057       83,716       79,776       81,352       81,435       81,884       82,802       83,999        84,130        84,850        81,657
  12         Repayable in dollars.........................................................................   41,309    45,154    49,817    54,616    60,731       66,591       72,635       77,618       82,819       85,978       89,271       88,344       85,768       84,734       82,602       78,814       80,498       80,660       81,389       82,358       83,606        83,780        84,528        81,367
  13         Other /3/....................................................................................    2,815     2,595     2,435     3,293     3,000        2,729        2,470        2,234        2,038        1,876        1,652        1,556        1,395        1,323        1,114          962          854          775          495          444          393           350           322           290
  14       U.S. foreign currency holdings and U.S. short-term assets......................................      854       818       935       942     1,842        1,573        1,798        1,812        2,088        1,938          927          781          729          586          628        1,646        1,670        1,947        2,024        2,262        2,124         2,068         1,918         2,569

         U.S. private assets:
  15         With direct investment at current cost (lines 17+19+22+23)...................................  367,892   410,335   498,590   584,590   692,821      806,206      888,088    1,006,200    1,012,915    1,079,674    1,237,671    1,393,476    1,597,594    1,815,511    1,919,970    2,045,811    2,101,239    2,505,321    2,751,331    3,190,858    3,762,010     4,336,911     4,846,289     5,668,384
  16         With direct investment at market value (lines 18+19+22+23)...................................     .....     .....     .....     .....     .....        .....     740,667      924,899      935,147    1,094,990    1,362,927    1,505,660    1,776,294    2,094,878    2,035,077    2,229,984    2,236,039    2,809,342    3,032,569    3,612,507    4,301,717     5,056,365     5,812,777     6,952,729

           Direct investment abroad:
  17         At current cost /4/ /5/......................................................................  222,283   246,078   285,005   336,301   388,072      407,804      374,059      355,643      348,342      371,036      404,818      478,062      513,761      553,093      616,655      643,364      663,830      723,526      786,565      885,506      986,536     1,058,735     1,207,059     1,331,187
  18         At market value /4/..........................................................................     .....     .....     .....     .....     .....        .....     226,638      274,342      270,574      386,352      530,074      590,246      692,461      832,460      731,762      827,537      798,630    1,027,547    1,067,803    1,307,155    1,526,243     1,778,189     2,173,547     2,615,532
  19       Foreign securities /6/.........................................................................   44,157    49,439    53,384    56,769    62,454       62,142       74,046       84,723       88,804      119,403      158,123      188,589      232,849      314,294      342,313      455,750      515,083      853,528      948,668    1,169,636    1,467,985     1,751,183     2,052,929     2,583,386
  20         Bonds /6/....................................................................................   34,704    39,329    42,148    41,966    43,524       45,675       56,604       58,569       62,810       75,020       85,724       93,889      104,187      116,949      144,717      176,774      200,817      309,666      321,208      392,827      465,057       543,396       576,745       556,748
  21         Corporate stocks /6/.........................................................................    9,453    10,110    11,236    14,803    18,930       16,467       17,442       26,154       25,994       44,383       72,399       94,700      128,662      197,345      197,596      278,976      314,266      543,862      627,460      776,809    1,002,928     1,207,787     1,476,184     2,026,638
  22       U.S. claims on unaffiliated foreigners reported by U.S.
             nonbanking concerns /7/......................................................................   20,317    22,256    29,385    34,491    38,429       42,752       35,405      131,329      130,138      141,872      167,392      177,368      197,757      234,307      265,315      256,295      254,303      242,022      322,980      367,567      449,978       544,891       565,473       643,747
  23       U.S. claims reported by U.S. banks, not included elsewhere /8/.................................   81,135    92,562   130,816   157,029   203,866      293,508      404,578      434,505      445,631      447,363      507,338      549,457      653,227      713,817      695,687      690,402      668,023      686,245      693,118      768,149      857,511       982,102     1,020,828     1,110,064

       Foreign-owned assets in the United States:
  24       With direct investment at current cost (lines 26+33)...........................................  292,132   340,838   414,804   469,775   568,968      661,900      779,482      912,670    1,044,205    1,233,053    1,505,605    1,726,534    2,008,135    2,330,374    2,424,325    2,595,715    2,762,894    3,060,604    3,310,505    3,966,620    4,605,426     5,528,448     6,190,869     6,971,536
  25       With direct investment at market value (lines 26+34)...........................................     .....     .....     .....     .....     .....        .....     725,068      872,280      993,044    1,205,826    1,493,870    1,708,182    1,997,899    2,397,222    2,458,580    2,731,448    2,918,801    3,235,689    3,450,376    4,292,280    5,091,330     6,342,879     7,453,214     8,647,058

