u.s. multinational companiesbea.gov/scb/pdf/2012/11 november/1112mncs.pdfmultinational companies...

51 November 2012

US Multinational Companies Operations of US Parents and Their Foreign Affiliates in 2010 By Kevin B Barefoot

THE OPERATIONS of US multinational compashynies (MNCs) grew in 2010 reflecting continued

growth in their operations abroad and renewed growth in their operations in the United States The worldwide current-dollar value added of US MNCsmdashthe comshybined value added of US parent companies and their majority-owned foreign affiliates (MOFAs)mdashinshycreased 103 percent in 2010 (table 1)1

This article presents preliminary results from the 2010 Annual Survey of US Direct Investment Abroad conducted by the Bureau of Economic Analysis (BEA) This survey covers the worldwide operations of US MNCs in all industries A longstanding purpose of this survey is to collect data that can be used to evaluate the consequences to the economies of the United States and foreign host countries of the actions of US MNCs Understanding the actions of these companies requires a conceptual framework in which an ecoshynomic actor controls the global activities of an MNC The domestic operations of a US MNC called the US parent are defined to include all domestic operashytions that are majority-owned which implies control Similarly all majority-owned foreign operations of US MNCs are defined to be under the US ownerrsquos control Most foreign affiliates are in fact majority-owned MOFAs accounted for 835 percent of employshyment by all foreign affiliates in 2010 Partly for these reasons the examination of foreign operations of US MNCs in this article generally focuses on data for MOFAs rather than on data for all foreign affiliates In addition some of the data necessary for the analysis in this article are collected only for MOFAs

For the remainder of this article MOFAs will be reshyferred to simply as ldquoforeign affiliatesrdquo The main focus of this article is the change in 2010 in four aspects of US MNC operations value added employment US trade in goods and research and development (RampD)

The 103 percent increase in US MNCsrsquo value added in 2010 reflected an 112 percent increase in the value added of US parents and an 84 percent increase

1 Value added measures the dollar value of the firmrsquos own production See the box ldquoKey Termsrdquo on page 56 A MOFA is a foreign affiliate in which the combined ownership of all US parents exceeds 50 percent

in the value added of their foreign affiliates The 112 percent increase for US parents reflected the US economic recovery as well as favorable conditions in specific industries Increases were greatest in manufacshyturing particularly petroleum-related industries and in finance and insurance Except in Europe the strong growth in foreign affiliatesrsquo value added was wideshyspread geographically and was most pronounced in Asia and Pacific and Latin America and Other Western Hemisphere

Employment by US MNCs worldwide increased 05 percent reflecting partly offsetting changes in the United States and abroad Employment in the United States by US parents decreased 05 percent in conshytrast to the 112 percent increase in their value added The divergence in growth rates between employment and value added reflected the fact that growth in parshyentsrsquo value added was concentrated in industries in which production is intensive in physical or financial capital such as petroleum and finance Employment abroad by foreign affiliates increased 26 percent In addition capital expenditures by US MNCs increased 10 percent reflecting an increase in the United States

Acknowledgments The 2010 annual survey was conducted under the direction of David H Galler Patricia C Walker and Barbara K Hubbard Mark D Goddard supervised the editing and processing of the reports

The following staff contributed to the processing and editing of the survey or to the related computer programming Catherine E Ama Gregory L Brace Kirsten L Brew Christina D Briseno James J Crim Laura A Downey Andre Garber Brian C Goddard David L Grayton Kenneth T Grier Carole J Henry Jennifer A Jones Neeta B Kapoor James P Lashley Sherry S Lee Da-Chin Lin Kevin McCarthy Ashieda McKoy Marcia S Miller Amanda M Petersen Robert B Platner Daniel W Powell Kevin J Reagan Robert L Ruiz Myriam B Rullan Aqeel A Sahibzada James Y Shin Gary E Sowers Nancy F Steffen and Monique N Sumpter

52 US Multinational Companies November 2012

that was partly offset by a decrease abroad RampD exshypenditures by US MNCs increased 22 percent reshyflecting increases both in the United States and abroad

Highlights of US MNC operations in 2010 include the following The 103 percent growth in the value added of US

MNCs followed a slight decline in 2009 The upturn partly reflected an increase in crude oil prices and the impact of the global economic recovery In 2010 crude oil prices increased nearly 30 percent which led to increased revenues for both US parents and foreign affiliates in crude oil extraction and inteshygrated oil extraction and refining2

The value added of US parents grew faster in 2010 than foreign affiliatesrsquo value added in contrast to the pattern of growth from 1999 to 2009 The shift in the pattern of growth partly reflected a significant increase in value added of US parents in finance and insurance which in turn reflected improvement in the US credit environment and increases in sales of financial services such as investment banking and loans to consumers and businesses

The operations of US MNCs remained concentrated in the United States US parents accounted for more than two-thirds and foreign affiliates accounted for less than one-third of MNCrsquos combined value added capital expenditures RampD and employment

Most foreign affiliates continued to be located in high-income countries Affiliates in these countries accounted for about 71 percent of the value added of all affiliates in 2010 which was unchanged from that in 2009 (chart 1)

US MNCs continued to account for a large share of the US trade in goods Trade associated with US parents or their foreign affiliates accounted for 481 percent or $6153 billion of total US exports of goods and 424 percent or $8105 billion of total US imports of goods

US parents although relatively small in number accounted for more than a fifth of value added of all US businesses in 2010 They also accounted for large shares of tangible inputs to production accounting for more than 40 percent of capital expenditures by all US businesses and for more than 20 percent of employment by all US businesses US parents are leaders in innovation in the US economy accounting for 734 percent of RampD expenditures by

2 Data on the composite refiner acquisition cost of crude oil are from ldquoTable 1 Crude Oil Pricesrdquo in Petroleum Marketing Monthly (Washingshyton DC US Department of Energy Energy Information Administration October 2012) Go to wwweiagovpetroleum and click on ldquoanalysis amp proshyjectionsrdquo ldquoall reportsrdquo and then on ldquopetroleum marketing monthlyrdquo

Table 1 Selected Statistics for US Multinational Companies (MNCs) US Parents and Foreign Affiliates for Selected Years

US MNCs

Parents

Affiliates

Parents and all

affiliates

Parents and

MOFAs Total MOFAs Other

Value Added 1

1989 1994 19992 2004 2007 2008 2009 r 2010 p

1989ndash1999 1999ndash2004 2004ndash2009 1999ndash2009 2009ndash2010

Employment 1989 1994 19992 2004 2007 2008 2009 r 2010 p


Capital expenditures 3

1989 1994 19992 2004 2007 2008 2009 r 2010 p


RampD expenditures 4

1989 1994 19992 2004 2007 2008 2009 r 2010 p


Millions of dollars

na na na na na na na na

1401078 1773288 2644739 3220723 3866364 3740989 3740733 4127199

1076884 1361792 2064343 2366467 2705132 2500543 2595776 2885927


324194 411496 580396 854256

1161232 1240446 1144957 1241272


Percent change at annual rates

na na na na na

66 40 30 35

103

67 28 19 23

112

na na na na na

60 80 60 70 84

na na na na na

Thousands of employees

263701 248259 196169 67532 52090 265706 251419 193300 72406 58119 333976 319134 239853 94123 79281 328916 314660 224462 104454 90198 349913 332030 228315 121598 103715 348918 327367 222733 126185 104634 359620 337266 229327 130293 107939 360756 338901 228198 132558 110703


15442 14287 14842 14256 17883 21551 22353 21855

24 ndash03

18 07 03

25 ndash03

14 06 05

20 ndash13

04 ndash04 ndash05

34 21 45 33 17

43 26 37 31 26

ndash04 ndash08

94 42

ndash22 Millions of dollars

278790 330940 562705 500048

na na

653208 na

262688 306364 531399 476098 669505 685444 598862 604631

203808 234617 416795 350919 495361 501893 431796 438327

74982 96323

145910 149129

na na

221412 na

58880 71747

114604 125179 174144 183551 167066 166304

16402 24976 31306 23950

na na

54345 na


73 ndash23

55 15 na

73 ndash22 47 12 10

74 ndash34

42 04 15

69 04 82 43

na

69 18 59 38

ndash05

67 ndash52 178

57 na

Millions of dollars


90149 103451 144435 190029 238124 240462 246502 251983

82227 91574

126291 164189 203678 198763 207297 212513


7922 11877 18144 25840 34446 41699 39205 39470



na na na na na

48 56 53 55 22

44 54 48 51 25

na na na na na

86 73 87 80 07

na na na na na

p Preliminary r Revised 1 For the years shown prior to 2007 the data items needed to calculate value added for individual US

parents and foreign affiliates were collected for nonbank businesses only The value added statistics for bank parents and affiliates for those years are estimates

2 Break in series (Beginning with 1999 BEA expanded its statistics to include data for ldquovery smallrdquo foreign affiliates and for parents that had only ldquovery smallrdquo foreign affiliates For details see the technical note on page 121 of the December 2002 Survey of Current Business)

3 For 1989 1994 1999 and 2004 the capital expenditure data for individual US parents and foreign affilishyates were collected for nonbank businesses only The capital expenditure statistics for bank parents and affilishyates for those years are estimates

4 For the years shown prior to 2009 data on RampD expenditures were collected for nonbank US parents and foreign affiliates only RampD expenditures are assumed to be zero for bank US parents and foreign affiliates in those years

MOFA Majority-owned foreign affiliate na Not available

53 November 2012 SURVEY OF CURRENT BUSINESS

Chart 1 Value Added and Change in Value Added of US MNCs by Country

Value Added in 2010

More than $30 billion

$8 billion to $30 billion $2 billion to $8 billion $500 million to $2 billion $100 million to $500 million Less than $100 million

More than 25 percent 15 percent to 25 percent 10 percent to 15 percent

5 percent to 10 percent

0 percent to 5 percent Less than 0 percent

See note

Percent Change in Value Added in 2010

NOTE The percent change is undefined because value added changes sign between 2009 and 2010 value added was zero in 2009 or 2010 or value added was less than $100 million in 2009 or 2010mdashfor these countries small dollar changes may produce large percent changes

US Bureau of Economic Analysis


all US businesses in 20093 US MNCsrsquo RampD expenshyditures totaled $2520 billion They accounted for 843 percent and foreign affiliates accounted for 157 percent of the total Foreign affiliatesrsquo RampD expendishytures were largest in Europe and in Asia and Pacific

Employment by foreign affiliates in the professional scientific and technical services industry sector increased 59 percent compared with a 26 percent increase in employment for all foreign affiliates Over the last decade employment at foreign affiliates in this sector maintained strong growth as US MNCs have relied more on foreign affiliates in this sector to support their domestic operations Employment in these support operations is largest in Asia and Pacific especially in India By utilizing their foreign affiliates in low-cost locations with the capacity to provide these services US MNCs can realize efficiencies and maintain a competitive advantage

Changes in Value Added US MNCs In 2010 value added of US MNCs increased both in the United States and abroad partly reflecting the global economic recovery The increase also reflected many MNCsrsquo focus on innovation which enables them to produce new higher value goods or to discover more efficient ways of producing the same good This focus on innovation contributes to long-term ecoshynomic growth and productivity in their home and forshyeign host countries4

3 Data on RampD performed for US businesses are from ldquoTable 1 Funds Spent for Business RampD Performed in the United States by Source of Funds and Size of Company 2008 and 2009rdquo in Raymond M Wolfe ldquoBusiness RampD Performed in the United States Cost $291 Billion in 2008 and $282 Billion in 2009rdquo National Science Foundation (NSF) Info Brief NSF12ndash309 (Washington DC NSF March 2012) To access this table visit wwwnsfgovstatisticsinfbriefnsf12309 The data for 2010 were not availshyable in time for this article

4 For example see Carol Corrado Paul Lengermann and Larry Slifman ldquoThe Contribution of Multinational Companies to US Productivity Growthrdquo in International Trade in Services and Intangibles in the Era of Gloshybalization ed Marshall Reinsdorf and Matthew Slaughter (Chicago Unishyversity of Chicago Press 2009) 331ndash360

In current dollars the value added of US MNCs grew 103 percent to $41272 billion in 2010 from $37407 billion in 2009 (table 2) The value added of US parents grew 112 percent to $28859 billion and the value added of foreign affiliates grew 84 percent to $12413 billion In real terms the value added of MNCs appears to have increased in 2010 reflecting an 112 percent increase in the current-dollar value added of parents which exceeded the 14 percent increase in US prices (as measured by the implicit price deflator for value added of US nonfarm businesses) Moreshyover the 84 percent increase in the current-dollar value added of foreign affiliates exceeded the increase that could be attributed to the combined effects of the 14 percent average annual rate of inflation in host countries and the 23 percent depreciation of the dollar against major foreign currencies5 In addition BEArsquos statistics on the real value added of foreign affiliates in manufacturing show an increase of 67 percent in 2010 (see ldquoReal value added in manufacturingrdquo on page 63) By industry roughly two-thirds of the growth in curshyrent-dollar value added of US MNCs was accounted for by manufacturingmdashprimarily petroleum-related manufacturingmdashand by finance and insurance

