FOR WIRE TRANSMISSION: 10:00 a.m. EDT, Tuesday, June 30, 1998 Investment Position: Russell B. Scholl (202) 606-9579 BEA 98-21 Harlan W. King (202) 606-9571 Direct Investment Detail at Historical Cost: Foreign Direct Investment in the United States: Sylvia E. Bargas (202) 606-9804 Gregory G. Fouch (202) 606-9831 U.S. Direct Investment Abroad: Sylvia E. Bargas (202) 606-9804 Mark W. New (202) 606-9875 U.S. Net International Investment Position, 1997 In 1997, the value of foreign investments in the United States continued to exceed 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 $1,223.6 billion with direct investment valued at the current cost of replacing plant and equipment and other tangible assets, and the position was a negative $1,322.5 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 increased $456.5 billion from $767.1 billion (revised) at yearend 1996, and the negative position valued at current stock-market value increased $578.8 billion from $743.7 billion (revised) at yearend 1996. Both measures increased mainly as a result of large net capital inflows and foreign exchange rate depreciation in U.S. assets abroad. The foreign exchange rate depreciation reflected the decline of many foreign currencies against the dollar between yearend 1996 and 1997. The effect of substantial price appreciation in foreign-held U.S. stocks was mostly offset by price appreciation in U.S.-held foreign stocks. Capital inflows for foreign private assets surged to record levels in all major categories except net foreign purchases of U.S. Treasury securities, which were just below last year's record level. Capital outflows for U.S. assets abroad, although substantially less than the inflows, were also strong in all major categories, except for a slowdown in net U.S. purchases of foreign securities. ______________________________________________________________________________ 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 $470.3 billion to $4,237.3 billion with U.S. direct investment valued at current cost, and they increased $660.0 billion to $5,007.1 billion with U.S. direct investment valued at market value. Claims on foreigners reported by U.S. banks increased a record $130.9 billion to $988.4 billion. The increase reflected very strong lending, mostly in dollars, to banks' own foreign offices in Europe and in the Caribbean and, to a much lesser extent, to international bond mutual funds in the Caribbean and to several emerging countries in Latin America. U.S. holdings of foreign securities increased $166.1 billion to $1,446.3 billion. The increase reflected large net U.S. purchases, which slowed late in the year, substantial price appreciation in all but Asian stocks, and a partly offseting exchange rate depreciation, mainly affecting foreign stocks. U.S. holdings of foreign bonds were bolstered by record new issues of dollar bonds in the U.S. market by foreigners. U.S. direct investment abroad at current cost increased $86.9 billion to $1,023.9 billion; at market value, it increased $276.6 billion to $1,793.7 billion. In 1997, net capital outflows were a record $121.8 billion. By account: Reinvested earnings increased to a record level as a result of continued strong earnings by foreign affiliates; net equity outflows increased substantially, bolstered by the financing requirements of numerous large acquisitions; and net intercompany debt outflows increased sharply. At current cost, capital outflows were partly offset by foreign exchange rate depreciation due to the translation into U.S. dollars of the foreign affiliates' assets and liabilities. At market value, capital outflows were augmented by a substantial increase in the U.S. owners' equity as a result of the sharp rise in stock prices from yearend 1996 to yearend 1997 in most non- Asian stock markets, partly offset by depreciation of most