News Release

FOR WIRE TRANSMISSION: 10:00 a.m. EDT, Friday, June 28, 2002
BEA 02-21

U.S. Net International Investment Position at Yearend, 2001

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Investment Position:                                                  BEA 02-21
Elena L. Nguyen (202) 606-9555

Direct Investment Detail at Historical Cost:

Foreign Direct Investment in the United States:
Greg Fouch            (202) 606-9831
Maria Borga           (202) 606-9853

U.S. Direct Investment Abroad:
Mark W. New           (202) 606-9875
Dan Yorgason          (202) 606-9804



                U.S. Net International Investment Position at Yearend, 2001

     At yearend 2001, the value of foreign investment in the United States exceeded
the value of U.S. investment abroad by $1,948.1 billion with direct investment valued at current
cost (Table 1).  At yearend 2000, foreign investments in the United States exceeded U.S.
investments abroad by $1,350.8 billion (revised).

     The previously published net international investment position for yearend 2000
was - $1,842.7 billion with direct investment at current cost.  The revision reflects the
incorporation of the once-every-5-year Benchmark Survey of Foreign Holdings of U.S. Portfolio
Assets conducted by the U.S. Treasury Department.

     The $597.3 billion increase in the negative net investment position from yearend
2000 to yearend 2001 was mainly due to large foreign purchases of U.S. stocks and bonds,
exchange rate appreciation of the U.S. dollar (which reduced the value of U.S. holdings
denominated in foreign currencies), and stock market price declines abroad (which lowered the
value of U.S.-owned assets abroad) that exceeded declines in stock market prices in the United
States (which lowered the value of foreign-owned assets in the United States).

     With direct investment valued at the current stock market value of owners' equity,
the negative net investment position was $2,309.1 billion at yearend 2001, compared with
$1,583.2 (revised) at yearend 2000.  The $726.0 billion increase on this basis was due to the
same factors as above -- i.e., large net foreign purchases of U.S. stocks and bonds, appreciation
of the dollar, and larger declines in stock market prices abroad than in the United States.  Other
highlights include:

          Foreign acquisitions of assets in the United States in 2001 slowed to $752.8 billion from
     a record $1,016.0 billion in 2000.  Foreign direct investment in the United States slowed
     substantially as a result of a large drop in foreign acquisitions of U.S. companies.  Net
     foreign purchases of U.S. securities other than U.S. Treasury securities also slowed, but
     included record net purchases of U.S. bonds.  Inflows reported by U.S. banks remained
     strong.

          U.S. acquisitions of assets abroad in 2001 slowed to $371.0 billion from a record $606.5
     billion in 2000.  U.S. nonbanks' claims on foreigners, mostly deposits overseas, slowed
     substantially. U.S. direct investment abroad slowed as U.S. acquisitions of foreign
     companies fell.  U.S. banks' claims on foreigners were off from last year's record but
     remained strong.  U.S. investors shifted to net sellers of foreign bonds but continued as
     net purchasers of foreign stocks.

          Price depreciation of U.S. stocks reduced the value of foreign holdings of U.S. stocks and
     substantially reduced the value of owners' equity of foreign direct investment in the
     United States on a market value basis.  Price depreciation of foreign stocks also
     diminished the value of U.S. holdings of foreign stocks and substantially reduced the
     value of owners' equity of U.S. direct investment abroad on a market value basis.

          Exchange rate depreciation, principally on U.S.-held foreign stocks and on U.S. direct
     investment abroad, reflected depreciation of most foreign currencies against the U.S.
     dollar from yearend 2000 to yearend 2001.
______________________________________________________________________________

                         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 component of the direct investment position
using indexes of stock market prices.

The historical-cost method values all assets and liabilities at their book value.  This method is
only used to present country and industry detail.

______________________________________________________________________________

      U.S.-owned assets abroad increased $4.2 billion to $6,196.1 billion with U.S.
direct investment valued at current cost, and they decreased $487.9 billion to $6,862.9 billion
with U.S. direct investment valued at market value.

     Claims on foreigners reported by U.S. banks increased $164.7 billion to $1,416.8 billion,
reflecting continued strong lending to foreigners as borrowers shifted to bank credit amid
deteriorating conditions in the securities markets.  Banks' domestic customers' claims decreased
as U.S. investors sharply reduced their holdings of foreign commercial paper.

     U.S. holdings of foreign securities decreased $278.9 billion to $2,110.5 billion, as
a result of large negative valuation adjustments from price depreciation of foreign stocks and
from exchange rate depreciation of most foreign currencies against the U.S. dollar.  These
negative valuation adjustments more than offset large U.S. net purchases of foreign stocks.  U.S.
holdings of foreign bonds declined as a result of U.S. net sales and exchange rate depreciation
that were only partly offset by bond price appreciation.