In 2010 two key tangible inputs to US MNC proshyduction capital expenditures and employment inshycreased Capital expenditures increased 10 percent to $6046 billion The increase reflected a 15 percent inshycrease for US parents that was partly offset by a 05 percent decrease for foreign affiliates By industry US MNCsrsquo capital expenditures increased for most major

5 The rate of inflation in 12 major euro area countries and in 13 other major host countries was 14 percent in 2010 Together these countries accounted for 74 percent of total value added of foreign affiliates in 2010 The average inflation rate (weighted by foreign-affiliate value added) in these countries was derived from data on gross domestic product (GDP) implicit price deflators from the IMF International Financial Statistics The weighted average US-dollar price of the currencies of these countries in foreign exchange markets increased 23 percent in 2010 This means that value added measured in foreign currency increased 23 percent on average when converted to US dollars because the foreign currency buys more dolshylars

Table 2 Selected Statistics for US Multinational Companies (MNCs) by Industry of Parent 2009 and 2010

Millions of dollars Thousands of

employees Percent change 2009ndash2010 Value added Capital

expenditures RampD expenditures Employee compensation

2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added

Capital expenshyditures

RampD expenshyditures

Employee compenshy

sation

Employshyment

All industries 3740733 4127199 598862 604631 246502 251983 2072630 2100694 337266 338901 103 10 22 14 05 Of which

Mining 112322 118034 53630 50205 673 594 26218 27008 3128 3274 51 ndash64 ndash117 30 47 Manufacturing 1712747 1884067 253667 259310 188794 192238 840927 845275 120603 121782 100 22 18 05 10 Wholesale trade 155377 176371 30763 31895 6828 6423 92141 95038 14637 14956 135 37 ndash59 31 22 Information 343935 384345 63723 66477 23348 24984 163559 163082 21062 19950 117 43 70 ndash03 ndash53 Finance and insurance 389881 470644 50330 44159 (D) 595 332128 343701 32349 32284 207 ndash123 (D) 35 ndash02 Professional scientific and technical

services 253612 270610 11382 12411 20517 22128 174397 178413 20407 20692 67 90 79 23 14

(D) Suppressed to avoid disclosure of data of individual companies


industry groups especially in retail trade and in petroshyleum-related manufacturing

Employment by US MNCs increased 05 percent or 02 million workers to 339 million in 2010 reflectshying partly offsetting changes for US parents and forshyeign affiliates Employment by US parents decreased 05 percent to 228 million Employment by foreign afshyfiliates increased 26 percent to 111 million

Employee compensation of US MNCs increased 14 percent to $21007 billion in 2010 The average compensation per employee was roughly $62000 The average wages paid by US MNCs tend to be higher than those paid by other businesses in their host econshyomies partly reflecting the higher average skill level of workers and the relatively more capital intensive proshyduction processes of MNCs compared with purely doshymestic firms In 2010 the average wage paid by US parent companies was roughly $71000 compared with $57000 for all US businesses The average wage paid by foreign affiliates in seven selected countries of the European Union in 2010 was 39 percent higher on average than the average wage paid by all businesses in those countries6

In 2010 US MNCsrsquo RampD expenditures increased 22 percent to $2520 billion RampD expenditures of US parents increased 25 percent to $2125 billion and exshypenditures of foreign affiliates increased 07 percent to

6 These countries are Belgium France Germany Italy the Netherlands Spain and the United Kingdom The average wage data are from the Euro-stat Web site To access the data visit eppeurostateceuropaeu and type the data series code (earn_ses10_26) in the search box

$395 billion By industry increases in RampD expendishytures were concentrated in manufacturing primarily pharmaceuticals followed by information and professhysional scientific and technical services

US parents The 112 percent growth in the value added of US parents was the strongest since 2000 and reflected inshycreases in nearly all major industries (table 3) The inshycreases in US parentsrsquo value added were largest in manufacturing and in finance and insurance which together accounted for more than 60 percent of the inshycrease In manufacturing value added increased 94 percent reflecting increases in nearly all major manushyfacturing industry groups The increases were led by ldquootherrdquo manufacturingmdashprimarily petroleum-related manufacturingmdashand computers and electronic prodshyucts manufacturing In finance and insurance value added increased 308 percent The increase partly reshyflected improved financial market conditions related to the global economic recovery For example investment banking revenues increased partly as a result of a 23 percent increase in global mergers and acquisitions7 In addition mortgage loans increased partly in response to a 37 percent increase in US housing starts8

7 Thompson Reuters data cited in Liz Moyer ldquoGlobal MampA Raised $24 Trillion in 2010rdquo Wall Street Journal (January 4 2011)

8 The data are from the US Bureau of the Census New Residential Conshystruction ldquoHousing Units Authorized in Permit-Issuing Placesrdquo To access these data visit wwwcensusgovconstructionnrc and click on ldquohistorical datardquo ldquoauthorized by building permitsrdquo

Table 3 Selected Statistics for US Parents and for All US Companies by Industry 2009 and 2010

Millions of dollars Thousands of employees 5 Percent change 2009ndash2010

Value added 1 Capital expenditures 2 RampD expenditures 3 Employee compensation 4

2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment

All industries

US parents

2595776 2885927 431796 438327 207297 212513 1590589 1612953 229327 228198 112 15 25 14 ndash05 Mining 76139 75306 35870 35430 560 554 18647 19548 1870 2043 ndash11 ndash12 ndash11 48 93 Manufacturing 1034139 1131725 149646 152010 157731 161230 591953 597515 68643 69193 94 16 22 09 08 Wholesale trade 124433 144511 27939 29010 6440 6056 77592 80345 10654 10966 161 38 ndash60 35 29 Retail trade 238585 250257 19120 23197 (D) (D) 122884 122047 43497 43077 49 213 (D) ndash07 ndash10 Information 287628 326811 57556 60211 21035 22165 138367 138421 17115 16248 136 46 54 00 ndash51 Finance and insurance Professional scientific and

260120 340360 41289 36719 186 190 273073 282676 24897 24811 308 ndash111 22 35 ndash03

technical services 177549 194673 7793 8965 15931 17557 122386 124457 12541 12313 96 150 102 17 ndash18 Other industries

All private industries

397183 422283 92582 92787 (D) (D) 245686 247944 50111 49546 63 02 (D) 09 ndash11

All US companies

12018095 12558037 1015322 1036162 282393 na 6175791 6303657 112139 111434 45 21 na 21 ndash06 Mining 213366 239511 100564 114995 na na 64960 69181 640 648 123 144 na 65 13 Manufacturing 1540226 1701937 155153 159621 195144 na 848434 859527 11856 11532 105 29 na 13 ndash27 Wholesale trade 768548 797348 25252 31197 na na 408144 415566 5620 5519 37 235 na 18 ndash18 Retail trade 837205 884877 58428 66263 na na 476897 482537 14798 14746 57 134 na 12 ndash04 Information 615445 623472 88373 97445 33806 na 250947 248837 2814 2717 13 103 na ndash08 ndash34 Finance and insurance Professional scientific and

1098964 1241946 99466 102715 1912 na 561414 582577 5788 5723 130 33 na 38 ndash11

technical services 1678077 1782837 28163 29213 44946 na 672347 690357 7623 7605 62 37 na 27 ndash02 Other industries 5266264 5286109 459923 434713 na na 2892648 2955075 63000 62944 04 ndash55 na 22 ndash01

(D) Suppresed to avoid disclosure of data of individual companies in Industry na Not available 4 Statistics for all US companies are from BEArsquos national income and product accounts (NIPA Table 62D 1 Statistics for all US companies are from BEArsquos GDP by industry series Compensation of Employees by Industry) 2 Statistics for all US companies are from the Census Bureau Annual Capital Expenditures Survey (Table 5 Statistics for all US companies are from BEArsquos national income and product accounts (NIPA Table 64D

4a Capital Expenditures for Structures and Equipment for Companies With Employees by Industry) Full-Time and Part-Time Employees by Industry) 3 Statistics for all US companies are from the National Science Foundation Research and Development


Consumer credit also increased partly reflecting a 19 percent increase in consumer spending in the United States

For US parents the 112 percent growth in value added exceeded the growth in capital expenditures (up 15 percent) and contrasted with a decrease in employshyment (down 05 percent) Similarly for all US compashynies value added increased 45 percent compared with a 21 percent increase in capital expenditures and a 06 percent decrease in employment The increase in US parentsrsquo capital expenditures was primarily in retail

trade in information and in manufacturing The inshycrease in manufacturing was led by petroleum-related manufacturing The decrease in US parentsrsquo employshyment was most pronounced in information in ldquootherrdquo industries and in retail trade The decrease in the inshyformation industry was led by telecommunications and data processing hosting and related services

In 2010 US parentsrsquo RampD expenditures increased 25 percent to $2125 billion Nearly all of the increase was accounted for by three sectors manufacturing inshyformation and professional scientific and technical

Key Terms

The following key terms are used to describe US multishynational companies (MNCs) and their operations1

US MNCs

US multinational company (US MNC) The US parshyent and its foreign affiliates (In this article an MNC is usually defined as the US parent and its majority-owned foreign affiliates)

US parent A person resident in the United States that owns or controls 10 percent or more of the voting securities or the equivalent of a foreign business entershyprise ldquoPersonrdquo is broadly defined to include any individshyual branch partnership associated group association estate trust corporation or other organization (whether or not organized under the laws of any state) or any govshyernment entity If incorporated the US parent is the fully consolidated US enterprise consisting of (1) the US corporation whose voting securities are not owned more than 50 percent by another US corporation and (2) proceeding down each ownership chain from that US corporation any US corporation whose voting securities are more than 50 percent owned by the US corporation above it A US parent comprises the domesshytic operations of a US MNC covering operations in the 50 states the District of Columbia the Commonwealth of Puerto Rico and all other US areas

US direct investment abroad The ownership or conshytrol directly or indirectly by one US person of 10 pershycent or more of the voting securities of an incorporated foreign business enterprise or the equivalent interest in an unincorporated business enterprise

Foreign affiliate A foreign business enterprise in which there is US direct investment that is in which a US person owns or controls (directly or indirectly) 10 percent or more of the voting securities or the equivalent Foreign affiliates comprise the foreign operations of a

1 For a comprehensive discussion of the terms and the concepts used see Raymond J Mataloni Jr ldquoA Guide to BEA Statistics on US Multishynational Companiesrdquo SURVEY 75 (March 1995) 38ndash55

US MNC over which the parent is presumed to have a degree of managerial influence

This article focuses on the operations of majority-owned foreign affiliates for these affiliates the combined ownership of all US parents exceeds 50 percent In 2010 these affiliates accounted for 835 percent of the employshyment of all foreign affiliates of US MNCs

Measures of operations2

Value added The portion of the goods and services sold or added to inventory or fixed investment by a firm that reflects the production of the firm itself It represents the firmrsquos contribution to gross domestic product in its country of residence which is the value of goods and sershyvices produced by labor and property located in that country Compared with sales value added is a preferable measure of production because it indicates the extent to which a firmrsquos output results from its own production rather than from production that originates elsewhere Sales data do not distinguish between these two sources of production Value added can be measured as gross output minus intermediate inputs alternatively it can be measured as the sum of the costs incurred (except for intermediate inputs) and the profits earned in producshytion The value-added statistics presented in this article were prepared by summing the cost and profits data colshylected in the annual and benchmark surveys of US direct investment abroad3

Employment The number of full-time and part-time employees on the payroll at yearend If the employment of a parent or an affiliate was unusually high or low because of temporary factors (such as a strike) or large seasonal variation the number that reflects normal opershyations or an average for the year was requested of survey respondents

2 Statistics on the operations of US MNCs cover the survey responshydentrsquos fiscal year ending in the reference year of the data

3 For the derivation of the current-dollar value-added statistics see Raymond J Mataloni Jr and Lee Goldberg ldquoGross Product of US Mulshytinational Companies 1977ndash91rdquo SURVEY 74 (February 1994) 57


services US parentsrsquo share of all US companies US parshy

ent companies tend to be large firms that are global leaders in their industries and therefore account for a large share of US production In 2010 US parents accounted for 230 percent of value added for all US businesses They also accounted for significant shares of the tangible and intangible inputs to production9 In 2010 they accounted for 423 percent of capital expenshyditures for all US businesses While US parents acshycounted for 205 percent of US employment of all US businesses they accounted for a higher share 256 percent of employee compensation of all US busishynesses The higher share of employee compensation may reflect US MNCsrsquo need for a relatively skilled workforce which leads to higher compensation10 The importance of worker skill and innovation to MNCs is evident in US parentsrsquo share of RampD expenditures In 2009 they accounted for 734 percent of RampD pershyformed by all US businesses

Foreign affiliates The 84 percent growth in the value added of foreign affiliates reflected increases in all major industry secshytors in 2010 except three finance and insurance proshyfessional scientific and technical services and

9 Intangible inputs to production include any inputs other than raw labor or fixed assets They include innovation-related intangibles such as research and development human resources such as worker training and pure organizational intangibles such as brand names For details see Baruch Lev Intangibles Management Measurement and Reporting (Washshyington DC Brookings Institution Press 2001)