foreign currencies against the dollar. Claims on unaffiliated foreigners reported by U.S. nonbanking concerns increased a record $112.4 billion to $562.4 billion, mainly from continued heavy lending to banks in Europe and the Caribbean. U.S. official reserve assets decreased $25.9 billion to $134.8 billion, mostly reflecting the decline in the market price of gold and, to a smaller extent, exchange rate depreciation of foreign currency holdings. Foreign assets in the United States increased $926.8 billion to $5,460.9 billion with foreign direct investment valued at current cost, and they increased $1,238.8 billion to $6,329.6 billion with foreign direct investment valued at market value. Liabilities to private foreigners and international financial institutions reported by U.S. banks increased a record $141.8 billion to $970.0 billion. U.S. banks borrowed heavily, mostly in dollars, from the interbank market in Europe and, to a lesser degree, from the Caribbean and Asia. The surge in borrowing was to fund strong domestic and international lending during the year. In addition, liabilities to foreigners were bolstered in the fourth quarter by inflows as a result of concerns about financial problems in Asia. Holdings of U.S. Treasury securities by private foreigners and international financial institutions increased $157.2 billion to $662.0 billion, mostly reflecting strong net purchases that were just below last year's record. Price appreciation reflected the rise in U.S bond prices through most of the year. U.S. currency held by foreigners increased $24.8 billion, to $211.6 billion. Foreign holdings of U.S. securities other than U.S. Treasury securities increased $378.5 billion to $1,578.0 billion, mostly as a result of record net purchases and the sizeable rise in U.S. stock prices. Strong net foreign purchases and bouyant market prices for U.S. corporate securities led to a surge in holdings of U.S. stocks, and to a record volume of new corporate issues placed abroad. Foreign direct investment in the United States valued at current cost increased $84.9 billion to $751.8 billion; at market value, it increased $396.9 billion to $1,620.5 billion. In 1997, net capital inflows of $93.4 billion exceeded the prior year's record. By account: Net equity inflows slowed slightly from the prior year; reinvested earnings doubled, reflecting further strong growth in affiliates' earnings; and net intercompany debt inflows more than doubled. At current cost, net capital inflows accounted for nearly all of the change. At market value, net capital inflows were augmented by substantial price appreciation in owners' equity, resulting from the steep rise in U.S. stock prices. Liabilities to unaffiliated foreigners reported by U.S. nonbanking concerns increased $106.8 billion to $453.6 billion, principally reflecting U.S. corporate borrowing from banks in the Caribbean and the United Kingdom. Foreign official assets in the United States increased $32.8 billion to $833.9 billion, the result of both net capital inflows and price appreciation in holdings of assets. The accumulation of dollar assets by foreign official agencies was much less in 1997 than in 1996. Detailed estimates on the U.S. direct investment abroad position and on the foreign direct investment in the United States position are presented in tables 2 and 3. These detailed estimates by country and by industry are available only on an historical-cost basis. * * * Data Improvements * Revised estimates of foreign portfolio holdings of U.S. securities are introduced for 1990-97, reflecting incorporation of newly available results of the U.S. Treasury Department's Benchmark Survey of Foreign Portfolio Investment in the United States. The benchmark survey covered foreign ownership of outstanding U.S. long-term securities as of December 31, 1994. The new position data