  26     Foreign official assets in the United States.....................................................  104,445   140,867   173,057   159,852   176,062      180,425      189,109      194,468      199,678      202,482      241,226      283,058      322,036      341,746      373,293      398,538      437,263      509,422      535,217      671,710      798,368       835,800       837,701       869,334
  27       U.S. Government securities.....................................................................   72,572   105,386   128,511   106,640   118,189      125,130      132,587      136,987      144,665      145,063      178,916      220,548      260,934      263,612      291,228      311,199      329,317      381,687      407,152      497,776      610,469       614,530       620,285       628,907
  28         U.S. Treasury securities /9/.................................................................   70,555   101,092   123,991   101,748   111,336      117,004      124,929      129,716      138,168      138,438      173,310      213,713      252,962      257,201      285,911      305,994      322,600      373,050      396,887      482,773      590,704       589,792       589,023       578,225
  29         Other /9/....................................................................................    2,017     4,294     4,520     4,892     6,853        8,126        7,658        7,271        6,497        6,625        5,606        6,835        7,972        6,411        5,317        5,205        6,717        8,637       10,265       15,003       19,765        24,738        31,262        50,682
  30       Other U.S. Government liabilities /10/.........................................................    8,860    10,260    12,749    12,749    13,367       13,029       13,639       14,231       14,959       15,803       17,993       15,667       15,200       15,374       17,243       18,610       20,801       22,113       23,678       23,573       22,592        21,550        18,000        14,745
  31       U.S. liabilities reported by U.S. banks, not included
             elsewhere....................................................................................   17,231    18,004    23,327    30,540    30,381       26,737       24,989       25,534       26,090       26,734       27,920       31,838       31,520       36,495       39,880       38,396       54,967       69,721       73,386      107,394      113,098       135,384       125,883       138,575
  32       Other foreign official assets /9/..............................................................    5,782     7,217     8,470     9,923    14,125       15,529       17,894       17,716       13,964       14,882       16,397       15,005       14,382       26,265       24,942       30,333       32,178       35,901       31,001       42,967       52,209        64,336        73,533        87,107

         Other foreign assets in the United States:
  33         With direct investment at current cost (lines 35+37+38+41+42+43).............................  187,687   199,971   241,747   309,923   392,906      481,475      590,373      718,202      844,527    1,030,571    1,264,379    1,443,476    1,686,099    1,988,628    2,051,032    2,197,177    2,325,631    2,551,182    2,775,288    3,294,910    3,807,058     4,692,648     5,353,168     6,102,202
  34         With direct investment at market value (lines 36+37+38+41+42+43).............................     .....     .....     .....     .....     .....        .....     535,959      677,812      793,366    1,003,344    1,252,644    1,425,124    1,675,863    2,055,476    2,085,287    2,332,910    2,481,538    2,726,267    2,915,159    3,620,570    4,292,962     5,507,079     6,615,513     7,777,724

           Direct investment in the United States:
  35         At current cost /5/ /11/.....................................................................   47,528    55,413    68,976    88,579   127,105      164,623      184,842      193,708      223,538      247,223      284,701      334,552      401,766      467,886      505,346      533,404      540,270      593,313      617,982      680,066      743,214       825,334       928,645     1,125,214
  36         At market value /11/.........................................................................     .....     .....     .....     .....     .....        .....     130,428      153,318      172,377      219,996      272,966      316,200      391,530      534,734      539,601      669,137      696,177      768,398      757,853    1,005,726    1,229,118     1,639,765     2,190,990     2,800,736
  37       U.S. Treasury securities  /9/..................................................................    7,028     7,562     8,910    14,210    16,113       18,505       25,758       33,846       62,121       87,954       96,078       82,588      100,877      166,541      152,452      170,295      197,739      221,501      235,684      358,537      502,562       662,228       729,738       660,722
  38       U.S. securities other than U.S. Treasury securities /9/........................................   54,913    51,235    53,554    58,587    74,114       75,085       92,988      113,811      128,477      207,868      309,803      341,732      392,292      482,864      460,644      546,008      599,447      696,449      739,695      971,356    1,199,461     1,578,694     2,012,431     2,509,322
  39         Corporate and other bonds /9/................................................................   11,964    11,456    11,457    10,269     9,545       10,694       16,709       17,454       32,421       82,290      140,863      166,089      191,314      231,673      238,903      274,136      299,287      355,822      368,077      481,214      588,044       715,196       902,155     1,063,730
  40         Corporate stocks /9/.........................................................................   42,949    39,779    42,097    48,318    64,569       64,391       76,279       96,357       96,056      125,578      168,940      175,643      200,978      251,191      221,741      271,872      300,160      340,627      371,618      490,142      611,417       863,498     1,110,276     1,445,592
  41       U.S. currency...............................................................................      11,792    13,656    16,569    19,552    24,079       27,295       31,265       36,776       40,797       46,036       50,122       55,584       61,261       67,118       85,933      101,317      114,804      133,734      157,185      169,484      186,846       211,628       228,250       250,657
  42       U.S. liabilities to unaffiliated foreigners reported by U.S.
             nonbanking concerns /12/.....................................................................   12,961    11,921    16,019    18,669    30,426       30,606       27,532       61,731       77,415       86,993       90,703      110,187      144,548      167,093      213,406      208,908      220,666      229,038      239,817      300,424      346,727       443,789       437,973       473,825
  43       U.S. liabilities reported by U.S. banks, not included
             elsewhere....................................................................................   53,465    60,184    77,719   110,326   121,069      165,361      227,988      278,330      312,179      354,497      432,972      518,833      585,355      637,126      633,251      637,245      652,705      677,147      784,925      815,043      828,248       970,975     1,016,131     1,082,462