10 For information on the occupational structure of US MNCs see Elizshyabeth Weber Handwerker Mina M Kim and Lowell Mason ldquoDomestic Employment in US-Based Multinational Companiesrdquo Monthly Labor Review 134 (October 2011) 3ndash15

information (table 4) The increases were largest in manufacturing and in mining Within manufacturing the increases were largest in ldquootherrdquo manufacturing (led by petroleum-related and paper manufacturing) in computers and electronic products and in transshyportation equipment manufacturing

Growth in foreign affiliatesrsquo value added signifishycantly exceeded growth in their employment (up 26 percent) and contrasted with a decrease in capital exshypenditures (down 05 percent)

By area the increase in foreign affiliatesrsquo employshyment was primarily in Asia and Pacific and in Latin America and Other Western Hemisphere By area the decrease in capital expenditures was primarily in Eushyrope and in Latin America and Other Western Hemishysphere

In 2010 foreign affiliatesrsquo RampD expenditures inshycreased 07 percent to $395 billion The growth in RampD expenditures was concentrated in emerging marshykets such as Brazil and India The growth in emerging markets partly reflected increases in scientific and technological resourcesmdashsuch as institutions facilishyties and personnelmdashin foreign countries as well as US MNCsrsquo need to be close to rapidly growing marshykets Growth in the Middle East mainly in Israel was also significant

Domestic and Foreign Operations of US MNCs Compared

US MNCs maintain a large share of their operations in the United States rather than abroad for many reashysons such as the attraction of a large and prosperous local market a strong intellectual property protection system an absence of language barriers and a skilled

Table 4 Selected Statistics for Majority-Owned Foreign Affiliates by Major Area and by Major Industry of Affiliate 2009 and 2010




2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment

All areas all industries 1144957 1241272 167066 166304 39205 39470 482041 487741 107939 110703 84 ndash05 07 12 26 By area

Canada 113675 128694 20298 22346 2920 2749 56345 57398 10827 10770 132 101 ndash59 19 ndash05 Europe 599220 597571 62927 57568 25044 24406 270035 261402 41374 40794 ndash03 ndash85 ndash25 ndash32 ndash14 Latin America and Other Western Hemisphere 128414 159326 25961 24095 1465 1949 44913 49676 21425 22565 241 ndash72 330 106 53 Africa 44858 55443 14213 14508 94 88 5348 5958 1631 1728 236 21 ndash64 114 59 Middle East 17656 23323 2807 3165 1856 1965 5890 6304 1019 1077 321 128 59 70 57 Asia and Pacific 241135 276915 40861 44621 7826 8313 99510 107004 31663 33770 148 92 62 75 67

By industry of affiliate Mining 153655 192877 60097 57350 119 38 13393 14245 1995 2018 255 ndash46 ndash681 64 12 Manufacturing 478164 528409 54629 55475 27141 27571 197095 197028 45389 46297 105 15 16 () 20 Wholesale trade 152706 155816 6456 6985 2074 1975 52603 53694 7818 7789 20 82 ndash48 21 ndash04 Retail trade 57099 57257 5939 7103 (D) 26 22211 23520 11714 12479 03 196 (D) 59 65 Information 51047 50904 7084 7193 1698 2018 25777 24113 4263 4060 ndash03 15 188 ndash65 ndash48 Finance and insurance 80699 77289 6273 6586 1 8 54438 55558 6082 5991 ndash42 50 7000 21 ndash15 Professional scientific and technical services 78542 78218 4104 3964 8080 7759 54759 56185 8059 8532 ndash04 ndash34 ndash40 26 59 Other industries 93045 100502 22485 21649 (D) 76 61765 63398 22621 23538 80 ndash37 (D) 26 41

(D) Suppressed to avoid disclosure of data of individual companies () Less than $500000 or 005 percent (+ndash)


workforce In 2010 US parents accounted for 699 percent of US MNCsrsquo value added up from 694 pershycent in 2009 Similarly US parents accounted for a large share of US MNCsrsquo tangible inputs to producshytion 725 percent of capital expenditures and 673 pershycent of employment

US parents also account for a large share of US MNCsrsquo investment in intangible inputs to production including RampD expenditures In 2010 US parents acshycounted for 843 percent of US MNCsrsquo RampD expendishytures worldwide up from 841 percent in 2009 US parentsrsquo large share partly reflects the following charshyacteristics of the US economy technology leadership a highly educated workforce and effective intellectual property protection Due to economies of scale in knowledge generation and the United Statesrsquo strong stance on intellectual property protection relative to other countries it may be more efficient for US MNCs to concentrate their RampD activities in the United States and then distribute their innovations to their foreign affiliates

While US parents account for a significant share of US MNCsrsquo worldwide operations their share has deshyclined between 1999 and 201011 US parentsrsquo share of US MNCsrsquo value added decreased 81 percentage points from 781 percent in 1999 to 699 percent in 2010 The decrease partly reflects the strong growth in foreign affiliatesrsquo value added Foreign affiliatesrsquo value

11 For a list of factors that can affect the US parent share of the worldshywide operations of US MNCs see Obie G Whichard ldquoPatterns of Producshytion and Employment by US Multinational Companiesrdquo (presented at the National Association for Business Economics 2004 Washington Economic Policy Conference Washington DC March 26 2004) 10 wwwbeagov papers

CharChart 2t 2 UUSS PParent Share of Emploarent Share of Employment byment byy UUSS Multinational Companies fMultinational Companies for Selectedor Selected YYearearss

Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010


added grew at an average annual rate of 72 percent and increased from a 219 percent share of US MNCsrsquo value added in 1999 to 301 percent in 2010 partly reshyflecting faster economic growth in large emerging forshyeign markets than in the United States

Similarly US parentsrsquo share of US MNCsrsquo tangible inputs to production has declined since 1999 led by employment which decreased 78 percentage points from 752 percent in 1999 to 673 percent in 2010 (chart 2) The gradual decline in US parentsrsquo share of employment primarily reflects the strong growth in foreign affiliatesrsquo employment which grew at an avershyage annual rate of 31 percent between 1999 and 2010 The strong growth in foreign affiliatesrsquo employment was partly tied to the increasingly important roles that foreign affiliates play in the globalized production arshyrangements of US MNCs including facilitating access to foreign markets and serving as support operations for their MNC

US parentsrsquo share of US MNCsrsquo RampD expendishytures decreased 31 percentage points to 843 percent in 2010 from 874 percent in 1999 The small size of the change in share over 11 years partly reflects the effects of economies of scale in knowledge generation and the United Statesrsquo strong stance on intellectual property protection relative to many other countries

Operations of Foreign Affiliates by Area While US MNCs tend to have most of their operashytions in the United States their success is dependent upon both domestic and foreign markets Foreign afshyfiliates serve a variety of roles in the global production arrangements of US MNCs US MNCs overwhelmshyingly use their affiliates to serve foreign markets Forshyeign affiliates also may serve as a low-cost base of production from which to sell to customers both in the United States and in other countries

In 2010 the value added of foreign affiliates inshycreased 84 percent to $12413 billion By area value added increased in all areas except Europe The inshycreases were most pronounced in Asia and Pacific and in Latin America and Other Western Hemisphere

In Europe foreign affiliatesrsquo value added was down slightly from the previous year declining 03 percent or $16 billion In comparison real gross domestic prodshyuct for the European Union and the United Kingdom grew by about 2 percent in 201012 By industry value added decreased across all major industry sectors exshycept mining and manufacturing The largest decrease

12 Statistics on real GDP growth rates are from the World Bankrsquos World Development Indicators databank To access the databank on the Web visit dataworldbankorgdata-catalog and click on ldquoDatabankrdquo under ldquoWorld Development Indicatorsrdquo


was in finance and insurance led by foreign affiliates in the United Kingdom and Luxembourg which may have reflected among other factors reduced bond sales as a result of the European sovereign-debt crisis13

In contrast value added in manufacturing increased reflecting increases in computers and electronic prodshyucts and ldquootherrdquo manufacturing The increase in comshyputers and electronic products manufacturing was largest in Ireland and reflected Irelandrsquos specialization in a number of high-technology-related industries Employment by European affiliates decreased 14 pershycent and capital expenditures decreased 85 percent

In Asia and Pacific foreign affiliatesrsquo value added inshycreased 148 percent or $358 billion Almost 80 pershycent of the increase occurred in mining and in manufacturing In mining the increase was led by Other Asia and Pacific most notably Papua New Guinea reflecting high global prices for mineral exshyports14 In manufacturing the increase was widespread

13 Statistics on net increases in ldquogovernment securities other than sharesrdquo (series A3303) are from the International Monetary Fund (IMF) International Financial Statistics (Washington DC IMF June 2012)

14 For more information see ldquoMinerals in the New Economyrdquo in 2010 Minerals Yearbook Volume 3 Area Reports International Papua New Guinea [Advance Release] (Washington DC US Department of the Inteshyrior US Geological Survey January 2012) To access this publication on the Web visit mineralsusgsgovmineralspubsmybhtml and click on ldquoVolume IIIrdquo ldquoPapua New Guineardquo ldquoPdf Formatrdquo and ldquo2010rdquo

throughout the region and was led by ldquootherrdquo manushyfacturing primarily petroleum-related manufacturing These increases were partly offset by a decrease in fishynance and insurance primarily in Japan Employment by affiliates in Asia and Pacific increased 67 percent and capital expenditures increased 92 percent

In Latin America and Other Western Hemisphere value added increased 241 percent or $309 billion More than 70 percent of the increase was accounted for by finance and insurance and by manufacturing In fishynance and insurance the growth primarily occurred in Bermuda and in the United Kingdom Islands in the Caribbean partly reflecting reinsurance In manufacshyturing the growth was led by transportation equipshyment manufacturing particularly in Mexico and partly reflected the improvement in the US economy and the resulting increase in production and sales of vehishycles to the United States Employment by affiliates in Latin America and Other Western Hemisphere inshycreased 53 percent in contrast capital expenditures decreased 72 percent led by mining

In Canada value added increased 132 percent or $150 billion The largest increase was in manufacturshying led by ldquootherrdquo manufacturing (mainly paper manshyufacturing and petroleum-related manufacturing) Large increases also occurred in retail trade in mining and in professional scientific and technical services

Statistics on US Direct Investment Abroad BEA collects two broad sets of data on US direct invest- and research and development expenditures Separate ment abroad (1) financial and operating data of US statistics are available for all affiliates and for affiliates multinational companies and (2) international transac- that are majority-owned by their US parents tions and direct investment position data This article International transactions and direct investment presents highlights of statistics derived from the first set position statistics The international transactions statisshyof data the statistics derived from the second set of data tics cover a foreign affiliatersquos transactions with its US are usually published in the July and September issues of parent so these statistics relate to the US parentrsquos share the SURVEY OF CURRENT BUSINESS1 or interest in its affiliate rather than to the affiliatersquos size

Financial and operating statistics The financial and or level of operations These statistics are key composhyoperating statistics provide a picture of the overall activi- nents of the US international transactions accounts ties of foreign affiliates and US parent companies using (ITAs) the US international investment position and a variety of indicators of their financial structure and the national income and product accounts The major operations The statistics on foreign affiliates cover the data items are financial flows (recorded in the financial entire operations of the affiliates regardless of the share account of the ITAs) which measure the funds that US of US ownership These statistics cover items that are parents invest in their foreign affiliates and income used to analyze the characteristics performance and (recorded in the current account of the ITAs) which economic impact of multinational companies such as measures the return on those investments sales value added employment and employee compen- Direct investment position statistics are stock (cumulashysation capital expenditures goods exports and imports tive) measures showing the total outstanding level of

US direct investment abroad at yearend Statistics are 1 See Kevin B Barefoot and Marilyn Ibarra-Caton ldquoDirect Invest- provided both at historical cost and at current-period

ment Positions for 2011 Country and Industry Detailrdquo SURVEY 92 (July prices The historical-cost statistics are published by 2012) 19ndash34 and Jeffrey H Lowe ldquoDirect Investment for 2009ndash2011

Detailed Historical-Cost Positions and Related Financial and Income country and by industry Flowsrdquo SURVEY 92 (September 2012) 28ndash103


Employment by Canadian affiliates decreased 05 pershycent primarily led by a decrease in finance and insurshyance while capital expenditures increased 101 percent The increase in capital expenditures partly reshyflected investments related to the extraction of oil from tar sands

In Africa value added increased 236 percent or $106 billion The increase was concentrated in mining (primarily oil and gas extraction) and reflected the rise in petroleum prices By country the increases were most pronounced in Nigeria Angola and Equatorial Guinea Employment by African affiliates increased 59 percent and capital expenditures increased 21 percent

In the Middle East value added increased 321 pershycent or $57 billion The increase was concentrated in mining affiliates (primarily oil and gas extraction) and in manufacturing affiliates In manufacturing about 40 percent of the increase in value added was acshycounted for by affiliates in Israel particularly affiliates in chemicals and machinery manufacturing Employshyment by Middle Eastern affiliates increased 57 percent and capital expenditures increased 128 percent

US MNC Operations in Professional Scientific and Technical Services

The primary activity of some foreign affiliates of US MNCs is to support the operations of the rest of the MNC These support activities are largest in low-cost locations with the capacity to provide support services such as India By using their foreign affiliates US MNCs can realize efficiencies and utilize foreign techshynology centers and human resources to innovate and to maintain a competitive edge The foreign affiliates involved in professional scientific and technical services tend to be in countries that have invested in research facilities and education for workforce develshy

opment The improvement in information and comshymunication technology has contributed to the growth in support activities performed by foreign affiliates and enhanced communication within the MNC15