also enable BEA to develop improved estimates of the associated flows of interest and dividend income payments, which have been incorporated into BEA's international transactions accounts. * Estimates of U.S. direct investment abroad positions on both the current cost and market value bases have been revised to incorporate data collected in BEA's Benchmark Survey of U.S. Direct Investment Abroad for 1994. For the years after 1994, the estimates were revised by extrapolating forward the 1994 universe data, and by incorporating new or adjusted data from BEA's sample surveys for 1995-97. Previously, the estimates for 1994 and forward were extrapolated from BEA's 1989 benchmark survey and sample surveys for 1994-97. * Certain position estimates of direct investment financial affiliates that are not depository institutions and that primarily perform intermediation functions in the financial markets are reclassified for 1994-97. The reclassification is from both U.S. direct investment abroad and foreign direct investment in the United States to U.S. nonbanking concerns' claims on, and liabilities to, unaffiliated foreigners. * * * BEA's major national, international, regional, and industry estimates; the Survey of Current Business; and BEA news releases are available on BEA's web site: http://www.bea.gov STAT-USA maintains an electronic bulletin board (EBB) and an Internet site, which contain BEA estimates, BEA news releases, and the Survey of Current Business. The information available through STAT-USA is often more detailed and more timely than that available from other sources. To subscribe to STAT-USA's World Wide Web system, go to: http://www.stat-usa.gov. Subscriptions for single-user unlimited access to STAT-USA's Internet information are $50.00 for 3 months or $150.00 for 1 year. For further information, call (202) 482-1986. Summary BEA estimates are available on recorded messages at the time of public release at the following telephone numbers: (202) 606-5306 Gross domestic product 606-5303 Personal income and outlays 606-5362 Summary of international transactions Most of BEA's estimates and analyses appear in the Survey of Current Business, BEA's monthly journal. The printed Survey of Current Business is available from the Superintendent of Documents, U.S. Government Printing Office, Washington D.C. 20402. First class mail: Annual subscription $88.00 domestic. Second class mail: Annual subscription $39.00 domestic, $48.75 foreign; single issue $14.00 domestic, $17.50 foreign. * * * Table 1.--International Investment Position of the United States at Yearend, 1996 and 1997 [Millions of dollars] Changes in 1997 (decrease (-)) Line Type of investment Position Attributable to : Position 1996/r/ Valuation adjustments 1997/p/ Exchange Total Capital 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)... -767,076 -254,939 -51,669 -127,725 -22,159 -456,492 -1,223,568 2 With direct investment positions at market value (line 4 less line 17)... -743,656 -254,939 -116,094 -197,805 9,961 -578,799 -1,322,455 U.S. assets abroad: 3 With direct investment positions at current cost (lines 5+6+7).........3,767,018 478,502 175,135 -155,352 -27,992 470,293 4,237,311 4 With direct investment positions at market value (lines 5+6+8).........4,347,148 478,502 416,045 -224,102 -10,474 659,971 5,007,119 5 U.S. official reserve assets............................................. 160,739 1,010 -20,762 -6,144 -7 -25,903 134,836 6 U.S. Government assets, other than official reserve assets............... 81,677 -174 ........ -17 -3 -194 81,483 U.S. private assets: 7 With direct investment at current cost (lines 9+11+14+15)............. 3,524,602 477,666 195,897 -149,191 -27,982 496,390 4,020,992 8 With direct investment at market value (lines 10+11+14+15)............ 