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The findings from an annual survey of U.S. portfolio holdings of foreign securities at year-end 2004 are released today and posted on the U.S. Treasury web site at ( http://www.treas.gov/tic/fpis.html).
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 previous survey was for year-end 2003. Future surveys are scheduled to be carried out annually. The next report will present results from the survey for year-end 2005.
A complementary survey measuring foreign holdings of U.S. securities is also carried out annually. Data from the most recent such survey, which reports on securities held on June 30, 2005, are currently being processed. Preliminary results are expected to be reported by April 30, 2006.
Overall Results
The survey measured U.S. holdings of foreign securities at year-end 2004 of approximately $3,787 billion, with $2,560 billion held in foreign equities, $993 billion in foreign long-term debt securities (original term-to-maturity in excess of one year), and $233 billion in foreign short-term debt securities. The previous survey, conducted as of year-end 2003, measured U.S. holdings of approximately $3,152 billion, with $2,079 billion held in foreign equities, $874 billion in foreign long-term debt securities, and $199 billion in foreign short-term debt securities (see Table 1).
The surveys are part of an internationally-coordinated effort under the auspices of the International Monetary Fund (IMF) to improve the measurement of portfolio asset holdings.
Table 1. U.S. holdings of foreign securities, by type of security, at end-2003 and end-2004 (Billions of dollars, except as noted)
Type of Security |
Dec. 31, 2003 |
Dec. 31, 2004 |
|
|
|
Long-term Securities |
2,954 |
3,553 |
equity |
2,079 |
2,560 |
long-term debt |
874 |
993 |
Short-term debt securities |
199 |
233 |
|
|
|
Total |
3,152 |
3,787 |
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, 2004
(Billions of dollars)
|
|
|
|
|
Debt securities: |
|
|
Total |
Equities |
|
Long-term |
|
Short-term |
|
|
|
|
|
|
|
|
1 |
United Kingdom |
738 |
456 |
|
171 |
|
110 |
2 |
Japan |
384 |
330 |
|
36 |
|
17 |
3 |
Canada |
345 |
180 |
|
152 |
|
12 |
4 |
France |
217 |
165 |
|
42 |
|
10 |
5 |
Netherlands |
202 |
136 |
|
55 |
|
11 |
6 |
Germany |
201 |
124 |
|
68 |
|
10 |
7 |
Cayman Islands |
196 |
70 |
|
114 |
|
12 |
8 |
Bermuda |
164 |
154 |
|
10 |
|
1 |
9 |
Switzerland |
142 |
138 |
|
2 |
|
2 |
10 |
Australia |
103 |
57 |
|
40 |
|
6 |
11 |
Italy |
78 |
57 |
|
17 |
|
3 |
12 |
South Korea |
74 |
67 |
|
7 |
|
* |
13 |
Spain |
69 |
63 |
|
5 |
|
1 |
14 |
Mexico |
66 |
38 |
|
29 |
|
* |
15 |
Brazil |
63 |
43 |
|
20 |
|
* |
16 |
Sweden |
62 |
38 |
|
15 |
|
10 |
17 |
Ireland |
55 |
32 |
|
14 |
|
9 |
18 |
Finland |
39 |
34 |
|
4 |
|
1 |
19 |
Luxembourg |
38 |
8 |
|
27 |
|
4 |
20 |
Hong Kong, S.A.R |
37 |
35 |
|
2 |
|
* |
21 |
Taiwan |
35 |
35 |
|
* |
|
* |
22 |
Israel |
34 |
19 |
|
15 |
|
* |
23 |
Norway |
30 |
18 |
|
10 |
|
2 |
24 |
Netherlands Antilles |
30 |
29 |
|
2 |
|
* |
25 |
Singapore |
29 |
24 |
|
5 |
|
* |
|
Rest of world |
354 |
211 |
|
131 |
|
13 |
|
|
|
|
|
|
|
|
|
Total value of investment |
3,787 |
2,560 |
|
993 |
|
233 |
* Greater than zero and less than $500 million. Note: items may not add to total due to rounding.
The stock of foreign securities for December 31, 2004, reported in this survey does not, for a number or reasons, correspond to the stock of foreign securities on December 31, 2003, plus cumulative flows reported in Treasury's transactions reporting system. An analysis of the relation between the stock and flow data is available in Table 5 and the associated text of the final report on U.S. holdings of foreign securities at end-year 2004.
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REPORTS