Many of these foreign affiliates are located in countries that have a physical proximity to the United States or that have a common language or a similar legal strucshyture to the United States and are therefore more conshyducive to trade with the United States

Between 1999 and 2010 employment by foreign afshyfiliates in professional scientific and technical services increased at an average annual rate of 72 percent which was more than double the 31 percent average annual increase in employment for all foreign affiliates (table 5) By industry 698 percent of the employment growth in professional scientific and technical sershyvices was in computer systems design and related sershyvices India accounted for about half of the employshyment increase from 1999 to 2010

Foreign affiliates in low-cost countries may offer high-quality services with lower input costs than the domestically produced alternative which can be espeshycially beneficial to a company during a period of recesshysion such as from 2007 to 2009 in the United States16

By increasing the provision of some professional scishyentific and technical services functions abroad the US parent can increase its focus on its core activities leading to specialization by both the US parent and the foreign affiliates Furthermore by growing some operations abroad US MNCs gain access to foreign

15 See Maria Borga and Jennifer Koncz-Bruner ldquoTrends in Digitally-Enabled Trade in Servicesrdquo US Bureau of Economic Analysis (September 2012) wwwbeagovinternationalsupplemental_statisticshtm

16 For a more complete discussion of this point see Offshoring of Sershyvices An Overview of the Issues GAOndash06ndash5 (Washington DC US Governshyment Accountability Office (GAO) November 28 2005) at wwwgaogov productsGAO-06-5

Table 5 Value Added and Employment by Affiliates in Professional Scientific and Technical Services by Industry and by Area Selected Years


Value added (millions of dollars) Employment (thousands of employees) Value added Employment

1999 2004 2009 2010 1999 2004 2009 2010 2009ndash2010 1999ndash2010 2009ndash2010 1999ndash2010

Professional scientific and technical services 31117 47408 78542 78218 3959 5037 8059 8532 ndash04 87 59 72 By industry

Architectural engineering and related services 3108 3242 6914 6800 500 401 813 804 ndash16 74 ndash11 44 Computer systems design and related services 16166 26135 42741 42279 1579 2476 4296 4773 ndash11 91 111 106 Management scientific and technical consulting 3984 6657 10397 10907 406 516 675 684 49 96 13 49 Advertising and related services 4517 5024 6488 5529 748 602 646 630 ndash148 19 ndash25 ndash15 Other 3342 6350 12001 12702 726 1042 1628 1641 58 129 08 77

By area Canada 1828 2054 7388 8684 323 309 687 699 175 152 17 73 Europe 17434 30890 42279 38166 2221 2766 3018 2896 ndash97 74 ndash40 24 Latin America and Other Western Hemisphere 2381 1536 3617 4173 348 257 629 688 154 52 94 64 Africa 330 244 483 530 64 42 53 50 97 44 ndash57 ndash22 Middle East 353 391 1560 1834 49 51 147 160 176 162 88 114 Asia and Pacific 8791 12292 23215 24831 954 1611 3525 4039 70 99 146 140


markets leading to increased sales that may be espeshycially beneficial to the company during periods of reshycession Between 1999 and 2010 total sales by foreign affiliates in professional scientific and technical sershyvices grew at an average annual rate of nearly 10 pershycent In comparison total sales for all foreign affiliates grew at an average annual rate of 61 percent

Growth in the operations of foreign affiliates in proshyfessional scientific and technical services has been particularly strong in India From 1999 to 2010 value added in India grew at an average annual rate of more than 40 percent with the majority of the growth ocshycurring after 2004 Factors contributing to this growth include a common language with the United States and favorable changes in the business climate Since the 1970s India has liberalized its economy making it more open to foreign direct investment17 Furthershymore the Indian government has increased patent protection rights instituted several tax incentives to encourage RampD and established several research and technology centers In addition India has a growing skilled workforce whose unit labor costs for certain services are much lower than those in the United States For example in 2004ndash2005 Indian information technology engineers earned a fraction of the annual salary of their US counterparts18

In addition to using foreign affiliates to support the operations of other parts of the MNC US MNCs also use foreign affiliates to deliver services to unaffiliated customers in the United States and abroad In 2010 foreign affiliates in professional scientific and technishycal services supplied $1403 billion in services to unafshyfiliated customers in US and foreign markets More than 90 percent of these sales were to unaffiliated pershysons in the local market of the foreign affiliate Affilishyates in Europe and Japan accounted for more than half of these sales in the local market particularly for comshyputer systems design and related services

Selected Aspects of MNC Operations US trade in goods US MNCs account for a large share of US trade in goods As global firms MNCs sometimes export to send final goods to foreign markets or import to bring final goods to the US market In addition they someshytimes export and import as part of their global producshy

17 Jakob B Madsen Shishir Saxena and James B Ang ldquoThe Indian Growth Miracle and Endogenous Growthrdquo Journal of Development Ecoshynomics 93 no 1 (September 2010) 37ndash48

18 See Offshoring US Semiconductor and Software Industries Increasingly Produce in China and India GAOndash06ndash423 (Washington DC US Governshyment Accountability Office September 7 2006) 17 34 This report is availshyable on the Web at wwwgaogovproductsGAO-06-423

tion processes in which different stages of production are done at home and abroad19 In this section trade between US parents and their foreign affiliates is reshyferred to as intra-MNC trade trade between US parshyent companies and foreigners other than their own foreign affiliates and trade between foreign affiliates and US residents other than their own parents is reshyferred to as ldquoMNC trade with othersrdquo US MNC-assoshyciated trade in goods consists of all US exports and US imports of goods that involve US parents or their foreign affiliates

In 2010 MNC-associated US exports of goods inshycreased 67 percent to $6153 billion and exports of goods by all US businesses increased 210 percent to $12783 billion (table 6 and chart 3) As a result the

19 For further information see Maria Borga and William J Zeile ldquoIntershynational Fragmentation of Production and the Intrafirm Trade of US Mulshytinational Companiesrdquo BEA Working Paper WP2004ndash02 (2004) wwwbeagovpapersworking_papershtm

Table 6 US Trade in Goods Associated with US Multinational Companies (MNCs) 2008 2009 and 2010

[Millions of dollars]

2008 2009 2010

MNC-associated US exports total 597458 576881 615345 Intra-MNC trade 227586 207479 229692

Shipped by US parents to their MOFAs 214116 181594 203878 Shipped by US parents to their other foreign affiliates 1 13470 25885 25814

MNC trade with others Shipped by US parents to foreigners other than their

369872 369402 385653

own affiliates Of which

Shipped by US parents to their foreign parent

326072 327930 343602

groups 2 Shipped to foreign affiliates by US persons other than

49061 58338 53703

their own parents 43800 41472 42051 To MOFAs 43800 37748 42051 To other foreign affiliates 3 na 3724 na

MNC-associated US imports total 770815 726184 810474 Intra-MNC trade 272604 233578 262711

Shipped by MOFAs to their US parents 257620 215502 245503 Shipped by other foreign affiliates to their US parents 1 14984 18076 17208

MNC trade with others Shipped to US parents by foreigners other than their

498211 492606 547763


Shipped to US parents by their foreign parent

436102 445943 500687

groups 2 Shipped by foreign affiliates to US persons other than

125901 170073 180610

their own parents 62109 46663 47076 By MOFAs 57902 42556 47076 By other foreign affiliates 3

Addenda 4207 4107 na

All US exports of goods US-MNC-associated US exports as a percentage of

1287442 1056043 1278263

total 464 546 481 Intra-US-MNC exports as a percentage of total 177 196 180

All US imports of goods US-MNC-associated US imports as a percentage of

2103641 1559625 1913160

total 366 466 424 Intra-US-MNC imports as a percentage of total 130 150 137

1 This number is calculated as total exports (imports) between US parents and all of their foreign affiliates (as reported for US parents) less exports (imports) between US parents and MOFAs (as reported for MOFAs)

2 Pertains to US parents that are in turn owned 10 percent or more by a foreign person The foreign parent group consists of (1) the foreign parent of the US parent (2) any foreign person proceeding up the foreign parentrsquos ownership chain that owns more than 50 percent of the person below it and (3) any foreign person proceeding down the ownership chain(s) of each of these members that is owned more than 50 percent by the person above it

3 This number is calculated as total exports (imports) associated with other (that is minority-owned and 50shypercent owned) foreign affiliates (as reported for affiliates) less the estimate of exports (imports) between US parents and other foreign affiliates that are calculated as described in footnote 1 However these estimates may be imprecise because of differences in the coverage of the data reported for US parents and for foreign affilishyates No estimates for 2010 and 2008 (exports) can be made because the differences were especially large in those years



MNC-associated share of total US exports of goods decreased falling to 481 percent in 2010 from 546 percent in 2009 and 464 percent in 2008 The rise and subsequent fall in the US MNC share suggests that US MNC-associated trade particularly intra-MNC trade is less sensitive to cyclical economic fluctuations than unaffiliated trade The increase in MNC-associshyated exports of goods reflected increases in both intra-MNC trade and ldquoMNC trade with othersrdquo Intra-MNC exports increased 107 percent to $2297 billion while MNC exports to others increased 44 percent to $3857 billion

In 2010 MNC-associated US imports of goods inshycreased 116 percent to $8105 billion and imports of goods by all US businesses increased 227 percent to $19132 billion As a result the MNC-associated share of total US imports of goods fell to 424 percent in 2010 from 466 percent in 2009 and 366 percent in 2008 Imports in petroleum-related manufacturing were a significant contributor to MNC imports they increased more than 25 percent in 2010 and accounted for more than 10 percent of the 2010 increase in total US imports of goods The increase in MNC-associshyated imports of goods reflected increases in both intra-MNC trade and ldquoMNC trade with othersrdquo Intra-MNC imports increased 125 percent to $2627 billion and MNC imports from others increased 112 percent to $5478 billion

Research and development US MNCs conduct research and development (RampD) to generate innovations in their products and proshycesses to raise their productivity and to expand the global scope of their operations20 RampD expenditures of US MNCs increased 22 percent to $2520 billion in 2010 from $2465 billion in 2009 (table 2)

In 2010 RampD expenditures by US parents inshycreased 25 percent to $2125 billion from $2073 bilshylion in 2009 (table 3) By industry RampD expenditures by US parents were concentrated in three industry sectorsmdashmanufacturing ($1612 billion) information ($222 billion) and professional scientific and technishycal services ($176 billion)

RampD expenditures of foreign affiliates increased 07 percent to $395 billion in 2010 up from $392 billion in 2009 (table 4) Over the last decade RampD pershyformed by foreign affiliates grew faster than RampD pershyformed by US parents the faster growth partly reflects increases in scientific and technological reshysources in foreign countries such as expanded and imshyproved technical education and MNCsrsquo need for locally designed products for large emerging foreign

20 See Stephen R Yeaple ldquoFirm Heterogeneity and the Structure of US Multinational Activity An Empirical Analysisrdquo Journal of International Ecoshynomics 78 no 2 (July 2009) 206ndash215 and Elhanan Helpman Marc J Melitz and Stephen R Yeaple ldquoExport versus FDI with Heterogeneous Firmsrdquo American Economic Review 94 no 1 (March 2004) 300ndash316

Chart 3 Distribution of US Trade in Goods Associated with US MNCs in 2010

Intra-MNC trade

$2297 billion

MNC-Associated US Exports $6153 billion

Goods shipped by US parents to foreigners $5733 billion

Trade involving US parents but not foreign affiliates Trade involving foreign affiliates but not US parents Trade between US parents and their foreign affiliates

Goods shipped to foreign affiliates by US persons

$2717 billion

MNC-Associated US $8105 billion

Goods shipped to US parents by foreigners $7634 billion

Intra-MNC trade

$2627 billion

Imports

Goods shipped by foreign affiliates to US persons

$3098 billion




markets such as Brazil China and India More than 60 percent of RampD expenditures were accounted for by Europe where RampD expenditures were concentrated in a small number of technologically advanced host countries including Germany and the United Kingshydom

In Asia and Pacific RampD expenditures of foreign afshyfiliates increased 62 percent to $83 billion in 2010 more than half of the increase was accounted for by Inshydia RampD expenditures in India increased 194 percent to $16 billion

In Latin America and Other Western Hemisphere RampD expenditures of foreign affiliates increased 330 percent to $19 billion in 2010 mainly in Brazil In Brazil the increase in RampD expenditures was led by transportation equipment manufacturing The inshycrease in transportation equipment manufacturing RampD expenditures partly reflected companiesrsquo efforts to develop and improve flexible fuel vehicles which acshycounted for more than 90 percent of all new cars and light vehicles sold in Brazil21

Additional detail on RampD by US MNCs Beginshyning with data for 2004 BEA the National Science Foundation (NSF) and the US Census Bureau which conducts an RampD survey on behalf of NSF have been conducting a project linking data from BEA and NSF surveys to provide a more complete picture of RampD asshysociated with US and foreign MNCs An NSF Info-Brief summarizing the initial results of the link covering 2004ndash2007 was released in September22 That