     U.S. direct investment abroad at current cost increased $107.8 billion to $1,623.1
billion; at market value, it decreased $384.3 billion to $2,289.9 billion.  In 2001, net financial
outflows declined to $127.8 billion, the lowest level since 1997.  By account: Net equity capital
outflows and reinvested earnings declined; net intercompany debt shifted to a small inflow.  At
current cost,  financial outflows more than accounted for the increase in the position.  At market
value, financial outflows were more than offset by large declines in U.S. owners' equity, as
foreign stock prices fell sharply in 2001, and by depreciation of foreign currency-denominated
assets, as the value of the U.S. dollar appreciated against most foreign currencies.

     Claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased $8.5 billion
to $830.1 billion.  U.S. deposits in Western Europe and the Caribbean banking centers increased,
but by much less than in the previous year.

     U.S. official reserve assets increased $1.6 billion to $130.0 billion; an increase in the U.S.
reserve position at the International Monetary Fund and a small increase in the market value of
the U.S. gold stock were partly offset by a decline in the value of foreign currency-denominated
assets.

     Foreign-owned assets in the United States increased $601.5 billion to $8,144.3 billion with
foreign direct investment valued at current cost, and they increased $238.0 billion to $9,172.1
billion with foreign direct investment valued at market value.

     U.S. liabilities to private foreigners and international financial institutions
reported by U.S. banks increased $144.8 billion to $1,298.2 billion, largely as a result of U.S.
banks' borrowing from their own foreign offices abroad to fund their liquidity needs and lending
abroad.

     Foreign holdings of U.S. securities other than U.S. Treasury securities, excluding official
holdings, increased $233.0 billion to $2,856.7 billion.  Holdings of U.S. bonds increased,
primarily as a result of record net foreign purchases of outstanding U.S. corporate and agency
bonds, spurred by high yields on these issues relative to U.S. Treasury bonds and most other
industrial countries' bonds, and by record levels of highly-rated new issues overseas.  Holdings
of U.S. stocks decreased, as strong foreign net purchases were more than offset by sizable price
depreciation.

     Holdings of U.S. Treasury securities by private foreigners and international
financial institutions decreased $12.2 billion to $388.8 billion.  Net foreign sales slowed in 2001,
partly because Treasury securities became more attractive to foreigners after disruptions in the
world financial markets caused by the September 11 terrorist attacks.  Partly offsetting was price
appreciation, which reflected the rise in U.S. bond prices through most of the year, as U.S. long-
term interest rates fell.

     Foreign direct investment in the United States valued at current cost increased
$124.2 billion to $1,498.9 billion; at market value, it decreased $239.3 billion to $2,526.7 billion.
In 2001, net financial inflows decreased sharply to $130.8 billion, the lowest since 1997.  By
account: Net equity capital inflows slowed substantially, intercompany debt inflows fell, and
reinvested earnings became negative as earnings deteriorated.  At current cost, net financial
inflows more than accounted for the increase in the position.  At market value, net financial
inflows were more than offset by substantial price depreciation in owners' equity resulting from
the decline in U.S. stock prices.

     Liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $75.1
billion to $804.4 billion, reflecting U.S. corporate borrowing from foreign banks and from U.S.
offshore finance affiliates in Western Europe and the Caribbean.

     U.S. currency held by foreigners increased $23.8 billion to $275.6 billion,
reflecting an increase in U.S. shipments abroad as a result of economic problems and fears of
devaluation in some areas of the world.

     Foreign official assets in the United States increased $12.8 billion to $1,021.7
billion.  Net purchases of U.S. securities were nearly offset by large net withdrawals at U.S.
banks.

     Detailed estimates of the U.S. direct investment position abroad and of the foreign direct
investment position in the United States are presented on a historical-cost basis in tables 2 and 3.
These detailed estimates by country and by industry are not available on either a current cost or
market value basis; they are only available on a historical-cost basis.  At the level of all countries
combined, the estimates of the direct investment positions at historical cost are substantially less
than the estimates either at current cost or market value.

                                 *          *          *

                                        Revisions

     Estimates of the U.S. net international investment position have been revised to
incorporate updated source data.  A major revision this year is the incorporation of results of the
U.S. Treasury Department's Benchmark Survey of Foreign Holdings of U.S. Portfolio Assets as
of March 2000.  The Benchmark Survey is a security by security enumeration, provided by
custodians and issuers of securities, of foreign holdings of U.S. portfolio assets with an original
maturity of more than 1 year.  The survey results indicate a significant overstatement in the
previously published estimates of foreign holdings of long-term debt instruments, including
foreign holdings of U.S. Treasury securities, foreign holdings of U.S. federally sponsored agency
securities, and foreign holdings of U.S. corporate bonds.  Consequently, foreign holdings of these
instruments are revised down.  Foreign holdings of U.S. stocks in most years are understated in
the previously published estimates, those years are revised up.  The results from the Benchmark
Survey reduced the size of the negative U.S. net international investment position estimates in all
years for 1995-2000.  The largest revisions are in recent years.  At yearend 2000, the year of the
benchmark survey, the negative international investment position is revised from $1,842.7 billion
to $1,350.8 billion with direct investment at current cost, and from $2,187.4 billion to $1,583.2
billion with direct investment at market value.

