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32. 1997 Economic Census





1316. U.S. Direct Investment Position Abroad, Capital Outflows, and Income by Industry of Foreign Affiliates

[In millions of dollars (612,893 represents $612,893,000,000). See Terms below table}

 
Direct investment position on a Capital outflows Income Income
Industry historical-cost basis (inflows(-))
   
1994 1995 1996 1997 1998 1999 1994 1995 1996 1997 1998 1999 1994 1995 1996 1997 1998 1999
         
    All industries, total.. 612,893 699,015 795,195 871,316 1,014,012 1,132,622 73,252 92,074 84,426 95,769 134,083 138,510 68,987 87,346 93,594 104,794 92,775 105,001
 
Petroleum.. 67,592 68,639 75,232 84,116 92,964 99,925 1,768 675 6,239 11,555 8,517 8,892 6,874 9,036 12,082 12,508 7,597 10,213
Manufacturing.. 200,996 243,954 270,288 278,447 294,129 318,121 23,989 44,472 24,325 28,326 22,126 35,524 25,836 34,325 34,342 38,468 29,879 32,472
  Food and kindred products.. 24,885 28,896 31,024 32,773 35,074 36,126 3,224 3,718 2,095 4,080 2,342 1,416 4,139 4,480 4,452 5,030 4,306 3,604
  Chemicals and allied products.. 47,897 61,374 74,858 76,394 79,868 82,794 6,594 16,924 5,796 6,974 5,245 7,100 6,678 8,614 9,529 10,023 9,428 9,431
  Primary and fabricated metals.. 9,831 11,555 16,309 15,898 18,776 18,803 1,205 1,570 6,064 408 2,954 808 800 1,380 1,358 1,376 1,281 1,365
  Industrial machinery and equipment.. 25,037 29,626 30,336 30,179 31,348 37,833 2,019 4,408 2,572 4,783 1,888 6,705 2,128 4,251 4,637 5,022 3,986 3,450
  Electronic and other electric equipment.. 19,597 27,514 31,832 31,308 32,398 38,449 2,316 7,060 3,440 2,727 1,866 6,231 3,295 4,466 4,280 4,663 2,147 3,737
  Transportation equipment.. 28,019 34,076 32,092 35,537 33,939 36,013 5,214 5,888 708 4,667 -1,190 -4,857 3,410 3,709 3,409 5,478 2,495 4,371
  Other manufacturing.. 45,731 50,913 53,837 56,357 62,725 68,103 3,417 4,903 3,470 4,687 9,021 8,406 5,385 7,425 6,677 6,876 6,237 6,514
 
Wholesale trade.. 59,030 68,102 67,125 64,929 70,014 80,148 8,310 8,880 6,498 121 6,434 11,801 8,354 9,118 9,068 9,047 9,909 10,560
Depository institutions.. 27,444 29,181 36,807 37,932 40,582 39,937 1,817 1,032 2,448 1,508 2,140 -920 3,897 3,242 3,329 3,286 743 1,693
Finance 1, insurance, and real estate.. 195,879 218,313 254,739 297,828 375,965 436,024 22,642 22,001 31,601 39,001 62,161 54,475 19,492 24,589 28,938 31,986 34,921 37,867
Services.. 26,993 29,721 37,850 46,533 60,696 68,763 6,030 4,014 3,511 4,306 12,210 10,778 2,861 4,136 3,627 6,109 5,955 8,193
Other industries.. 34,960 41,105 53,155 61,532 79,663 89,705 8,696 11,000 9,804 10,953 20,494 17,962 1,674 2,902 2,209 3,391 3,770 4,003





1 Excludes depository institutions.

Source: U.S. Bureau of Economic Analysis, Survey of Current Business, April 2000.

http://www.bea.doc.gov/bea/ai1.htm

* Key Terms

Direct investment. Investment in which a resident of one country obtains a lasting interest in, and a degree of influence over the management of, a business enterprise in another country. In the United States, the criterion used to distinguish direct investment from other types of investment is ownership of at least 10 percent of the voting securities of an incorporated business enterprise or the equivalent interest in an unincorporated business enterprise.

U.S. direct investment abroad (USDIA). The ownership or control, directly or indirectly, by one U.S. resident of 10 percent or more of the voting securities of an incorporated foreign business enterprise or the equivalent interest in an unincorporated foreign business enterprise.