21 For more information see the United Nations Inter-Agency Mechashynism on Energy ldquoEthanol fuel in Brazilrdquo (January 8 2011) wwwun-energyorgstories38-ethanol-fuel-in-brazil

22 Francisco Moris ldquoProject Linking Multi-Agency Surveys Produces New Findings on RampD by Multinational Companiesrdquo National Science Foundation Info Brief NSF 12ndash332 (September 2012) wwwnsfgovstatisticsinfbriefnsf12332nsf12332pdf

publication provides summary data on the types of RampD conducted by MNCs (basic research applied reshysearch and development) Additional details includshying the location by state of RampD conducted in the United States are presented in an associated NSF pubshylication23

Real value added in manufacturing In addition to the current-dollar estimates of value added of foreign affiliates BEA prepares estimates of real value added of foreign affiliates in manufacturing These estimates which remove the effects of changes in prices and exchange rates provide meaningful comshyparisons of value added for foreign affiliates across countries and over time Comparisons across countries are improved because the estimates in real terms are based on purchasing power parity (PPP) exchange rates rather than on market exchange rates24 Comparishysons over time are improved because the estimates are denominated in chained (2005) dollars that account for both changes in prices and changes in the industry mix of production by manufacturing affiliates The

23 Francisco Moris ldquoInternational Investment and RampD Data Link 2004ndash2007rdquo National Science Foundation Detailed Statistical Tables NSF 12ndash327 (September 2012) wwwnsfgovstatisticsnsf12327

24 To translate the value-added estimates that are denominated in forshyeign currencies into US dollars for international comparisons PPP exchange rates generally are preferable because they approximate the numshyber of foreign currency units required in a foreign country to buy the goods and services that are equivalent to those that can be bought in the United States with one US dollar A distinguishing feature of PPP exchange rates is that they are based on the prices of all goods and services produced or sold in a country both those that are traded internationally and those that are not For details about the original methodology used to derive the estimates of real value added see Raymond J Mataloni Jr ldquoReal Gross Product of US Companiesrsquo Majority-Owned Foreign Affiliates in Manufacturingrdquo SURVEY 77 (April 1997) 8ndash17 The original methodology was significantly improved in 2006 when the industry detail of the producer price indexes used for deflation was increased from 6 manufacturing industries to 22 manufacturing industries

Revisions The statistics on MNC operations in 2010 are prelimi- nies in the United States and Abroad Preliminary Results nary The employment and sales statistics replace the From the 2009 Benchmark Surveyrdquo From the advance advance summary statistics that were issued in the BEA statistics to the final statistics employment was revised news release ldquoSummary Estimates for Multinational down 02 percent and sales were revised down 01 per-Companies Employment Sales and Capital Expendi- cent From the preliminary statistics to the final statistics tures for 2010rdquo on April 18 2012 From the advance to employment was revised down 06 percent and sales the preliminary statistics employment was revised down were revised down 04 percent 03 percent and sales were revised down 07 percent In addition to the statistics on the levels of US MNC

The final statistics on MNC operations in 2009 are also employment and sales the April 18 2012 news release presented The final statistics on employment and sales included the 2009 to 2010 growth rates These growth replace the advance summary statistics in the April 18 rates were revised as a result of the revisions to the levels 2012 news release and the preliminary statistics that were of the 2009 and 2010 statistics employment growth was published in the November 2011 SURVEY OF CURRENT BUSI- revised down less than 01 percent and sales growth was NESS article ldquoOperations of US Multinational Compa- revised down 06 percent


real value-added estimates are available only for manushyfacturing because the required source data are not available for other industries

The real value added of foreign affiliates in manushyfacturing increased 67 percent to $4810 billion in 2010 (table 7) The 29 countries for which estimates are separately available accounted for 765 percent of the total value added of foreign affiliates in manufacshyturing The real value added of manufacturing affilishyates in these countries increased 24 percent to $3681 billion while total manufacturing production in these countries increased 73 percent (chart 4) The real value-added increases in manufacturing reflected inshycreases in Ireland Canada and China In Ireland real value added of foreign affiliates increased $59 billion to $307 billion changes in the current-dollar value-added estimates suggest that this increase was mainly in computers and electronic products manufacturing In Canada real value added increased $51 billion to $430 billion primarily in paper and petroleum-reshylated manufacturing In China real value added inshycreased $31 billion to $427 billion reflecting increases

Chart 4 Real Value Added of MOFAs in Manufacturing and Industrial Production in 29 Selected Countries 1999ndash2010

Real value added of MOFAs

Industrial production

Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

MOFA Majority-owned foreign affiliate NOTE The 29 selected countries are Australia Austria Bulgaria Canada China the Czech Republic Denmark Finland France Germany Greece Hungary Ireland Italy Japan Lithuania Mexico the Netherlands Norway Poland Portugal Singapore the Slovak Republic Slovenia South Korea Spain Sweden Switzerland and the United Kingdom The composite index of host-country industrial production was derived by weighting each countrys index by the countrys share in the dollar value of real value added of MOFAs in manufacturing


120

110

100

90

80

Table 7 Real Value Added by Majority-Owned Foreign Affiliates in Manufacturing by Country 1999ndash2010

Billions of chained (2005) dollars

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

All countries 3938 4087 3991 4047 4042 4379 4352 4489 4628 4471 4508 4810 29 selected countries 3528 3624 3548 3618 3554 3757 3648 3691 3677 3419 3595 3681 Australia 87 96 100 89 90 99 98 100 98 92 92 88 Austria 23 23 22 20 17 21 23 25 27 25 26 29 Bulgaria () 02 02 02 02 02 03 03 02 02 02 02 Canada 604 628 587 573 568 590 487 475 440 408 379 430 China 81 110 117 139 159 202 269 292 304 320 396 427 Czech Republic 25 26 31 31 30 39 40 38 44 44 46 48 Denmark 13 13 10 13 10 09 12 12 14 12 10 11 Finland 09 10 09 08 06 11 11 12 13 12 12 12 France 272 270 270 266 257 251 254 243 233 215 227 224 Germany 568 463 456 445 393 472 471 484 478 447 444 433 Greece 07 07 06 06 07 23 26 25 26 26 26 26 Hungary 21 23 20 27 22 18 24 28 41 35 48 36 Ireland 148 167 179 231 213 207 217 229 220 212 248 307 Italy 243 232 243 228 212 203 188 173 160 138 141 134 Japan 101 144 177 157 159 153 80 83 83 77 132 136 Lithuania 02 04 04 03 02 03 03 04 02 01 01 02 Mexico 226 242 238 246 254 233 222 230 229 232 226 241 Netherlands 159 161 157 162 151 157 177 149 138 138 143 109 Norway 19 20 21 19 18 19 23 17 19 18 30 31 Poland 24 43 49 54 62 74 75 84 86 86 71 75 Portugal 16 39 37 38 37 36 33 35 34 11 13 13 Singapore 98 140 95 110 131 152 111 151 162 152 187 137 Slovak Republic 03 02 11 17 18 21 21 25 20 15 10 14 Slovenia 01 02 02 02 02 02 02 03 02 02 02 02 South Korea 24 34 31 44 43 53 60 69 75 71 59 71 Spain 109 109 109 110 104 101 104 106 113 90 80 102 Sweden 30 38 37 38 49 56 46 51 49 33 21 24 Switzerland 34 41 24 27 29 37 43 55 78 80 80 81 United Kingdom 582 536 502 514 508 512 525 491 487 424 444 437 All other countries 427 464 450 445 503 623 705 792 958 1055 934 1135 Residual 1 ndash18 ndash02 ndash05 ndash17 ndash14 00 ndash01 05 ndash07 ndash02 ndash22 ndash07

Less than $500000 the corresponding chained-dollar estimates are usually not additive The residual line is the difference 1 Because the formula for the chain-type quantity indexes uses weights of more than one period between the first line and the sum of the most detailed lines


in all major manufacturing groups except computers and electronic products and electrical equipment apshypliances and components Overall Chinarsquos share of real value added in 2010 was the 4th highest of the 29 selected countries after the United Kingdom Germany and Canada up from the 12th highest in 1999

The real value added of foreign affiliates in all other countries increased 215 percent to $1135 billion Based on the current-dollar value-added estimates and the market-exchange-rate-based estimates the inshycrease was led by affiliates in Latin America and Other Western Hemisphere

Conclusion Each year the Bureau of Economic Analysis conducts a survey of the operations of US parent companies and their foreign affiliates The most recent results show that the production of goods and services of US MNCs as measured by value added grew in 2010 reshyflecting renewed economic growth in the United States and in many foreign host countries Growth in proshyduction at home was widespread by industry but it was most rapid in petroleum-related industries and in finance Growth in production abroad was widespread by area except Europe but it was most rapid in less deshyveloped countries particularly in big emerging marshykets such as Brazil China and India

Data Availability The final statistics on the worldwide operations of US multinational companies (MNCs) for 2009 and the preliminary statistics for 2010 are presented in this article The statistics are based on the 2009 benchmark survey and the 2010 annual survey of US direct investment abroad More detailed statistics are availshyable on BEArsquos Web site

The final statistics on the operations of US MNCs for 1977 and for 1982ndash2009 are available in publicashytions or in data files that can be downloaded free of charge from the BEA Web site at wwwbeagov For more information about these products and how to obtain them go to wwwbeagov click on ldquoInternashytionalrdquo and under ldquoDirect Investment and Multinashytional Companiesrdquo click on ldquoInternational Economics Directorate Product Guiderdquo The statistics are available under ldquoOperations of US Parent Companies and their Foreign Affiliatesrdquo

BEA has a free service on its Web site that allows users to interactively access detailed statistics on the operations of US multinational companies on the operations of foreign-owned companies in the United States and on other aspects of US direct investment abroad and foreign direct investment in the United States For an introductory guide to this service see Ned G Howenstine ldquoPrimer Accessing BEA Direct Investment Data Interactivelyrdquo SURVEY OF CURRENT

BUSINESS 86 (May 2006) 61ndash64

Tables 81 to 122 follow


Table 81 Selected Statistics for US Parents by Industry of US Parent 2009

Millions of dollars

Thousands of

employees Total assets

Sales Net

income Capital

expenditures RampD

expenditures Value added

Compensation of employees Total Goods

supplied Services supplied Other 1

All industries 27630675 9208797 5216070 3313413 679314 622375 431796 207297 2595776 1590589 229327 Mining 416056 108028 79035 28970 23 11518 35870 560 76139 18647 1870

Oil and gas extraction 242596 49845 (D) (D) 2 204 24444 (D) 40951 4671 366 Other 173460 58183 (D) (D) 21 11314 11427 (D) 35188 13976 1504

Manufacturing 5881359 3656719 3364779 252520 39420 354420 149646 157731 1034139 591953 68643 Food 398530 403193 389937 (D) (D) 26792 12125 1927 79682 41431 7117 Beverages and tobacco products 230397 97559 95086 (D) (D) 16275 3179 338 52779 14962 1861 Textiles apparel and leather products 22942 21371 20664 708 0 235 348 182 5523 4252 873 Wood products 12456 11621 (D) (D) 0 133 148 80 2556 1992 401 Paper 128133 81953 80646 1136 171 3176 1939 1069 32748 17390 2063 Printing and related support activities 25953 25056 22856 2201 0 424 448 133 10157 7488 1050 Petroleum and coal products 845397 753201 714883 (D) (D) 41863 40042 2924 108893 38394 3183 Chemicals 1224438 529218 518124 10598 496 106986 18106 47244 201117 93429 7990

Basic chemicals 132137 84702 84223 479 1 1084 3701 913 19385 9518 966 Resins and synthetic rubber fibers and filaments 114228 51033 48890 (D) (D) 2413 2217 2721 10451 7897 799 Pharmaceuticals and medicines 770767 277148 270192 (D) (D) 78416 8171 39576 116749 56388 3975 Soap cleaning compounds and toilet preparations 114567 58865 57956 909 0 18375 2141 (D) 29767 8769 1009 Other 92739 57469 56863 607 0 6697 1876 (D) 24765 10857 1241

Plastics and rubber products 97086 79686 75046 4640 0 2363 2321 1109 24001 17015 2762 Nonmetallic mineral products 62817 34656 33973 682 0 ndash1673 2450 388 10951 8434 1078 Primary and fabricated metals 201623 141813 139271 (D) (D) ndash4789 4316 1217 32287 28380 3639

Primary metals 132115 90049 88722 1326 1 ndash6976 3117 453 16943 17156 2084 Fabricated metal products 69508 51764 50549 (D) (D) 2187 1199 764 15344 11224 1555

Machinery 325683 189351 171419 (D) (D) 8047 6207 6743 55685 42255 5076 Agriculture construction and mining machinery 148057 76216 69344 (D) (D) 4573 2760 2330 17287 13627 1404 Industrial machinery 67604 28559 (D) (D) 0 499 1075 1690 7762 6510 1008 Other 110022 84577 (D) 9978 (D) 2975 2372 2724 30635 22118 2664