     In addition to the above improvements, all estimates are revised as a result of
newly available or revised quarterly and annual survey results and other data.  Most revisions
attributable to updated source data are for 1997-2000.

     A more detailed discussion of the U.S. net international investment position in
2001 and the revised historical data will appear in the July issue of the Survey of Current
Business.  That issue will also contain an article about direct investment positions at historical
cost and revised historical data.  The articles and revised data will also be posted on BEA's Web
site at <www.bea.gov/newsreleases/rels.htm>.


                                 *          *          *

     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.gov>

     Most of BEA's estimates and analyses appear in the Survey of Current Business,
BEA's monthly journal.  Subscriptions and single copies of the printed Survey are for sale by the
Superintendent of Documents, U.S. Government Printing Office.  Internet: <bookstore.gpo.gov>:
phone: 202-512-1800; fax: 202-512-2250; mail: Stop SSOP, Washington, DC 20402-0001.





Table 1.--International Investment Position of the United States at Yearend, 2000 and 2001

[Millions of dollars]


                                                                                                    Changes in position in 2001 (decrease (-))


                                                                                              Attributable to:


                                                                                                               Valuation adjustments
Line Type of investment
                                                                                  Position,                                                                 Position,
                                                                                  2000 /r/                             Exchange                              2001 /p/
                                                                                              Financial     Price        rate        Other
                                                                                                flows      changes    changes /1/ changes /2/     Total
                                                                                                 (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).  -1,350,791    -381,845    -116,510     -103,402       4,414     -597,343  -1,948,134
   2     With direct investment positions at market value (line 4 less line 17).  -1,583,153    -381,845    -215,482     -145,572      16,935     -725,964  -2,309,117

       U.S.-owned assets abroad:
   3       With direct investment positions at current cost (lines 5+6+7).......   6,191,934     370,962    -258,272     -124,662      16,177        4,205   6,196,139
   4       With direct investment positions at market value (lines 5+6+8).......   7,350,862     370,962    -715,843     -163,854      20,816     -487,919   6,862,943

   5     U.S. official reserve assets...........................................     128,400       4,911         536       -3,879          -7        1,561     129,961
   6     U.S. Government assets, other than official reserve assets.............      85,164         486         ....         ....        ....         486      85,650

         U.S. private assets:
   7         With direct investment at current cost (lines 9+11+14+15)..........   5,978,370     365,565    -258,808     -120,783      16,184        2,158   5,980,528
   8         With direct investment at market value (lines 10+11+14+15).........   7,137,298     365,565    -716,379     -159,975      20,823     -489,966   6,647,332

           Direct investment abroad:
   9         At current cost....................................................   1,515,279     127,840      19,533      -17,713     -21,817      107,843   1,623,122
  10         At market value....................................................   2,674,207     127,840    -438,038      -56,905     -17,178     -384,281   2,289,926
  11       Foreign securities...................................................   2,389,427      94,662    -278,341      -95,228         ....    -278,907   2,110,520
  12         Bonds..............................................................     557,019     -12,147      18,214      -17,304         ....     -11,237     545,782
  13         Corporate stocks...................................................   1,832,408     106,809    -296,555      -77,924         ....    -267,670   1,564,738
  14       U.S. claims on unaffiliated foreigners reported by U.S.
             nonbanking concerns................................................     821,564      14,358         ....      -5,811         ....       8,547     830,111
  15       U.S. claims reported by U.S. banks, not included elsewhere...........   1,252,100     128,705         ....      -2,031      38,001      164,675   1,416,775

       Foreign-owned assets in the United States:
  16       With direct investment at current cost (lines 18+19).................   7,542,725     752,807    -141,762      -21,260      11,763      601,548   8,144,273
  17       With direct investment at market value (lines 18+20).................   8,934,015     752,807    -500,361      -18,282       3,881      238,045   9,172,060

  18     Foreign official assets in the United States...........................   1,008,890       5,225       1,623          ....      6,000       12,848   1,021,738

         Other foreign assets:
  19         With direct investment at current cost (lines 21+23+24+27+28+29)...   6,533,835     747,582    -143,385      -21,260       5,763      588,700   7,122,535
  20         With direct investment at market value (lines 22+23+24+27+28+29)...   7,925,125     747,582    -501,984      -18,282      -2,119      225,197   8,150,322