Foreign direct investment in the United States (FDIUS). The ownership or control, directly or indirectly, by one foreign resident of 10 percent or more of the voting securities of an incorporated U.S. business enterprise or the equivalent interest in an unincorporated U.S. business enterprise.

Foreign affiliate. A foreign business enterprise in which a single U.S. investor (that is, a U.S. parent) owns at least 10 percent of the voting securities, or the equivalent.

U.S. affiliate. A U.S. business enterprise in which a single foreign investor (that is, a foreign parent) owns at least 10 percent of the voting securities, or the equivalent. Direct investment capital flows. Fundsthat parent companiespro-vide to their affiliates net of funds that affiliates provide to their parents. For USDIA, capital flows also include the funds that U.S. direct investors pay to unaffiliated foreign parties when affiliates are acquired and the funds that U.S. investors receive from them when affiliates are sold. Similarly, FDIUS capital flows include the funds that foreign direct investors pay to unaffiliated U.S. residents when affiliates are acquired and the funds that foreign investors receive from them when affiliates are sold.

Direct investment capital flows consist of equity capital, intercompany debt,andreinvested earnings. Equity capital flows are the net of equity capital increases and decreases. Equity capital increases consist of payments made by parents to third parties for the purchase of capital stock when they acquire an existing business, as well as funds that parents provide to their affiliates that increase their ownership interest in the affiliates. Equity capital decreases are funds parents receive when they reduce their equity interest in existing affiliates. Intercompany debt flows result from changes in net outstanding loans and trade accounts between parents and their affiliates; they include loans by parents to affiliates and loans by af- filiates to parents. Reinvested earnings are the parents claim on the undistributed after-tax earnings of the affiliates.

Direct investment position. The value of direct investors equity in, and net outstanding loans to, their affiliates. The position may be viewed as the parents contributions to the total assets of their affiliates or as the financing provided in the form of equity (including reinvested earnings) or debt by parents to their affiliates. Financing obtained from other sources, such as local or foreign third-party borrowing, is excluded.

BEA provides estimates of the positions for USDIA and for FDIUS that are valued on three baseshistorical cost, current cost, and market value. At historical cost, the positions are valued according to the values carried on the books of affiliates; thus, most investments reflect price levels of earlier time periods. At current cost, the portion of the position representing parents shares of their affiliates tangible assets (property, plant, and equipment and inventories) is revalued from historical cost to replacement cost. At market value, the owners equity portion of the position is revalued to current market value using indexes of stock prices.

Valuation adjustments to the historical-cost position. Adjustments to account for the differences between changes in the position, which are measured at book value, and direct investment capital flows, which are measured at transactions value. (Unlike the positions on a current-cost and market-value basis, the historical-cost position is not adjusted to account for changes in the replacement cost of the tangible assets of affiliates or in the market value of parent companies equity in affiliates.)

Valuation adjustments to the historical-cost position consist of currency translation and other adjustments. Currency-translation adjustments are made to account for changes in the exchange rates that are used to translate affiliates foreign-currency-denominated assets and liabilities into U.S. dollars. The precise effects of currency fluctuations on these adjustments depend on the value and currency composition of affiliates assets and liabilities. Depreciation of foreign currencies against the dollar usually results in negative translation adjustments because it tends to lower the dollar value of foreign-currency-denominated net assets. Similarly, appreciation of foreign currencies usually results in positive adjustments because it tends to raise the dollar value of foreign-currency-denominated net assets.

Other adjustments are made to account for differences between the proceeds from the sale or liquidation of affiliates and their book values, for differences between the purchase prices of affiliates and their book values, for writeoffs resulting from uncompensated expropriations of affiliates, for changes in industry of affiliate or country of foreign parent, and for capital gains and losses (other than currency translation adjustments). These capital gains and losses represent the revaluation of the assets of ongoing affiliates for reasons other than exchange-rate changes, such as the partial sale of the assets for an amount different from their historical cost.

The largest component of capital flows underlying the changes in both positions was equity capital, which includes the funds used to acquire and establish new affiliates and capital contributions to existing affiliates. Equity capital accounted for almost half of the total outflows for USDIA and over four-fifths of the total inflows for FDIUS.

*



https://allcountries.org/uscensus/1316_u_s_direct_investment_position_abroad.html

These tables are based on figures supplied by the United States Census Bureau, U.S. Department of Commerce and are subject to revision by the Census Bureau.

Copyright © 2006 Photius Coutsoukis and Information Technology Associates, all rights reserved.