Computers and electronic products 624064 366908 316731 (D) (D) 22476 14692 35823 129234 87151 8916 Computers and peripheral equipment 155885 122018 98138 23880 0 15284 4876 6717 34680 21985 2544 Communications equipment 116822 55814 49436 6378 0 5363 1575 7991 24221 15232 1106 Audio and video equipment (D) (D) (D) (D) 0 (D) 174 (D) 1414 (D) 212 Semiconductors and other electronic components 198487 95878 94153 (D) (D) ndash3545 6604 12893 33068 22959 2179 Navigational measuring and other instruments 143281 86148 68528 (D) (D) 6293 1454 7557 35848 25246 2870 Magnetic and optical media (D) (D) (D) (D) 0 (D) 9 (D) 3 (D) 05

Electrical equipment appliances and components 147960 90057 87184 2874 0 7369 2917 3040 25742 18700 2635 Transportation equipment 1315365 725288 586203 103151 35933 118721 36490 48960 220044 141594 16203

Motor vehicles bodies and trailers and parts 525989 320829 285665 (D) (D) 96444 25313 10316 69206 36440 5846 Other 789376 404459 300538 (D) (D) 22278 11176 38643 150839 105154 10357

Furniture and related products 17495 18016 17203 (D) (D) ndash21 229 237 5076 4543 791 Miscellaneous manufacturing 201019 87770 (D) (D) 0 6043 3691 6317 37663 24543 3007

Wholesale trade 819766 1109793 886455 (D) (D) 13515 27939 6440 124433 77592 10654 Professional and commercial equipment and supplies 57616 66658 49865 16793 0 ndash640 872 1173 9940 8304 1032 Petroleum and petroleum products 43236 84292 75717 8576 0 948 5612 (D) 5892 2227 249 Drugs and druggistsrsquo sundries 109761 343987 297929 46059 0 4812 935 1322 14514 8253 1126 Other 609153 614856 462945 (D) (D) 8395 20521 (D) 94087 58808 8247

Retail trade 516337 930573 653394 (D) (D) 33544 19120 (D) 238585 122884 43497 General merchandise stores 216270 471922 349723 (D) (D) 17592 8138 0 113033 57455 21777 Clothing and clothing accessories stores 46760 68840 40250 (D) (D) 3898 2035 8 25886 12708 6359 Other 253307 389811 263421 (D) (D) 12053 8947 (D) 99666 52722 15361

Information 1517745 708959 (D) 626101 (D) 51380 57556 21035 287628 138367 17115 Publishing industries 250322 131205 (D) 74174 (D) 11814 5199 14456 58165 39615 3631 Motion picture and sound recording industries 71098 37506 (D) (D) 0 ndash1372 1031 (D) 4369 4487 631 Broadcasting (except Internet) and telecommunications 986292 428413 2888 425037 488 31235 47236 1128 181647 66875 9294

Broadcasting (except Internet) 249675 106060 (D) 103274 (D) 3046 4021 (D) 39219 16434 1995 Telecommunications 736617 322353 (D) 321763 (D) 28189 43216 (D) 142428 50441 7299

Data processing hosting and related services 47931 48319 (D) (D) (D) 1749 1235 750 13639 9052 1199 Other information services 162102 63515 (D) 62886 (D) 7953 2855 (D) 29809 18338 2360

Finance and insurance 16251822 1509372 5903 903567 599903 72119 41289 186 260120 273073 24897 Depository credit intermediation (banking) 6661763 466971 0 328061 138910 17791 8625 0 104434 113908 11750 Finance except depository institutions 4560420 291898 (D) 201751 (D) 31241 21094 (D) 88285 79335 5162 Insurance carriers and related activities 5029639 750503 (D) 373754 (D) 23087 11570 (D) 67402 79831 7984

Professional scientific and technical services 459879 307770 22010 283099 2661 46558 7793 15931 177549 122386 12541 Architectural engineering and related services 39407 54763 (D) 46281 (D) 1999 538 42 23604 20876 2041 Computer systems design and related services 216314 115677 (D) 101001 (D) 23481 4092 10134 67047 44201 4179 Management scientific and technical consulting 26432 15977 1 (D) (D) 1113 336 71 11044 9575 676 Advertising and related services 74248 21829 0 (D) (D) ndash2181 471 1 12035 8596 861 Other 103478 99524 (D) 98510 (D) 22146 2356 5683 63819 39138 4784

Other industries 1767710 877582 (D) 742367 (D) 39322 92582 (D) 397183 245686 50111 Agriculture forestry fishing and hunting 6378 9338 9313 25 0 ndash178 198 (D) 2192 1839 542 Construction 48173 73085 71813 (D) (D) 993 1116 4 22088 19028 2286 Utilities 470201 173914 (D) 154070 (D) 16378 31374 6 61955 17278 1578 Transportation and warehousing 416760 234784 4691 229744 349 8888 22900 68 106120 67900 10134 Real estate and rental and leasing 194572 64186 1520 58679 3987 ndash2765 22150 (D) 34487 16013 2300 Management of nonbank companies and enterprises 153262 1034 (D) (D) 1 ndash842 268 0 ndash1271 213 24 Administration support and waste management 154057 126223 (D) 115579 (D) 6123 5243 (D) 59080 48237 10364 Health care and social assistance 54726 55282 (D) (D) 4 2868 1578 (D) 31826 23440 4453 Accommodation and food services 167018 87018 (D) 78241 (D) 7517 3519 37 52654 32349 13446 Miscellaneous services 102564 52718 3098 49620 0 340 4234 344 28052 19390 4983

Less than $500000 (+ndash) removed (and included in ther services supplied measure) plus the portion of premiums set aside for the D Suppressed to avoid disclosure of data of individual companies settlement of expected or ldquonormalrdquo losses For banks ldquootherrdquo consists of the investment income remaining 1 ldquoOtherrdquo consists largely of investment income that is included in ldquosales or gross operating revenuesrdquo in after BEArsquos estimate of the value of implicit services provided by banks is excluded (and included in services

the income statement In finance and insurance investment income is included in sales because it is gener- supplied) In industries other than finance and insurance investment income is generally considered to be an ated by a primary activity of the company For insurance ldquootherrdquo consists of investment income remaining incidental revenue source this income is included in the income statement in a separate ldquoother incomerdquo cateshyafter BEArsquos estimate of investment income earned on funds insurers hold on behalf of policyholders is gory but is not included in sales or in this column



Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD




All industries 29508242 9772683 5623460 3493313 655910 892071 438327 212513 2885927 1612953 228198 Mining 466164 125960 93530 (D) (D) 34567 35430 554 75306 19548 2043

Oil and gas extraction 276934 60181 57065 3114 1 17837 26391 8 39981 4961 378 Other 189230 65779 36465 (D) (D) 16730 9039 546 35326 14586 1665

Manufacturing 6110816 4022457 3726196 251719 44541 406558 152010 161230 1131725 597515 69193 Food 453818 417326 407258 (D) (D) 35590 13286 2219 93621 45659 8223 Beverages and tobacco products 233389 85543 84403 (D) (D) 20767 3030 313 49314 11586 1294 Textiles apparel and leather products 27142 23595 22297 1298 0 960 449 217 6965 4588 937 Wood products 11421 11329 11023 (D) (D) 152 215 87 2527 2035 360 Paper 130651 90185 88390 1471 324 13145 2300 1176 30780 17624 2038 Printing and related support activities 28368 24963 23349 1615 0 1495 553 74 10785 6495 1062 Petroleum and coal products 939744 925765 891890 (D) (D) 62387 47434 3431 133301 38677 2995 Chemicals 1235731 569927 558164 11004 759 104212 16985 49866 194186 94161 7984

Basic chemicals 130327 104246 103787 (D) (D) 16771 3395 1000 20911 10272 980 Resins and synthetic rubber fibers and filaments 117701 56786 56038 (D) (D) 6870 2196 3233 13421 8163 755 Pharmaceuticals and medicines 776536 284850 276424 (D) (D) 56739 7390 41616 112199 55526 3854 Soap cleaning compounds and toilet preparations 114655 60006 59176 831 0 18158 1907 1936 28611 9038 1088 Other 96513 64039 62740 1299 0 5672 2097 2081 19043 11163 1307

Plastics and rubber products 104549 92210 86065 6145 0 4567 2526 1250 27089 17514 2842 Nonmetallic mineral products 55688 33211 32503 708 0 1066 1747 383 10332 7208 942 Primary and fabricated metals 201994 160049 157158 (D) (D) 5231 3899 1165 43059 28047 3618

Primary metals 135744 109470 107386 (D) (D) 2250 2809 481 27867 17851 2110 Fabricated metal products 66250 50579 49772 807 0 2982 1091 684 15192 10196 1508

Machinery 348501 209562 187762 19238 2562 16898 6344 7730 62503 41249 5312 Agriculture construction and mining machinery 153665 83804 75215 (D) (D) 8351 2859 2814 21776 14021 1447 Industrial machinery 77230 39347 (D) (D) 0 3698 1179 1999 12181 6671 1064 Other 117605 86411 (D) 10623 (D) 4848 2306 2917 28546 20557 2801

Computers and electronic products 645820 399184 347278 (D) (D) 69840 14342 34451 156667 86919 8846 Computers and peripheral equipment 136853 123556 97740 25817 0 25752 4368 4919 36560 19960 2485 Communications equipment 127024 58154 (D) (D) 0 10076 1436 7876 27378 13469 1024 Audio and video equipment (D) (D) (D) (D) 0 370 187 (D) (D) (D) 212 Semiconductors and other electronic components 222694 115993 115241 (D) (D) 24009 6641 13642 51464 25146 2197 Navigational measuring and other instruments 149233 93647 76047 (D) (D) 9630 1700 7309 39307 26580 2922 Magnetic and optical media (D) (D) (D) 79 0 3 9 (D) (D) (D) 05



Furniture and related products 18243 17980 17186 (D) (D) ndash802 307 217 5143 4522 753 Miscellaneous manufacturing 224770 99314 94655 (D) (D) 11639 3349 7029 44681 26980 3135

Wholesale trade 951396 1170177 905798 (D) (D) 32992 29010 6056 144511 80345 10966 Professional and commercial equipment and supplies 66791 76489 55737 20753 0 1587 975 1632 12787 9157 1100 Petroleum and petroleum products 49725 87287 79774 7513 0 1039 5946 (D) 5045 2348 253 Drugs and druggistsrsquo sundries 106920 351512 301452 50060 0 4576 981 1356 18200 8882 1129 Other 727959 654888 468835 (D) (D) 25790 21109 (D) 108479 59957 8485

Retail trade 545457 938299 643268 292050 2980 40134 23197 (D) 250257 122047 43077 General merchandise stores 243893 485593 355775 (D) (D) 17974 11494 0 118935 57804 21850 Clothing and clothing accessories stores 49754 75815 42471 (D) (D) 5182 2219 11 28479 13671 6529 Other 251810 376891 245022 (D) (D) 16977 9484 (D) 102844 50571 14698

Information 1502800 743774 93595 648322 1857 100167 60211 22165 326811 138421 16248 Publishing industries 245880 138353 58845 79249 259 29416 4258 14522 72202 40409 3547 Motion picture and sound recording industries 68900 40024 (D) (D) (D) 3888 905 (D) 8770 3006 598 Broadcasting (except Internet) and telecommunications 978905 434196 6372 426991 832 51823 49196 1157 197778 69632 8977

Broadcasting (except Internet) 251566 111245 (D) (D) (D) 11076 3721 (D) 39833 17861 2194 Telecommunications 727339 322950 (D) (D) (D) 40746 45475 (D) 157944 51772 6783

Data processing hosting and related services 40973 62027 (D) (D) (D) 2107 1040 806 12482 6498 738 Other information services 168142 69173 3488 (D) (D) 12933 4812 (D) 35579 18875 2389

Finance and insurance 17642979 1548778 6312 973778 568687 161526 36719 190 340360 282676 24811 Depository credit intermediation (banking) 7161928 461758 () 348472 113286 46630 8088 0 136446 114720 11395 Finance except depository institutions 5307872 314939 (D) 225114 (D) 56824 20083 (D) 122274 84279 5277 Insurance carriers and related activities 5173180 772080 (D) 400192 (D) 58072 8548 (D) 81640 83677 8140

Professional scientific and technical services 474324 310734 20353 288200 2181 55709 8965 17557 194673 124457 12313 Architectural engineering and related services 42006 49924 (D) 43591 (D) 2090 829 118 23844 20253 1944 Computer systems design and related services 226034 121294 (D) 106600 (D) 25382 4691 11142 79575 46560 4277 Management scientific and technical consulting 26499 15678 2 (D) (D) 1428 293 (D) 10209 8887 541 Advertising and related services 75411 22274 0 (D) (D) 821 531 (D) 13067 9253 849 Other 104374 101563 (D) 100602 (D) 25988 2621 6208 67979 39503 4703