           Direct investment in the United States:
  21         At current cost....................................................   1,374,752     130,796      14,214       -2,978     -17,860      124,172   1,498,924
  22         At market value....................................................   2,766,042     130,796    -344,385          ....    -25,742     -239,331   2,526,711
  23       U.S. Treasury securities.............................................     400,966      -7,670       4,719          ....     -9,241      -12,192     388,774
  24       U.S. securities other than U.S. Treasury securities..................   2,623,628     407,653    -162,318      -12,309         ....     233,026   2,856,654
  25         Corporate and other bonds..........................................   1,075,988     288,200      40,741      -12,309         ....     316,632   1,392,620
  26         Corporate stocks...................................................   1,547,640     119,453    -203,059          ....        ....     -83,606   1,464,034
  27       U.S. currency........................................................     251,786      23,783         ....         ....        ....      23,783     275,569
  28       U.S. liabilities to unaffiliated foreigners reported by U.S.
             nonbanking concerns................................................     729,340      82,353         ....      -2,140      -5,136       75,077     804,417
  29       U.S. liabilities reported by U.S. banks, not included elsewhere......   1,153,363     110,667         ....      -3,833      38,000      144,834   1,298,197

  p Preliminary.
  r Revised.
  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.

 Source: U.S. Bureau of Economic Analysis




Table 2--U.S. Direct Investment Position Abroad on a Historical-Cost Basis at Yearend
[Millions of dollars]

                                                               2000r                                                                                     2001p
                                                                   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     insti-     depos-                 tries                                         trade     insti-     depos-                 tries
                                                                                                              tutions     itory                                                                         tutions     itory
                                                                                                                         insti-                                                                                    insti-
                                                                                                                        tutions),                                                                                 tutions),
                                                                                                                        insurance                                                                                 insurance
                                                                                                                        and real                                                                                  and real
                                                                                                                         estate                                                                                    estate

     All countries ...........................................   1,293,431     95,834    353,550     83,724     38,071    542,641     80,144     99,469    1,381,674    102,074    376,259     92,836     49,319    572,545     86,491    102,150

Canada .......................................................     128,814     18,461     50,768      9,614      2,107     32,746      6,324      8,795      139,031     23,755     53,724     10,150      2,049     33,568      6,531      9,256

Europe .......................................................     679,457     30,944    185,663     46,050     24,435    299,345     46,733     46,288      725,793     28,227    204,338     51,261     25,177    320,621     50,621     45,548

    Austria ..................................................       2,686        (D)      1,225        583        256        316        207        (D)        3,374        (D)      1,718        710        278        424        259        (D)
    Belgium ..................................................      19,527          8      7,528      1,792        530      7,328      2,539       -198       20,392        -41      7,110      2,095        583      7,745      3,014       -114
    Denmark ..................................................       5,363      1,096      2,023        656          0        (D)        122        (D)        6,537        887      2,117      1,868          0        (D)         98        (D)
    Finland ..................................................       1,110         26        680        270          0         -5         61         77        1,143          9        724        300          0        (D)         62        (D)
    France ...................................................      38,752        (D)     16,056      2,589      2,986      9,371      5,013        (D)       38,457        (D)     16,199      2,638      2,703      8,403      5,207        (D)

    Germany ..................................................      50,963      1,540     24,083      3,459        314     14,757      3,568      3,241       61,437      2,430     34,482      2,546        236     14,355      4,162      3,226
    Greece ...................................................         637        (D)         83        144        117        (D)         41         26          648          5         92        207         88        168         47         42
    Ireland ..................................................      33,816        (D)      8,762        798        -50     14,303      8,817        (D)       34,499        (D)     10,457        935        -32     12,682      9,924        (D)
    Italy ....................................................      22,392        (D)     12,265      2,370        344      2,832      2,509        (D)       23,893        (D)     13,132      2,167        353      3,256      2,475        (D)
    Luxembourg ...............................................      25,571         49      3,401      1,058        310     20,630        103         19       30,039         46      3,623      1,328        381     24,489        151         20
    Netherlands ..............................................     117,557      3,084     29,484      8,742        (D)     71,270      3,025        (D)      131,884      4,337     34,701     10,364        (D)     76,304      3,649        (D)

