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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 countryobtains a lasting interest in, and a degree of influence over the managementof, a business enterprise in another country. In the UnitedStates, the criterion used to distinguish direct investment from othertypes of investment is ownership of at least 10 percent of the votingsecurities of an incorporated business enterprise or the equivalentinterest 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 moreof the voting securities of an incorporated foreign business enterpriseor the equivalent interest in an unincorporated foreign businessenterprise.

Foreign direct investment in the United States (FDIUS). The ownershipor control, directly or indirectly, by one foreign resident of10 percent or more of the voting securities of an incorporated U.S.business enterprise or the equivalent interest in an unincorporatedU.S. business enterprise.

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

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

Direct investment capital flows consist of equity capital, intercompanydebt,andreinvested earnings. Equity capital flows are the netof equity capital increases and decreases. Equity capital increasesconsist of payments made by parents to third parties for the purchaseof capital stock when they acquire an existing business, aswell as funds that parents provide to their affiliates that increasetheir ownership interest in the affiliates. Equity capital decreasesare funds parents receive when they reduce their equity interest inexisting affiliates. Intercompany debt flows result from changes innet outstanding loans and trade accounts between parents and theiraffiliates; they include loans by parents to affiliates and loans by af-filiates to parents. Reinvested earnings are the parents claim on theundistributed after-tax earnings of the affiliates.

Direct investment position. The value of direct investors equityin, and net outstanding loans to, their affiliates. The position maybe viewed as the parents contributions to the total assets of theiraffiliates or as the financing provided in the form of equity (includingreinvested earnings) or debt by parents to their affiliates. Financingobtained from other sources, such as local or foreign third-partyborrowing, is excluded.

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

Valuation adjustments to the historical-cost position. Adjustmentsto account for the differences between changes in the position, whichare measured at book value, and direct investment capital flows,which are measured at transactions value. (Unlike the positionson a current-cost and market-value basis, the historical-cost positionis not adjusted to account for changes in the replacement costof the tangible assets of affiliates or in the market value of parentcompanies equity in affiliates.)

Valuation adjustments to the historical-cost position consist ofcurrency translation and other adjustments. Currency-translationadjustments are made to account for changes in the exchange ratesthat are used to translate affiliates foreign-currency-denominatedassets and liabilities into U.S. dollars. The precise effects of currencyfluctuations on these adjustments depend on the value andcurrency composition of affiliates assets and liabilities. Depreciationof foreign currencies against the dollar usually results in negativetranslation adjustments because it tends to lower the dollar value offoreign-currency-denominated net assets. Similarly, appreciation offoreign currencies usually results in positive adjustments because ittends to raise the dollar value of foreign-currency-denominated netassets.

Other adjustments are made to account for differences betweenthe proceeds from the sale or liquidation of affiliates and their bookvalues, for differences between the purchase prices of affiliates andtheir book values, for writeoffs resulting from uncompensated expropriationsof affiliates, for changes in industry of affiliate or country offoreign parent, and for capital gains and losses (other than currencytranslation adjustments). These capital gains and losses representthe revaluation of the assets of ongoing affiliates for reasons otherthan exchange-rate changes, such as the partial sale of the assets foran amount different from their historical cost.

The largest component of capital flows underlyingthe changes in both positions was equitycapital, which includes the funds used to acquireand establish new affiliates and capitalcontributions to existing affiliates. Equity capitalaccounted for almost half of the total outflowsfor USDIA and over four-fifths of the total inflowsfor 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 2019 Photius Coutsoukis and Information Technology Associates, all rights reserved.