Other industries 1814305 912505 134407 (D) (D) 60418 92787 (D) 422283 247944 49546 Agriculture forestry fishing and hunting 3851 2793 2763 30 0 148 93 (D) 1039 633 172 Construction 49721 73169 69047 3982 141 2024 1216 (D) 22669 18820 2041 Utilities 467064 174091 31481 142413 197 8215 31827 12 57728 16381 1490 Transportation and warehousing 436063 259972 8111 250943 918 14078 22498 56 113559 68728 10199 Real estate and rental and leasing 195129 65378 1450 59546 4382 2885 22126 (D) 33602 15857 2110 Management of nonbank companies and enterprises 164118 911 (D) (D) 1 14754 190 () 11433 180 22 Administration support and waste management 158661 134504 (D) 123353 (D) 4271 5688 988 65607 52302 10883 Health care and social assistance 56725 56269 (D) 55714 (D) 3853 1895 (D) 34279 24687 4410 Accommodation and food services 178474 89754 (D) 76551 (D) 8786 3096 51 52711 31050 13573 Miscellaneous services 104499 55664 2236 (D) (D) 1404 4156 159 29656 19307 4646




Table 9 Selected Statistics for Foreign Affiliates by Country of Affiliate 2009 and 2010

2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of

employees Total assets Sales Net income

US exports of

goods shipped to affiliates

US imports of

goods shipped by

affiliates

Compensation of employees Total assets Sales Net

income

US exports of goods

shipped to affiliates

US imports of goods

shipped by affiliates

Compensation of employees

All countries 22157766 5640390 869358 230111 269648 547856 130293 23277276 6034813 1138435 256823 303867 552627 132558 Canada 1219132 526827 36283 67293 (D) 57771 10990 1232485 596698 67963 (D) 102092 58902 10937 Europe 12204600 2845990 510351 66584 73310 295822 47473 12395013 2796174 637702 65616 73865 284110 45935

Austria (D) (D) 2691 233 200 3336 416 (D) 20650 2283 284 287 3315 411 Belgium (D) 124837 16035 4475 3378 12779 1467 (D) 130869 (D) 4858 3523 12167 1434 Czech Republic (D) (D) (D) 127 (D) (D) L 32027 19091 1663 160 (D) 2291 803 Denmark (D) (D) (D) 300 296 (D) K (D) (D) (D) 337 294 (D) K Finland (D) 10848 (D) 186 182 (D) 209 15357 10675 811 41 173 1513 201 France 394874 211690 7564 (D) (D) 35487 5647 394337 213885 8794 (D) (D) 35058 5698 Germany 968328 387513 5519 9179 7351 52129 6671 886101 358732 12293 9295 7476 49898 6458 Greece (D) (D) (D) 192 (D) (D) L (D) (D) (D) 54 3 (D) L Hungary 30426 18196 2264 148 675 1675 601 51489 19022 1855 142 616 1650 608 Ireland 810507 239609 70017 4412 23228 7424 1017 845649 261849 95913 5263 26689 7288 M Italy 205526 144304 8490 (D) 1574 16091 2532 188345 131735 5476 1145 1563 14911 2395 Luxembourg 1182492 30287 66087 325 246 (D) J 1265618 28642 94232 489 325 (D) 162 Netherlands 1757274 245809 126016 (D) (D) 17238 2243 1844794 249844 168808 (D) (D) 17580 2323 Norway 100593 48017 7599 247 669 3945 379 112849 51592 13420 196 801 4145 396 Poland 65346 (D) (D) 283 133 (D) M 64254 40330 2765 519 292 4241 1799 Portugal (D) (D) (D) 117 71 1458 311 (D) 14431 (D) 92 88 1520 339 Russia (D) (D) (D) (D) 18 (D) M 61581 41423 5796 298 57 2761 1081 Spain 208175 100002 7392 (D) 1119 12507 2066 206717 100905 13872 (D) 914 12008 1981 Sweden 130464 43222 ndash644 233 2540 (D) L 120897 33095 1090 357 364 (D) L Switzerland 546253 256922 57294 (D) (D) 9763 1017 566287 269587 50821 (D) (D) 10371 1029 Turkey (D) 36328 3503 186 30 2512 649 (D) 39628 (D) 221 (D) 2729 710 United Kingdom 4802577 652547 92819 (D) 10571 86751 13598 4915951 664042 100171 (D) 9253 84577 13822 Other 149855 44785 12206 (D) (D) 3325 1509 151675 53543 18062 (D) (D) 3466 1497

Latin America and Other Western Hemisphere 3705263 650808 163063 44810 51740 53706 26015 3909813 732883 204622 53110 63371 59150 27512 South America 477449 287038 28971 9419 (D) 28477 10265 567817 338586 37940 10421 (D) 32554 10921

Argentina 54480 38815 2458 838 2651 3679 1481 61982 44313 3901 1150 (D) 4205 1515 Brazil 229007 152696 14688 5147 (D) 16110 5423 294908 187811 17445 5860 2962 19318 5907 Chile 66995 25956 3732 795 225 2707 1266 79287 32552 5390 901 673 2958 1220 Colombia (D) 20099 (D) (D) 952 1913 741 (D) 24163 (D) (D) 575 2207 805 Ecuador (D) (D) (D) 98 (D) (D) J (D) (D) (D) 183 (D) (D) J Peru 27910 12496 2542 222 1054 (D) K (D) 13735 (D) (D) (D) (D) K Venezuela (D) 25802 (D) (D) 52 2346 598 (D) 23976 (D) 1108 17 2022 676 Other (D) (D) (D) 211 (D) (D) J (D) (D) 720 134 (D) (D) J

Central America 472567 238493 13397 33361 40130 22667 14818 467889 266776 22866 41080 50463 23999 15441 Costa Rica (D) (D) (D) (D) (D) (D) L (D) (D) (D) 391 1607 (D) L Honduras (D) (D) (D) 735 731 (D) L (D) 5056 (D) 548 (D) 499 550 Mexico 384019 205814 9627 30857 36999 19555 12400 377387 229147 19073 38679 47212 20682 12963 Panama (D) 9359 2182 (D) 0 (D) K (D) 10910 (D) (D) 0 (D) K Other 14896 10993 546 (D) (D) 880 845 14519 (D) 775 (D) (D) 894 837

Other Western Hemisphere 2755246 125277 120695 2030 (D) 2562 932 2874107 127521 143816 1609 (D) 2597 1150 Barbados (D) (D) (D) 62 (D) (D) 19 51366 10221 2937 (D) (D) 54 14 Bermuda 897944 50287 66302 (D) () (D) K 933753 51639 84541 370 () (D) K Dominican Republic 5696 (D) (D) (D) (D) (D) K 6376 5578 459 (D) (D) 331 L United Kingdom Islands Caribbean 1181834 38104 36830 325 78 331 46 1281104 35595 45638 (D) 89 277 46 Other (D) 21337 15495 (D) (D) 909 285 601507 24488 10240 594 1627 (D) 291

Africa 254975 102408 25069 1535 (D) 6696 2283 307190 119492 35330 1892 (D) 7627 2438 Egypt 20461 13259 2119 (D) 3 682 403 22872 14961 2811 (D) (D) 724 421 Nigeria (D) 18817 (D) 9 (D) (D) 97 65710 22919 (D) 25 (D) 622 93 South Africa 36025 31256 2667 (D) 392 3202 901 44267 36730 3316 (D) (D) 3716 952 Other (D) 39075 (D) (D) (D) (D) 882 174342 44881 (D) 529 2979 2565 972

Middle East 198257 105442 17662 595 (D) 7386 1292 220761 149784 35224 (D) (D) 8259 1355 Israel (D) 16603 (D) 112 (D) (D) 702 37988 18607 1880 153 1082 (D) 741 Saudi Arabia 29515 24613 4496 85 1 1233 196 32820 26523 (D) (D) (D) 1214 185 United Arab Emirates 21647 (D) (D) 384 (D) 1200 218 24568 (D) 1701 (D) 174 (D) 229 Other (D) (D) (D) 15 (D) (D) 176 125384 (D) (D) (D) 1678 (D) 200

Asia and Pacific 4575539 1408915 116929 49294 49464 126476 42239 5212014 1639781 157595 60650 56934 134579 44381 Australia 452459 165178 14408 (D) (D) 22124 3399 529908 184735 17571 (D) 2890 24791 3518 China (D) 238857 28164 (D) 7181 21708 14302 (D) 303628 39383 (D) 9075 25245 15412 Hong Kong 305154 96822 13008 4634 5504 6369 1240 347142 111707 15954 5535 5716 7014 1361 India 105837 55648 2974 1433 733 9308 6374 119667 65646 4704 1064 (D) 10519 7101 Indonesia 56699 27714 6420 406 264 1899 1093 61470 34225 9442 490 247 2088 1138 Japan (D) 303033 7379 10629 4912 39331 6013 (D) 306545 10762 11840 3528 36347 5523 Korea Republic of 170203 81268 4408 2666 2033 5912 1357 187857 107213 7514 2607 2181 6394 1364 Malaysia 66695 49313 4966 2426 (D) 2436 1400 67798 57972 6446 2347 (D) 2695 1524 New Zealand 18803 11413 459 115 89 1356 335 19634 13764 370 164 54 1394 329 Philippines 30388 17116 1789 1172 668 1522 1488 36503 21615 2132 (D) 485 1814 1672 Singapore 410084 256601 24627 (D) 13287 7883 1496 485799 308178 31258 (D) (D) 8549 1570 Taiwan (D) 40543 3264 (D) 1568 (D) 982 148420 46443 3837 (D) (D) 2967 1039 Thailand 83170 46920 3506 1926 (D) 2390 1930 103412 57903 5469 (D) (D) 3084 2073 Other (D) 18491 1556 44 229 (D) 830 (D) 20208 2754 167 292 1678 759

Addenda European Union (27) 1 11207606 2364155 420396 54042 62875 271023 42280 11416621 2362667 546050 53943 61810 262973 42224 OPEC 2 314116 150554 31703 2421 (D) 7302 1479 350507 197187 54831 2572 (D) 7827 1594

D Suppressed to avoid disclosure of data on individual companies Ecuador Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia the United Arab Emirates and Venezuela 1 The European Union (27) comprises Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia NOTE Size ranges are given in employment cells that are suppressed The size ranges are Amdash1 to 499 Fmdash500 to

Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta the Netherlands 999 Gmdash1000 to 2499 Hmdash2500 to 4999 Imdash5000 to 9999 Jmdash10000 to 24999 Kmdash25000 to 49999 L-50000 to Poland Portugal Romania Slovakia Slovenia Spain Sweden and the United Kingdom 99999 Mmdash100000 or more

2 OPEC is the Organization of Petroleum Exporting Countries In 2009 and 2010 its members were Algeria Angola

November 2012 SURVEY OF CURRENT BUSINESS 69

Table 101 Selected Statistics for Majority-Owned Foreign Affiliates by Country of Affiliate 2009

Millions of dollars

Thousands of


Sales

Net income Capital expenditures

RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added



All countries 18775261 4783647 3406146 1151650 225851 778787 167066 39205 219343 258058 1144957 482041 107939 Canada 1169619 505833 373977 114747 17109 35181 20298 2920 63859 83659 113675 56345 10827 Europe 11071533 2455060 1743453 613541 98066 469949 62927 25044 63204 72962 599220 270035 41374

Austria 40217 20984 16299 4505 180 2669 844 296 233 200 5795 3317 410 Belgium 350360 117077 91579 19249 6249 14054 2055 2378 4470 3378 23110 11543 1358 Czech Republic 29042 16715 13114 3117 484 921 491 81 127 201 5086 2072 720 Denmark 58261 18527 13798 4548 181 5399 981 185 300 296 8759 3055 342 Finland 18162 10683 8361 2241 81 2767 193 145 186 182 3104 1526 207 France 376478 200491 153099 43885 3507 7375 4392 1943 4112 6251 52299 33985 5374 Germany 672964 316584 253642 56727 6216 4881 8007 7528 9177 7342 87065 49753 6197 Greece 11928 8260 6322 1606 331 284 114 32 192 (D) 3671 1118 181 Hungary 28958 17283 (D) (D) 712 2213 467 45 148 675 5430 1623 580 Ireland 807045 237478 173148 58329 6002 69580 4989 1046 4408 23228 55476 7316 997 Italy 155293 113075 84494 26976 1605 3451 2729 788 1154 1517 29980 14490 2137 Luxembourg 1166277 28436 7016 13364 8057 66745 245 (D) 325 246 6917 1341 157 Netherlands 1609707 200554 147740 45475 7339 116302 2580 1022 11986 4553 26970 16136 2122 Norway 99701 47514 40959 6377 179 7514 8401 53 247 669 25425 3900 372 Poland 61379 33340 25615 6306 1419 1439 1621 140 283 130 10054 3666 1550 Portugal 42718 10459 7565 2594 300 2213 258 36 117 71 4432 1383 289 Russia 42665 28012 (D) (D) 567 2194 1865 68 387 18 7373 2527 1061 Spain 185459 84921 66723 15605 2593 5659 2074 570 1195 1119 15666 11406 1835 Sweden 126477 41704 33152 7652 901 ndash733 1028 1133 233 2540 7023 6110 800 Switzerland 535067 251072 188795 59960 2317 56951 1735 1436 11075 9570 35316 9313 880 Turkey 17416 18663 15437 2898 328 1101 323 39 176 30 6849 1616 373 United Kingdom 4491386 591671 326332 217847 47492 85282 13360 5792 12218 10563 155702 79675 12035 Other 144570 41556 35118 5412 1025 11685 4174 (D) 453 (D) 17718 3164 1399