    Norway ...................................................       5,833      4,195        338        337        (D)        613        234        (D)        6,660      2,265        325        407         25      3,320        132        184
    Portugal .................................................       1,888        (D)        483        284        128        290        466        (D)        1,924        (D)        568        335        127        294        390        (D)
    Spain ....................................................      19,846        155      6,813      1,815      2,279      7,877        541        365       19,421        (D)      6,576      1,162      2,344      8,514        527        (D)
    Sweden ...................................................      22,676         89     14,002        359        (D)      5,949      1,294        (D)       17,968         56      8,653        437        (D)      6,584      1,275        (D)
    Switzerland ..............................................      55,854        245      4,916     11,916      2,674     33,201      1,688      1,215       62,897        354      4,808     15,146      2,495     37,507      2,071        515
    Turkey ...................................................       1,356         48        712         35        354          2         50        155        1,207         20        567         47        387          2         72        113
    United Kingdom ...........................................     241,663     15,629     49,845      8,293     12,341    105,242     16,128     34,186      249,201     11,890     55,396      7,986     13,279    110,208     16,746     33,696
    Other ....................................................      11,969      2,008      2,964        550        (D)      3,921        325        (D)       14,212      2,907      3,088        584      1,409      4,963        357        904

Latin America and Other Western Hemisphere ...................     251,863     10,026     47,980      8,887       -231    150,107      9,691     25,403      269,556     10,566     45,633      9,773      9,988    153,796     10,784     29,017

    South America ............................................      84,012      6,460     26,713      1,979      5,838     20,912      4,404     17,706       83,415      6,351     23,354      1,555      5,891     21,970      4,393     19,901
        Argentina ............................................      15,646        634      3,914        347      2,002      5,179        659      2,913       14,234        541      2,339        243      1,865      5,798        631      2,816
        Brazil ...............................................      39,033      1,038     18,039        734      2,115     10,345      2,195      4,567       36,317      1,022     15,506        356      2,280     10,542      2,101      4,511
        Chile ................................................       9,451         78      1,447        359        997      2,902        203      3,465       11,674         87      1,888        362      1,011      2,997        194      5,136
        Colombia .............................................       4,606        872      1,314        122        (D)        802        (D)        (D)        4,844      1,049      1,414        119        (D)        866         79        (D)
        Ecuador ..............................................         763        397        235         53        (D)         56        (D)        (*)          417        117        187         40        (D)         76          5        (D)
        Peru .................................................       3,485        357        196         73        (D)        846         80        (D)        3,591        418        217         77        (D)        862         56        (D)
        Venezuela ............................................       9,530      2,961      1,395        204         52        670      1,072      3,175       10,680      2,932      1,540        255         31        718      1,231      3,971
        Other ................................................       1,497        123        173         87        319        112        121        562        1,659        185        265        102        311        110         96        590

    Central America ..........................................      70,474      1,345     20,001      3,605      1,673     37,156      1,429      5,265       80,560        933     20,708      3,521        (D)     34,036      1,669        (D)
        Costa Rica ...........................................       1,655         31        451        (D)          0          2         -2        (D)        1,614         41        461        (D)          0          4         -2        (D)
        Guatemala ............................................         907        474        231         34        (D)        124          3        (D)          477         76        187         30        (D)        127          3        (D)
        Honduras .............................................         257        (D)        216          3        (D)          9          0         -1           49         12         54          7        (D)          5          0        (D)
        Mexico ...............................................      37,332        163     18,794      1,947      1,625      8,494      1,233      5,077       52,168        265     19,701      1,969        (D)      9,647      1,180        (D)
        Panama ...............................................      29,316        354        152        (D)         15     28,192        195        (D)       25,296        331        173        (D)        (D)     23,900        488        -26
        Other ................................................       1,006        (D)        157         30        (D)        336          0        (D)          955        207        133         41        (D)        351          0        (D)

    Other Western Hemisphere .................................      97,377      2,221      1,267      3,303     -7,741     92,038      3,857      2,432      105,581      3,283      1,570      4,697        (D)     97,791      4,721        (D)
        Bahamas ..............................................       2,317        (D)        (D)        (D)     -3,872      4,402         33         55        2,125      1,456        (D)        196     -4,520      4,801         38        (D)
        Barbados .............................................       1,170        (D)         65        298        (D)        263        339        (D)        1,238        102         66        374         24        (D)        496        (D)
        Bermuda ..............................................      56,594        (D)        (D)      2,330          0     52,087      2,656        -30       61,929        (D)        611      3,516          0     54,451      3,122        (D)
        Dominican Republic ...................................         813        (D)        303         46        (D)        (*)         19        180          752        189        187         59        (D)        (*)        (D)        (D)
        Jamaica ..............................................       2,354        (D)        239        (D)        (D)         14         53      1,965        2,280         32        188        (D)        (D)         18         59        (D)
        Netherlands Antilles .................................       3,518        (*)        (D)         62          0      3,433        (D)        (*)        3,661        (*)         26         64          0      3,577         -5        (*)
        Trinidad and Tobago ..................................       1,524      1,010        309         22        (D)        (D)          1        119        1,978      1,397        369         24        (D)         26          1        (D)
        United Kingdom Islands, Caribbean ....................      28,514        320       -104        322     -4,081     31,142        694        222       30,680        201         -2        410     -5,369     34,168        951        322
        Other ................................................         573       -139        (D)          9        (D)        (D)        (D)        (D)          936        (D)        (D)        (D)        (D)        (D)        (D)        (D)