4,104,732 477,666 436,807 -217,941 -10,464 686,068 4,790,800 Direct investment abroad: 9 At current cost...................................................... 936,954 121,843 9,325 -28,998 -15,252 86,918 1,023,872 10 At market value...................................................... 1,517,084 121,843 250,235 -97,748 2,266 276,596 1,793,680 11 Foreign securities..................................................... 1,280,159 87,981 186,572 -108,411 ........ 166,142 1,446,301 12 Bonds................................................................ 403,373 46,723 8,671 -13,718 ........ 41,676 445,049 13 Corporate stocks..................................................... 876,786 41,258 177,901 -94,693 ........ 124,466 1,001,252 14 U.S. claims on unaffiliated foreigners reported by U.S. nonbanking concerns.................................................. 449,978 120,403 ........ -7,724 -261 112,418 562,396 15 U.S. claims reported by U.S. banks, not included elsewhere............. 857,511 147,439 ........ -4,058 -12,469 130,912 988,423 Foreign assets in the United States: 16 With direct investment at current cost (lines 18+19)................... 4,534,094 733,441 226,804 -27,627 -5,833 926,785 5,460,879 17 With direct investment at market value (lines 18+20)................... 5,090,804 733,441 532,139 -26,297 -513 1,238,770 6,329,574 18 Foreign official assets in the United States............................ 801,062 15,817 16,968 ........ 54 32,839 833,901 Other foreign assets: 19 With direct investment at current cost (lines 21+23+24+25+28+29)........................................... 3,733,032 717,624 209,836 -27,627 -5,887 893,946 4,626,978 20 With direct investment at market value (lines 22+23+24+25+28+29)........................................... 4,289,742 717,624 515,171 -26,297 -567 1,205,931 5,495,673 Direct investment in the United States: 21 At current cost...................................................... 666,962 93,449 -2,680 -1,330 -4,556 84,883 751,845 22 At market value...................................................... 1,223,672 93,449 302,655 ........ 764 396,868 1,620,540 23 U.S. Treasury securities............................................... 504,792 146,710 10,459 ........ ........ 157,169 661,961 24 U.S. currency.......................................................... 186,843 24,782 ........ ........ ........ 24,782 211,625 25 U.S. securities other than U.S. Treasury securities.................... 1,199,460 196,845 202,057 -20,378 ........ 378,524 1,577,984 26 Corporate and other bonds........................................... 588,043 130,879 19,532 -20,378 ........ 130,033 718,076 27 Corporate stocks.................................................... 611,417 65,966 182,525 ........ ........ 248,491 859,908 28 U.S. liabillities to unaffiliated foreigners reported by U.S. nonbanking concerns................................................. 346,727 107,779 ........ 380 -1,331 106,828 453,555 29 U.S. liabilities reported by U.S. banks, not included elsewhere........ 828,248 148,059 ........ -6,299 ........ 141,760 970,008 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 at Yearend [Millions of dollars] 1996 1997 Finance Finance (except Other (except Other All Petro- Manu- Whole- Deposi- deposi- Services indus- All Petro- Manu- Whole- Deposi- deposi- Services indus- indus- leum facturing sale tory tory tries indus- leum facturing sale tory tory tries tries trade insti- insti- tries trade insti- insti- tutions tutions), tutions tutions), insur- insur- ance, ance, and real and real estate estate All countries .......................... 777,203 74,499 272,244 69,638 33,673 240,972 35,793 50,384 860,723 85,726 288,290 69,080 34,359 280,920 40,874 61,475 Canada ..................................... 91,301 11,331 42,257 7,931 1,014 16,777 4,066 7,925 99,859 12,738 45,892 7,307 1,047 19,050 4,667 9,159 Europe ..................................... 