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JS-2159
Preliminary data from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2003 are released today and posted on the U.S. Treasury web site at ( www.treas.gov/tic/fpis.html). Final survey results, which will include additional detail as well as revisions to the data, will be reported by March 31, 2005.
The survey was undertaken jointly by the U.S. Treasury, the Federal Reserve Bank of New York, and the Board of Governors of the Federal Reserve System. The most recent survey was for year-end 2001, and some revisions from that survey are reported in this release. Future surveys are scheduled to be carried out annually and the next survey will be for year-end 2004.
A complementary survey measuring foreign holdings of U.S. securities will also be carried out annually. Data from the most recent such survey, which reports on securities held on June 30, 2004, are currently being processed. Preliminary results are expected to be reported by April 30, 2005.
Overall Preliminary Results
The survey measured U.S. holdings of foreign securities at year-end 2003 of approximately $3,153 billion, with $2,080 billion held in foreign equities, $874 billion in foreign long-term debt securities (original term-to-maturity in excess of one year), and $199 billion in foreign short-term debt securities. The previous survey, conducted as of year-end 2001, measured U.S. holdings of approximately $2,317 billion, with $1,613 billion held in foreign equities, $557 billion in foreign long-term debt securities (revised from $502 billion), and $147 billion in foreign short-term debt securities (see Table 1).
Table 1. U.S. holdings of foreign securities, by type of security, as of survey dates
(Billions of dollars, except as noted)
Type of Security |
Dec. 31, 2001 |
Dec. 31, 2003 |
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|
Long-term Securities |
2,170 |
2,955 |
equity
|
1,613 |
2,080 |
long-term debt
|
557 |
874 |
Short-term debt securities |
147 |
199 |
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|
|
Total |
2,317 |
3,153 |
U.S. Portfolio Investment by Country
Table 2. U.S. holdings of foreign securities, by country and type of security, for the countries attracting the most U.S. investment, as of December 31, 2003
(Billions of dollars)
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|
|
|
Debt securities: |
|
|
Total |
Equities |
Long-term |
Short-term |
|
|
|
|
|
|
1 |
United Kingdom |
663 |
421 |
143 |
99 |
2 |
Japan |
307 |
255 |
37 |
14 |
3 |
Canada |
301 |
149 |
139 |
12 |
4 |
Germany |
189 |
103 |
71 |
15 |
5 |
France |
185 |
131 |
43 |
11 |
6 |
Netherlands |
182 |
116 |
58 |
8 |
7 |
Cayman Islands |
125 |
45 |
76 |
4 |
8 |
Switzerland |
120 |
118 |
1 |
1 |
9 |
Bermuda |
116 |
108 |
9 |
0 |
10 |
Australia |
91 |
56 |
29 |
5 |
11 |
Italy |
67 |
39 |
25 |
3 |
12 |
Mexico |
56 |
29 |
28 |
0 |
13 |
South Korea |
53 |
49 |
4 |
0 |
14 |
Spain |
52 |
44 |
6 |
1 |
15 |
Brazil |
50 |
32 |
18 |
0 |
16 |
Sweden |
45 |
28 |
13 |
5 |
17 |
Finland |
41 |
35 |
6 |
0 |
18 |
Hong Kong , S.A.R. |
38 |
36 |
1 |
0 |
19 |
Ireland |
33 |
22 |
8 |
3 |
20 |
Israel |
29 |
16 |
12 |
0 |
21 |
Taiwan |
27 |
27 |
0 |
0 |
22 |
Singapore |
25 |
22 |
3 |
0 |
23 |
Netherlands Antilles |
25 |
23 |
1 |
0 |
24 |
Luxembourg |
23 |
6 |
15 |
2 |
25 |
Denmark |
22 |
10 |
10 |
2 |
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Rest of world |
288 |
160 |
116 |
12 |
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Total value of investment |
3,153 |
2,080 |
874 |
199 |
The stock of foreign securities for December 31, 2003 reported in this survey may not, for a number or reasons, correspond to the stock of foreign securities on December 31, 2001 plus cumulative flows reported in Treasury's transactions reporting system. The final report on U.S. holdings of foreign securities as of end-year 2003 will contain an analysis of the relation between the stock and flow data.
REPORTS
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