Africa .......................................................      14,417      8,985      1,779        264        430      1,239        589      1,130       15,872     11,649      1,435        284        434        631        386      1,054
    Egypt ....................................................       2,344      1,996        239         39        (D)          0       -137        (D)        3,068      3,068       -108         27        (D)          2       -104        (D)
    Nigeria ..................................................       1,237        840         54        (D)        (D)        (D)          0          4        1,467      1,801         51        (D)        (D)        (D)          0          4
    South Africa .............................................       3,245          6        900        160        (D)        (D)        608        (D)        2,950         67      1,007        123        (D)        (D)        353        (D)
    Other ....................................................       7,591      6,143        587        (D)        140        318        118        (D)        8,386      6,713        485        (D)        193        425        137        (D)

Middle East ..................................................      11,087      2,395      2,333        398        863      1,703      1,358      2,037       12,643      2,896      3,030        461        834      1,922      1,397      2,104
    Israel ...................................................       3,386          4      1,974         72          0        222        897        217        4,122          4      2,626         69         -5        229        907        293
    Saudi Arabia .............................................       4,225        221        137        109        (D)        970        295        (D)        4,162        219        169        109        (D)        948        336        (D)
    United Arab Emirates .....................................         737        240         75        217        (D)        (D)         92        -63          942        265        (D)        282        (D)         40        107          3
    Other ....................................................       2,739      1,931        147        (*)         -1        (D)         73        (D)        3,417      2,408        (D)        (*)         -2        706         48        (D)

Asia and Pacific .............................................     205,317     22,316     65,027     18,512     10,466     57,500     15,450     16,047      216,501     22,401     68,100     20,907     10,837     62,008     16,773     15,475
    Australia ................................................      35,364      8,286      7,795      2,480      1,523      7,743      2,285      5,252       34,041      9,208      6,761      2,470      1,529      7,752      2,025      4,297
    China ....................................................       9,861      1,531      6,213        336         78        812        303        588       10,526      1,300      7,044        549        183        628        234        589
    Hong Kong ................................................      26,621        217      3,110      5,766      2,436     10,776        513      3,803       29,389        177      2,650      7,402      2,016     12,458        660      4,026
    India ....................................................       1,431       -440        774        221        291        222         70        292        1,739       -446        912        121        404        263         96        389
    Indonesia ................................................       8,514      5,579        253        (D)        249        169        (D)      2,138        8,807      5,526        254        (D)        295        (D)        118      2,533
    Japan ....................................................      59,441      1,721     15,468      4,940        859     24,047     10,345      2,061       64,103      1,352     16,579      5,678        910     25,993     11,596      1,996
    Korea, Republic of .......................................       8,914         45      4,918      1,073      1,938        136        468        336        9,864         47      5,532        992      2,099        266        518        410
    Malaysia .................................................       7,400        970      4,725        342        (D)        762        154        (D)        6,820        639      4,401        375        (D)        817        116        (D)
    New Zealand ..............................................       3,854         64        436        256        (D)      2,620        (D)        (D)        3,992         89        460        346         54      2,563         30        451
    Philippines ..............................................       2,735        116      1,283        190        201        675         -7        277        2,776        -36      1,498        189        248        789         -7         96
    Singapore ................................................      25,634      1,916     13,088      1,583        696      7,052        984        316       27,295      1,922     14,716      1,404        775      7,072      1,137        269
    Taiwan ...................................................       7,821         60      3,686        879        688      2,051        108        349        8,814         68      3,834        938        809      2,683        132        351
    Thailand .................................................       6,635      1,717      3,274        371        665        425         71        113        7,337      2,045      3,452        367        747        640         90         -5
    Other ....................................................       1,091        534          5        (D)        (D)         10         32        (D)          997        510          7        (D)        (D)        (D)         29        (D)

International 1/..............................................       2,476      2,706        ....       ....       ....       ....       ....      -230        2,278      2,581        ....       ....       ....       ....       ....      -303


p Preliminary.
r Revised.
* 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.
Source:  U.S. Bureau of Economic Analysis




Table 3.--Foreign Direct Investment Position in the United States on a Historical-Cost Basis at Yearend
[Millions of dollars]

                                              2000r                                                                                                                            2001p

                                                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 ........................       1,214,254        87,055         479,851        139,952        68,128       84,383      112,482       42,682       199,722        1,321,063       95,922        508,535        148,807      78,094       85,990      120,400       44,163       239,151