382,366 27,153 138,269 34,874 14,735 129,121 21,722 16,493 420,934 29,793 142,528 34,620 17,312 153,625 24,824 18,232 Austria .................................. 2,929 (D) 1,059 645 14 (D) 127 5 2,621 (D) 946 398 (D) 1,009 144 -14 Belgium .................................. 17,985 224 8,251 2,221 280 4,814 1,329 865 17,403 237 8,788 2,102 252 4,066 1,364 594 Denmark .................................. 2,664 470 (D) 715 (*) 846 70 (D) 2,576 404 575 701 (*) (D) 42 (D) Finland .................................. 1,115 (D) 545 298 20 (D) 62 64 1,338 (D) 765 267 20 (D) 91 49 France ................................... 33,746 1,111 16,591 3,299 830 7,368 3,586 962 34,615 1,045 15,887 2,857 781 8,996 4,118 930 Germany .................................. 44,651 (D) 21,495 2,912 805 12,946 1,941 (D) 43,931 2,648 20,462 2,538 1,065 13,816 1,713 1,689 Greece ................................... 567 (D) 112 111 89 87 67 (D) 638 71 115 94 154 108 56 40 Ireland .................................. 10,198 (D) 6,012 357 (D) 3,105 601 18 14,476 (D) 8,462 352 (D) 5,113 321 22 Italy .................................... 17,994 (D) 11,982 2,238 369 919 1,176 (D) 17,749 (D) 12,223 2,122 379 842 1,089 (D) Luxembourg ............................... 7,666 42 (D) 58 (D) 5,298 19 24 9,796 47 1,800 123 252 7,490 63 21 Netherlands .............................. 54,437 2,025 16,820 3,710 122 26,805 3,233 1,722 64,648 2,623 14,682 4,936 (D) 35,732 4,617 (D) Norway ................................... 5,787 3,814 735 313 (D) 459 241 (D) 6,262 4,272 757 289 (D) 500 216 (D) Portugal ................................. 1,490 (D) 426 468 107 268 136 (D) 1,498 (D) 364 455 220 322 45 (D) Spain .................................... 12,227 195 6,802 1,572 1,980 638 511 529 11,642 194 6,432 1,472 2,031 639 432 442 Sweden ................................... 6,823 82 4,994 296 0 715 732 4 7,299 82 5,082 166 0 989 934 46 Switzerland .............................. 30,208 1,617 3,363 7,745 2,160 13,727 1,437 158 35,203 1,144 3,723 8,151 3,341 16,786 1,880 177 Turkey ................................... 1,059 128 621 82 72 5 28 123 1,076 116 581 61 150 7 34 126 United Kingdom ........................... 122,692 13,412 33,540 7,715 6,161 48,289 6,331 7,244 138,765 14,228 38,267 7,389 6,886 54,023 7,569 10,402 Other .................................... 8,127 916 2,393 121 (D) 1,876 95 (D) 9,396 1,560 2,616 147 (D) 2,279 95 (D) Latin America and Other Western Hemisphere.. 147,535 6,584 41,233 7,727 5,719 70,912 4,389 10,971 172,481 9,462 47,496 8,358 4,939 81,403 5,424 15,399 South America ............................ 55,687 5,013 27,203 2,416 3,293 7,683 2,115 7,963 67,112 6,824 31,005 2,297 3,851 9,395 2,779 10,962 Argentina .............................. 7,930 788 3,616 407 877 1,269 579 395 9,766 1,427 4,017 506 1,181 1,337 711 588 Brazil ................................. 28,699 1,116 19,304 874 1,301 3,529 1,326 1,250 35,727 1,769 22,584 656 1,489 4,711 1,602 2,915 Chile .................................. 7,075 (D) 647 495 619 2,210 82 (D) 7,767 (D) 743 437 639 2,480 218 (D) Colombia ............................... 3,610 1,172 1,251 140 (D) 350 51 (D) 3,727 1,120 1,210 135 (D) 529 84 (D) Ecuador ................................ 920 705 110 64 (D) 17 3 (D) 1,175 730 193 67 (D) 23 3 (D) Peru ................................... 2,094 132 152 90 (D) 212 32 (D) 2,595 166 201 123 (D) 218 45 (D) Venezuela .............................. 4,346 742 1,933 299 (D) (D) 12 1,242 5,176 1,232 1,833 294 (D) 59 87 (D) Other .................................. 1,013 (D) 190 47 226 (D) 31 377 1,177 (D) 225 79 242 38 30 (D) Central America .......................... 38,007 1,057 13,109 2,287 527 17,703 738 2,587 48,881 1,264 15,919 2,475 622 23,758 971 3,873 Costa Rica ............................. 1,284 (D) 336 869 0 (D) 2 46 1,580 (D) 342 1,057 0 (D) 1 56 Guatemala .............................. 