Canada ..................................         114,599         3,401          56,608          8,538         3,095       12,631        8,805        6,383        15,139          108,600        3,654         39,935          8,163       6,022       17,422        8,902        6,257        18,245

Europe ..................................         835,137        78,706         358,521         70,874        50,453       43,982       91,113       15,967       125,522          946,758       79,982        396,630         79,567      56,568       43,077       96,353       16,089       178,492

  Austria ...............................           3,174             0             933             (D)           (D)          (D)          (D)          40            (D)           3,298            0            971             (D)         (D)          (D)          -1           39            (D)
  Belgium ...............................          14,585          -166           6,304             (D)           (D)       3,688           -1           38         2,048           14,721           (D)         7,399             (D)         (D)       2,561            4           38         2,126
  Denmark ...............................           4,428            (*)          4,220           -356            (D)          (D)          -4           (D)          458            2,091           (*)         2,506             (D)         (D)          (D)          -4           (D)           (D)
  Finland ...............................           9,107            (D)          6,069             (D)           (D)         -29           (*)          (D)           (D)           8,762           (D)         6,077          2,219          (D)         -41           (*)          (D)           (D)
  France ................................         131,484            (D)         72,385          4,034         3,108           (D)      14,783           (D)           (D)         147,207           94         74,677             (D)      4,967       19,575       18,200           (D)       23,705

  Germany ...............................         124,839           225          60,483         12,193        18,892        4,702       13,488        4,939         9,919          152,760          199         59,987         11,279      19,394        4,822       12,216        5,310        39,553
  Ireland ...............................          23,528            (D)          4,489             (D)           (D)          (D)          (D)          (D)        5,869           28,196           (D)         3,789             (D)         (D)          (D)       4,646          287            (D)
  Italy .................................           5,994            (D)          1,245          1,636         1,170           (D)          (D)          80            (D)           5,916           (D)           900          1,997       1,061           (D)          (D)          88           230
  Liechtenstein .........................             202             0             -10            110             0           (D)           0           67            (D)             193            0            -18            109           0            3            0           66            32
  Luxembourg ............................          53,794            (D)         37,910          2,089             0        1,072           (D)         482            (D)          40,232           (D)        19,299          1,852           0          282           (D)          (D)       18,266
  Netherlands ...........................         146,493        11,695          51,002         20,138        12,204        3,237       33,647        4,528        10,040          158,020        6,987         50,109             (D)     12,092        2,422       38,911        4,635            (D)

  Norway ................................           2,241            (D)          1,900           -456            (D)          (D)          (*)          31            (D)           2,277          370          2,068             87          (D)          (D)          (*)          (D)         -360
  Spain .................................           5,459            (*)          1,161             (D)        1,318            3          280           50            (D)           5,092            0          1,256             (D)      1,396           (D)         288           52         2,056
  Sweden ................................          22,427            (D)          9,289             (D)         -135           (D)          (D)          (D)        8,070           23,299           (D)         9,265          4,422         -30           (D)          (D)         765         7,197
  Switzerland ...........................          69,240         1,297          33,241          3,134            (D)          (D)      13,013          471            (D)         125,521           (D)        85,445          3,340          (D)       8,057       13,666          510         4,631
  United Kingdom ........................         213,820        63,499          65,448         12,546         6,854        4,260        8,872        3,350        48,990          217,746           (D)        67,152             (D)     10,484        3,695        4,970        2,965        50,691
  Other .................................           4,322           713           2,455             (D)          361           (D)          15          522            (D)          11,428        1,077          5,748             (D)        363          221           (D)       1,033            (D)

Latin America and Other Western
  Hemisphere ............................          54,463         2,363           5,735          5,089         2,599        6,013       11,165        5,130        16,369           58,881        9,385          4,889          5,914       2,858        5,442       14,093        6,762         9,537

  South and Central America .............          13,682           465          -1,567             (D)        2,027        4,547           (D)         171         1,075           17,040           (D)        -2,204          1,605       2,126        3,935           (D)         113           956
    Brazil ..............................             886            (D)           -249             57           425           (D)          (D)          13           -15              578          124           -150             (D)        447           (D)          (D)          (D)           (D)
    Mexico ..............................           7,832           -10           1,261             (D)          268           (D)          (*)          -8           906            7,418          -10            960          1,584         283        3,592           -9           -1         1,021
    Panama ..............................           3,726            -3              (D)           -67            57           (D)          (D)         176            (D)           4,199           27             (D)            (D)         (D)          (D)          (D)         161           202
    Venezuela ...........................             802            (D)            -20              3           582           -3            3          -21            (D)           4,722           (D)           -24              6         587           -3            3           (D)           (D)
    Other ...............................             435            -2              (D)            (D)          696           43           -1           11           -87              123           (D)            (D)            74          (D)          42           (*)          15          -430

  Other Western Hemisphere ..............          40,782         1,897           7,302             (D)          572        1,466           (D)       4,960        15,295           41,840           (D)         7,094          4,309         732        1,506           (D)       6,649         8,581
    Bahamas .............................           1,268            (D)            293             (D)           (D)          (D)           0          218           -72            1,351           (D)           238             (D)         (D)           4            0          269          -121
    Bermuda .............................          18,502           189           3,215             (D)           (D)          (D)       3,660          388        10,842           15,748          199          2,200            795          (D)          (D)       4,963           (D)        7,589
    Netherlands Antilles ................           3,940            (D)            695             (D)          161           22           -2        1,080           227            3,923           (D)           609             (D)        179           53           -2          746           201
    United Kingdom Islands, Caribbean ...          15,353           299           3,037          1,809           240        1,602           (D)       3,174            (D)          18,244        3,173          3,995          2,145         254        1,646           (D)       5,348            (D)
    Other ...............................           1,718            96              61            287            (D)          23           (D)         101            (D)           2,575           (D)            52             (D)         (D)          (D)          (D)          (D)           (D)

Africa ..................................           2,756            (D)            226             (D)           (D)          (D)         -11          199           663            3,264           (D)           194             (D)         (D)          (D)          38          173            (D)
  South Africa ..........................           1,218            -1            -100             (D)            0           (D)         -11           (D)          330            1,867           (*)          -105             (D)          0           (D)          (D)          (*)           (D)
  Other .................................           1,538            (D)            325            224            (D)          (D)           0           (D)          334            1,397           (D)           299             68          (D)          (D)          (D)         173           355

Middle East .............................           6,189            (D)            877             (D)           (D)          (D)           0          931           232            6,039           (D)           892             (D)         (D)          (D)           0          999            (D)
  Israel ................................           2,690             0             882            160         1,107           (D)           0           (D)          196            2,876            0            905             (D)      1,316           (D)           0           (D)           (D)
  Kuwait ................................             908            -6               2             (*)           (D)           1            0           (D)           (D)             990           -4              2             (*)         (D)           1            0           (D)           (D)
  Lebanon ...............................               1             0              (D)             0             0            0            0           (D)           (*)               1            0             (D)             0           0            0            0           (D)           (*)
  Saudi Arabia ..........................              (D)           (D)             -4             (D)           (D)           2            0           57            (D)              (D)          (D)           -14             (D)         (D)           2            0           56           -13
  United Arab Emirates ..................              64            47              -4             (D)           (D)           1            0           10           -19              -23           (D)            -2             (D)         (D)           1            0           10            (D)
  Other .................................              (D)           -6              (D)            -1            49           (D)           0           31           -13               (D)          (D)            (D)             1          49           (D)           0           31           -15

Asia and Pacific ........................         201,110           135          57,886         54,882        10,704       20,225        1,410       14,071        41,797          197,522          816         65,995         54,669      11,139       18,539        1,014       13,883        31,467
  Australia .............................          20,701            65           5,371             89            (D)       1,904           (D)          (D)       10,486           23,488           (D)         4,883            108          (D)          (D)         -55           (D)           (D)
  Hong Kong .............................           1,544            (D)            529            398           207            8           -1          172            (D)           1,552           -1            401            431         249           (D)          -1          189            (D)
  Japan .................................         163,577           585          44,936         50,531         7,314       18,290        1,127       10,900        29,893          158,988          891         53,822         50,883       7,550       16,433        1,045       11,070        17,295
  Korea, Republic of ....................           3,287            (D)          1,018          2,347           245           (D)          17           40            -1            3,121           (D)           983          1,877         272           (D)          17           43             5
  Malaysia ..............................              92            -5              30             (D)           (D)          (D)           0           (*)          121               21           -4             13             (D)         (D)          (D)           0            1            (D)
  New Zealand ...........................             385             0               4             (D)            0            0            0           (D)           (D)             465            0             38             (D)          0            6            0           (D)          -15
  Philippines ...........................              50            (*)             24              8            (D)           6            0            7            (D)               2           -1            -11             -2          18            8            0            7           -18
  Singapore .............................           7,751             2              (D)           174           169            7            1           (D)           (D)           6,502           39          4,858            248         183            6           -1        1,116            51
  Taiwan ................................           3,131            -5           1,083            735           878          124           (D)          49            (D)           2,551           (*)           963             (D)        936           (D)           8           48            (D)
  Other .................................             593           -43              (D)           213           400           16           (D)          36           -70              831          -36             45            272         438           16            1           48            48

   p Preliminary.
   r Revised.
   * Less than $500,000 (+/-).
   D Suppressed to avoid disclosure of data of individual companies.
   Source:  U.S. Bureau of Economic Analysis