331 (D) 137 18 4 7 6 (D) 357 137 160 20 4 8 5 22 Honduras ............................... 129 (D) 116 2 (D) 18 0 -25 183 21 159 2 (D) 21 0 (D) Mexico ................................. 19,900 84 12,407 826 442 2,873 685 2,583 25,395 109 15,119 862 510 4,079 924 3,792 Panama ................................. 16,065 689 89 548 66 14,740 (D) (D) 20,958 724 102 509 89 19,585 33 -83 Other .................................. 298 188 25 23 (D) (D) (D) 43 408 (D) 36 24 (D) (D) 8 (D) Other Western Hemisphere ................. 53,841 514 921 3,023 1,899 45,527 1,536 421 56,489 1,374 572 3,587 466 48,250 1,674 565 Bahamas ................................ 1,836 66 74 141 430 1,047 29 49 1,515 57 80 164 -297 1,434 28 51 Barbados ............................... 922 98 4 255 20 326 188 31 801 76 5 237 20 (D) 159 (D) Bermuda ................................ 30,919 (D) (D) 1,141 0 28,942 1,173 12 33,092 150 (D) 1,607 0 29,822 1,407 (D) Dominican Republic ..................... 400 (D) 264 18 32 (*) 21 (D) 476 (D) 321 19 34 (*) 20 (D) Jamaica ................................ 1,494 (D) 105 1,254 15 5 26 (D) 1,687 (D) 139 1,401 15 6 33 (D) Netherlands Antilles ................... 7,401 9 4 36 (D) 7,349 (D) (*) 5,393 9 4 38 4 5,316 (D) (D) Trinidad and Tobago .................... 786 282 (D) 16 (D) (D) 1 124 602 327 60 18 (D) 13 (D) 170 UK Islands, Caribbean .................. 9,492 156 (D) 161 1,325 7,522 96 (D) 12,143 236 (D) 102 634 11,040 24 (D) Other .................................. 589 (D) 58 (*) (D) (D) (D) (D) 778 402 73 (*) (D) (D) 4 (D) Africa ..................................... 6,832 3,616 1,526 187 312 706 106 378 10,253 5,872 1,899 198 299 834 115 1,038 Egypt .................................... 1,297 1,055 180 -50 158 0 -6 -39 1,570 1,263 283 -54 134 0 -4 -52 Nigeria .................................. 627 549 51 8 40 (D) 0 (D) 1,465 1,373 54 15 43 (D) 0 (D) South Africa ............................. 1,488 (D) 797 102 (D) 66 89 109 2,347 (D) 1,013 136 (D) 27 82 747 Other .................................... 3,420 (D) 498 128 (D) (D) 23 (D) 4,872 (D) 549 101 (D) (D) 37 (D) Middle East ................................ 7,793 3,038 1,503 318 646 1,652 276 359 8,959 3,438 1,744 271 741 1,878 408 479 Israel ................................... 2,062 (D) 1,334 192 0 292 107 (D) 2,286 49 1,582 94 0 344 112 105 Saudi Arabia ............................. 2,592 196 127 60 538 1,357 125 189 3,079 298 139 86 (D) 1,453 (D) 330 United Arab Emirates ..................... 594 274 55 66 (D) (D) 58 40 682 370 59 91 (D) (D) 97 (D) Other .................................... 2,545 (D) -14 1 (D) (D) -14 (D) 2,912 2,720 -36 1 -1 (D) (D) (D) Asia and Pacific ........................... 136,481 19,187 47,457 18,602 11,247 21,804 5,233 12,951 142,704 20,442 48,731 18,327 10,020 24,131 5,437 15,616 Australia ................................ 28,409 1,603 7,476 2,133 3,783 4,833 1,822 6,760 26,125 1,206 7,506 2,569 2,181 4,779 1,805 6,080 China .................................... 3,843 1,017 1,823 234 86 402 76 204 5,013 899 2,696 363 107 636 63 250 Hong Kong ................................ 14,690 543 2,563 5,322 1,578 2,863 992 828 19,065 624 2,755 5,237 1,859 3,049 1,155 4,387 India .................................... 1,353 58 423 64 524 191 29 65 1,684 175 380 43 598 206 47 235 Indonesia ................................ 7,520 4,387 440 34 (D) 443 26 (D) 7,395 4,768 358 39 (D) 42 31 (D) Japan .................................... 35,684 4,385 15,894 6,745 378 6,709 1,237 336 35,569 4,686 14,293 5,628 565 8,839 1,177 380 Korea, Republic of ....................... 6,516 (D) 2,486 909 1,900 (D) 295 31 6,528 (D) 2,674 715 1,784 -15 294 (D) Malaysia ................................. 5,300 840 3,237 289 383 433 88 30 5,623 1,367 3,222 235 (D) 407 90 (D) New Zealand .............................. 5,225 419 1,016 290 (D) 1,441 84 (D) 5,191 451 1,067 263 (D) 1,545 62 (D) Philippines .............................. 3,519 333 1,627 266 307 993 (D) (D) 3,403 342 1,616 229 269 956 -93 85 Singapore ................................ 14,019 2,900 5,834 1,406 488 2,768 431 193 17,514 3,329 7,851 1,874 694 3,154 528 85 Taiwan ................................... 4,640 36 2,926 454 573 326 184 141 4,944 40 3,193 526 615 288 204 77 Thailand ................................. 4,777 1,467 1,656 423 577 233 34 387 3,537 930 1,090 567 437 84 42 389 Other .................................... 986 (D) 55 33 310 (D) (D) (D) 1,113 (D) 29 40 336 161 33 (D) International .............................. 4,896 3,589 .... .... .... .... .... 1,307 5,533 3,982 .... .... .... .... .... 1,551 *Less than $500,000 (+/-). D Suppressed to avoid disclosure of data of individual companies. Table 3.--Foreign Direct Investment Position in the United States on a Historical-Cost Basis at Yearend [Millions of dollars] 1996 1997 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 ............................ 594,088 43,770 242,320 88,848 32,161 37,658 54,715 33,179 61,438 681,651 47,679 267,070 103,657 37,099 42,526 69,092 34,118 80,410 Canada ...................................... 54,799 3,515 22,298 4,869 2,243 4,946 6,055 4,126 6,747 64,022 3,446 27,759 4,649 2,134 5,683 6,735 4,382 9,235 Europe ...................................... 368,322 29,285 174,326 40,931 17,451 10,051 42,887 12,330 41,060 425,220 32,627 195,135 50,485 21,363 10,990 54,494 12,455 47,672 Austria ................................... 1,769 (D) 261 (D) (D) (D) (D) 3 10 1,831 (D) 306 1,150 (D) (D) (D) 5 3 Belgium ................................... 4,838 (D) 2,219 1,288 (D) 75 (D) 57 552 6,771 1,265 3,690 1,694 (D) (D) (D) 56 555 Denmark ................................... 2,765 5 745 1,478 114 (D) -2 (D) 414 3,025 5 636 1,911 (D) -1 -3 (D) (D) Finland ................................... 2,495 (D) 1,798 339 2 -8 (D) 4 (D) 3,089 (D) 2,387 (D) (D) (D) (D) (D) (D) France .................................... 41,132 429 26,978 1,903 2,311 1,671 3,381 240 4,220 47,088 (D) 29,157 2,738 2,071 2,879 4,209 188 (D) Germany ................................... 59,863 (D) 28,752 11,629 2,439 1,614 6,850 1,608 (D) 69,701 (D) 33,063 14,122 3,993 1,849 7,304 2,152 (D) Ireland ................................... 6,621 401 2,125 (D) 1,382 17 476 (D) 714 10,514 390 2,919 1,347 (D) 271 (D) 113 (D) Italy ..................................... 3,327 (D) 738 920 770 (D) (D) 69 123 3,318 579 591 (D) 803 (D) (D) 87 104 Liechtenstein ............................. 165 -2 33 57 0 (D) 0 79 (D) 126 (D) 10 60 0 3 0 55 (D) Luxembourg ................................ 4,276 0 2,127 (D) 0 275 (D) 162 (D) 6,218 0 2,820 (D) 0 216 (D) 184 -66 Netherlands ............................... 74,320 12,516 25,914 7,267 5,077 2,195 9,596 6,281 5,474 84,862 13,561 29,411 6,702 6,241 2,470 14,360 6,222 5,895 Norway .................................... 2,484 356 1,490 89 (D) -7 (D) 37 347 3,971 (D) 1,601 (D) 22 (D) (D) 42 216 Spain ..................................... 2,405 -1 449 185 1,567 15 161 11 18 2,643 4 632 201 1,586 -11 166 (D) (D) Sweden .................................... 9,479 (D) 6,463 (D) 82 38 -237 546 263 13,147 (D) 7,683 (D) 85 (D) (D) 649 (D) Switzerland ............................... 30,390 478 15,602 2,080 980 2,266 5,692 910 2,383 38,574 195 18,923 3,598 1,654 3,010 8,116 716 2,362 United Kingdom ............................ 121,288 10,856 58,554 7,550 2,798 1,622 15,917 2,118 21,872 129,551 11,568 61,204 10,377 2,876 -141 18,457 1,931 23,279 Other ..................................... 706 (D) 78 (D) 212 16 0 6 17 790 (D) 103 (D) 286 6 0 5 15 Latin America and Other Western Hemisphere .. 29,180 3,160 4,333 4,078 3,691 3,635 4,734 3,645 1,903 35,701 3,766 3,861 4,964 3,848 5,781 6,600 3,734 3,146 South and Central America ................. 8,802 -98 355 117 3,112 1,000 (D) 340 (D) 10,049 3 148 197 3,156 1,020 (D) 275 (D) Brazil .................................. 689 (D) -168 64 839 (D) 7 12 5 698 (D) -174 61 804 -3 (D) 11 -6 Mexico .................................. 1,436 -18 504 156 215 324 (D) 109 (D) 1,723 -12 470 230 174 298 -5 88 479 Panama .................................. 5,817 (D) 166 -44 (D) 698 (D) 200 (D) 6,645 -71 9 -53 (D) 715 (D) 170 362 Venezuela ............................... 10 -312 -15 17 318 (D) (*) 4 (D) -18 (D) -44 14 303 1 1 -1 (D) Other ................................... 849 365 -132 -74 (D) (D) (D) 15 -10 1,000 (D) -112 -55 (D) 8 19 6 -6 Other Western Hemisphere .................. 20,378 3,258 3,978 3,960 579 2,635 (D) 3,306 (D) 25,652 3,763 3,712 4,768 692 4,762 (D) 3,458 (D) Bahamas ................................. 1,806 (D) 151 (D) (D) (D) 0 399 424 1,986 (D) 130 (D) (*) 386 0 363 631 Bermuda ................................. 1,411 141 -187 373 (D) 122 478 166 (D) 3,423 142 427 376 5 -10 1,764 220 498 Netherlands Antilles .................... 9,311 2,701 2,510 (D) 175 128 (D) 683 295 7,701 2,561 1,168 (D) 188 89 (D) 393 253 United Kingdom Islands, Caribbean ....... 7,614 (D) 1,453 612 419 1,915 (D) 1,942 452 11,954 (D) 1,942 831 499 4,302 (D) 2,269 817 Other ................................... 235 (D) 51 (D) 0 (D) (D) 116 142 588 -106 46 (D) 0 -6 (D) 212 (D) 0 Africa ...................................... 645 (D) 219 -1 (D) (D) 0 149 -181 1,608 (D) 204 (D) (D) (D) (*) 144 (D) South Africa .............................. -30 1 -36 6 0 0 0 (*) 0 -53 1 -5 -46 0 0 (*) (*) -2 Other ..................................... 675 (D) 255 -7 (D) (D) 0 150 -182 1,661 (D) 209 (D) (D) (D) 0 145 (D) Middle East ................................. 5,977 (D) 942 158 (D) (D) 3 2,554 94 6,882 (D) 480 (D) (D) (D) 0 2,853 (D) Israel .................................... 1,857 0 914 (D) 574 160 0 (D) (D) 2,292 0 459 (D) 703 220 0 (D) (D) Kuwait .................................... 2,572 4 (D) 2 (D) (D) 4 2,471 (D) 2,881 4 7 2 (D) (D) 0 (D) (D) Lebanon ................................... -11 0 (D) (D) 0 0 0 -21 0 -14 0 (D) -1 0 0 0 (D) 0 Saudi Arabia .............................. 1,390 (D) -1 (D) 5 0 (*) (D) (D) 1,573 (D) 1 (D) (D) 0 0 38 0 United Arab Emirates ...................... 87 -5 -1 (*) (D) (D) 0 15 (D) 76 -4 -1 (*) (D) (D) 0 14 (D) Other ..................................... 82 0 (D) 3 43 0 0 34 (D) 73 (*) (D) 4 47 0 0 35 (D) Asia and Pacific ............................ 135,166 6,454 40,201 38,812 8,054 18,420 1,035 10,374 11,816 148,218 6,350 39,631 42,748 8,919 19,368 1,264 10,550 19,386 Australia ................................. 13,877 (D) 2,890 278 76 580 (D) 626 2,343 16,229 6,528 3,130 21 109 777 383 617 4,664 Hong Kong ................................. 1,644 4 235 663 146 26 2 244 325 1,757 -16 313 653 217 16 0 253 321 Japan ..................................... 114,534 118 35,178 36,755 6,570 17,593 773 8,755 8,790 123,514 214 33,379 41,382 7,102 18,347 849 8,820 13,421 Korea, Republic of ........................ 310 (D) 59 (D) 162 (D) (D) 24 63 -327 (D) 9 (D) 112 (D) (D) 50 115 Malaysia .................................. 475 (D) 296 12 (D) 0 0 3 119 465 (D) 72 58 (D) (D) 0 3 109 New Zealand ............................... 139 1 -18 (D) (D) 0 (D) -16 15 168 (D) -32 (D) (D) 0 (D) -19 35 Philippines ............................... 79 0 3 22 59 0 -4 (*) -1 85 0 15 14 61 0 -6 (*) (*) Singapore ................................. 1,232 -13 273 142 97 63 (*) 642 29 2,776 23 1,085 211 110 48 (*) 733 567 Taiwan .................................... 2,225 -1 1,201 (D) 474 (D) 7 42 100 2,778 -1 1,552 381 661 20 1 44 120 Other ..................................... 650 -6 82 23 458 4 3 54 31 773 -26 108 72 532 3 3 50 33 * Less than $500,000 (+/-). D Suppressed to avoid disclosure of data of individual companies.