Latin America and Other Western Hemisphere 3469386 561451 386763 128512 46177 151331 25961 1465 42906 49473 128414 44913 21425 South America 408099 258975 199509 49695 9771 25092 15864 1144 9104 7694 75832 26389 9505

Argentina 50196 35956 28346 6514 1096 2353 3740 92 838 2649 12984 3407 1371 Brazil 206617 142023 110886 25411 5726 13195 8334 955 5034 2596 37427 15402 5224 Chile 59519 21764 14395 6596 773 3322 1604 20 794 223 6867 2285 1138 Colombia 19826 17169 12992 3534 643 1397 1020 26 656 952 5344 1624 598 Ecuador 4066 3657 2827 760 71 13 49 1 98 (D) 887 264 136 Peru 20583 10893 (D) 1570 (D) 2146 607 22 217 1054 4694 857 356 Venezuela 32669 20865 15882 3911 1073 2070 363 25 1255 52 6354 2201 536 Other 14623 6647 (D) 1400 (D) 596 146 3 211 (D) 1274 348 145

Central America 348181 190774 143428 37580 9767 7105 5760 314 31885 38041 36133 17002 11412 Costa Rica 26120 6025 (D) 1178 (D) 604 189 8 277 1779 1417 659 481 Honduras 2803 3248 (D) 351 (D) 139 23 (D) 735 731 791 381 440 Mexico 296904 167483 126423 31807 9253 5486 5132 281 29388 34944 30990 14884 9691 Panama 9441 5573 (D) (D) 79 391 193 2 (D) 0 877 441 203 Other 12913 8445 (D) (D) (D) 485 223 (D) (D) 588 2058 638 597

Other Western Hemisphere 2713105 111702 43826 41237 26639 119134 4337 8 1917 3737 16449 1522 508 Barbados 46625 10210 5893 2575 1742 1385 111 () 62 (D) 2133 52 14 Bermuda 876418 43376 (D) (D) 14010 64422 (D) 5 (D) () 4078 374 34 Dominican Republic 4185 4357 3066 1285 6 561 66 2 519 758 1124 232 260 United Kingdom Islands Caribbean 1170547 36955 14893 12864 9198 37592 1598 1 320 78 4832 302 41 Other 615330 16804 (D) (D) 1683 15174 (D) 1 (D) (D) 4281 561 159

Africa 228326 83727 70817 12038 871 22692 14213 94 1425 4568 44858 5348 1631 Egypt 17026 (D) 8735 (D) (D) 1737 1468 6 (D) 3 4816 554 249 Nigeria 48025 17883 (D) (D) (D) 6820 (D) () 8 (D) 14382 565 89 South Africa 24173 20309 15746 4170 393 899 577 83 728 386 5598 2222 581 Other 139101 (D) (D) (D) 291 13236 (D) 5 (D) (D) 20063 2006 712

Middle East 116225 49258 32913 15465 880 6053 2807 1856 539 2227 17656 5890 1019 Israel 31766 14059 10234 3710 115 438 591 1845 112 804 5753 3530 635 Saudi Arabia 11117 4804 (D) 2351 (D) 1427 236 () (D) 1 983 545 83 United Arab Emirates 16478 18271 12255 5737 278 866 207 11 (D) (D) 4901 1110 188 Other 56863 12124 (D) 3667 (D) 3322 1774 1 15 (D) 6019 704 113

Asia and Pacific 2720172 1128318 798222 267346 62749 93582 40861 7826 47409 45169 241135 99510 31663 Australia 420953 138269 91200 38725 8344 13428 10675 751 4955 2469 44880 19998 2946 China 190914 143702 117872 24276 1554 10360 6283 1579 5078 6876 30442 12086 9410 Hong Kong 268499 94989 56207 33350 5432 12765 1136 70 4634 5504 13785 5974 1128 India 81193 42011 23398 16601 2012 3112 1746 1377 1268 539 14575 8106 5180 Indonesia 50224 21471 18124 2851 496 5772 2424 23 406 262 13752 1795 1023 Japan 860671 221098 126179 68812 26107 7063 4356 1835 10401 1401 51175 27943 3111 Korea Republic of 130996 48610 33824 10436 4350 2069 1599 746 2259 1795 9157 5069 1182 Malaysia 63688 43897 35950 (D) (D) 4752 2027 376 2419 7513 10059 2355 1367 New Zealand 15970 9723 6477 2841 405 304 294 21 115 89 2502 1243 309 Philippines 27917 15310 11178 3655 477 1699 630 51 1172 666 4943 1467 1443 Singapore 402340 253404 212947 36088 4368 24518 5153 706 10730 13284 22777 7597 1390 Taiwan 117444 37446 23062 8991 5394 3089 1100 196 2001 1564 5007 2512 907 Thailand 51929 41525 34805 (D) (D) 3101 1941 93 1926 2978 10647 1922 1518 Other 37436 16862 6999 (D) (D) 1550 1497 2 44 229 7434 1442 749

Addenda European Union (27) 2 10268100 2085344 1454306 536492 94547 390515 47555 23435 50998 62640 511547 251637 38209 OPEC 3 215945 90765 70626 18399 1740 19332 11325 37 2204 (D) 43252 5776 1183

Less than $500000 (+ndash) D Suppressed to avoid disclosure of data of individual companies 1 ldquoOtherrdquo consists largely of investment income that is included in ldquosales or gross operating revenuesrdquo in the income

statement In finance and insurance investment income is included in sales because it is generated by a primary activity of the company For insurance ldquootherrdquo consists of investment income remaining after BEArsquos estimate of investment income earned on funds insurers hold on behalf of policyholders is removed (and included in ther services supplied measure) plus the portion of premiums set aside for the settlement of expected or ldquonormalrdquo losses For banks ldquootherrdquo consists of the investment income remaining after BEArsquos estimate of the value of implicit services provided by banks is

excluded (and included in services supplied) In industries other than finance and insurance investment income is genershyally considered to be an incidental revenue source this income is included in the income statement in a separate ldquoother incomerdquo category but is not included in sales or in this column

2 The European Union (27) comprises Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta the Netherlands Poland Portugal Romania Slovakia Slovenia Spain Sweden and the United Kingdom

3 OPEC is the Organization of Petroleum Exporting Countries In 2009 its members were Algeria Angola Ecuador Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia the United Arab Emirates and Venezuela



Millions of dollars

Thousands of employees Total assets

Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




Austria 41414 20551 16122 4306 123 2297 648 277 284 287 6132 3297 405 Belgium 345908 123527 98207 20376 4944 18208 2260 2116 4855 3523 24643 11085 1324 Czech Republic 28897 16817 12963 3470 385 1285 349 68 158 226 5501 2119 729 Denmark 59460 19126 14540 4420 166 9800 645 196 337 294 9062 3091 331 Finland 14786 10375 8271 2029 75 791 158 221 41 173 2796 1486 197 France 366600 199165 151081 45110 2974 7285 4152 1984 4821 5325 49269 32624 5315 Germany 641633 307323 244785 56399 6139 10013 8175 6713 9293 7473 84418 47487 5980 Greece 9817 7145 5373 1530 242 ndash169 106 27 54 3 3047 1121 180 Hungary 49829 18057 14456 3333 267 1790 457 65 142 616 3939 1600 586 Ireland 842531 259821 171895 81788 6138 95575 5431 1431 5259 26689 62526 7188 985 Italy 157006 112378 84668 26169 1540 2824 2489 589 1075 1509 27970 13590 2066 Luxembourg 1248713 26631 11150 9615 5866 94089 276 (D) 489 325 2601 1318 153 Netherlands 1702044 204534 148413 48210 7911 160378 2894 1290 9377 4071 23963 16437 2198 Norway 111418 50860 44598 6076 186 13321 5444 137 196 801 27546 4060 386 Poland 59533 35557 28357 5986 1213 2103 1151 136 519 289 10548 3790 1541 Portugal 33979 11558 7836 3359 363 3422 320 56 92 88 4445 1336 300 Russia 47168 34137 (D) (D) 718 4663 1650 65 295 57 9176 2611 1015 Spain 183880 83840 66130 15662 2048 12179 1805 607 1712 912 17354 10643 1750 Sweden 116981 31482 22415 8057 1010 1030 422 520 357 364 5872 4645 650 Switzerland 559944 262532 192480 67789 2263 50497 1643 1558 10489 10881 32959 9797 883 Turkey 21673 21068 17253 3532 282 2731 437 53 211 38 7839 1747 429 United Kingdom 4607423 599080 351095 206735 41251 87447 12358 5905 12498 9251 152577 77025 11997 Other 145223 50081 (D) (D) 639 17411 4299 (D) 461 231 23390 3306 1393


Argentina 57563 41728 33278 7546 904 3727 2924 115 1148 4756 16886 3920 1412 Brazil 242509 172226 134695 30952 6579 16434 8343 1372 5595 2920 45071 18014 5614 Chile 71091 28417 18977 8436 1004 5046 1782 22 900 672 9192 2602 1094 Colombia 22456 20632 15764 4289 579 1906 1044 26 829 574 6487 1899 664 Ecuador 4377 4123 3205 858 59 239 55 1 182 (D) 977 299 148 Peru 23958 12294 (D) (D) 114 2588 919 7 207 (D) 5771 927 370 Venezuela 28837 16216 12231 (D) (D) 2851 467 24 997 17 4946 1773 511 Other 16925 6798 (D) 1279 (D) 721 164 4 134 (D) 1402 376 162

Central America 381985 216434 164088 43329 9017 17436 5904 366 39403 48023 42240 18356 12090 Costa Rica 28911 7492 (D) 1569 (D) 907 188 20 390 1607 1807 765 491 Honduras 2863 3664 (D) 383 (D) 134 30 3 548 755 758 402 461 Mexico 327787 188962 143478 36967 8517 15772 5125 338 37018 44931 36717 16066 10318 Panama 9678 6851 (D) 2029 (D) ndash95 242 2 681 0 823 456 216 Other 12745 9465 (D) 2381 (D) 718 319 2 767 730 2135 666 605

Other Western Hemisphere 2818238 110586 40855 43351 26380 140261 2491 13 1505 1952 26354 1508 501 Barbados 49363 10188 5665 2730 1792 2940 (D) () (D) (D) 1803 53 14 Bermuda 905083 42741 (D) (D) 14659 82248 545 9 370 () 9465 417 38 Dominican Republic 4179 4676 3113 1557 6 398 153 2 396 (D) 1039 231 251 United Kingdom Islands Caribbean 1266526 34925 (D) (D) 7783 45301 607 1 180 89 8647 247 40 Other 593087 18057 7917 8000 2140 9374 (D) 1 (D) (D) 5400 561 158

Africa 272161 98326 84375 12844 1107 32347 14508 88 1786 4548 55443 5958 1728 Egypt 19652 12290 10665 1461 164 2375 1666 6 (D) (D) 5477 595 262 Nigeria 62243 21700 (D) (D) (D) (D) 3533 2 23 (D) 18573 593 84 South Africa 28169 23229 18001 4747 481 1174 674 74 1012 361 5730 2441 589 Other 162098 41107 (D) (D) (D) (D) 8635 6 (D) (D) 25664 2329 793

Middle East 122698 64119 46368 16873 877 12510 3165 1965 612 2692 23323 6304 1077 Israel 35102 15819 (D) 4104 (D) 1538 661 1948 153 (D) 6957 3706 664 Saudi Arabia 12493 5971 3812 2114 45 (D) 197 1 (D) (D) 1263 663 108 United Arab Emirates 18935 27575 19872 7446 258 1396 261 15 339 174 5882 1170 195 Other 56168 14754 (D) 3210 (D) (D) 2045 1 (D) (D) 9221 765 110

Asia and Pacific 2986824 1296839 938244 298471 60124 120158 44621 8313 57898 54891 276915 107004 33770 Australia 489402 150428 95550 46399 8479 17062 10480 767 5921 2890 48787 21901 2961 China 210310 170475 138991 30210 1274 14366 7559 1452 7255 8745 36942 13508 10260 Hong Kong 270326 104520 65618 35990 2911 13292 1156 153 5535 5716 14221 6349 1155 India 89378 49329 27759 19488 2082 4461 2174 1644 923 1033 16593 9130 5861 Indonesia 52050 25811 22618 2715 478 7853 2273 28 490 245 16658 1958 1041 Japan 955929 246990 145840 70822 30327 10047 4439 1885 11480 2679 48630 28350 3155 Korea Republic of 135676 55209 40284 11195 3729 3381 1830 835 2222 1856 11284 5354 1172 Malaysia 56264 51081 43538 7235 308 6037 2515 376 2340 8439 12465 2571 1478 New Zealand 16413 11642 8317 2801 525 197 261 21 164 54 1988 1272 302 Philippines 28448 18580 14140 4135 305 1912 1417 55 1007 484 4849 1723 1617 Singapore 455316 303039 256732 43410 2897 30601 4684 753 16194 16930 25249 8291 1530 Taiwan 141726 44259 28068 9929 6262 4097 1172 235 2310 2182 6279 2774 932 Thailand 43767 47558 43122 4163 273 4412 2364 106 1889 3346 13813 2342 1637 Other 41818 17919 7666 9979 274 2440 2295 2 167 292 19158 1481 669

Addenda European Union (27) 2 10546728 2106516 1473483 549942 83090 511830 44757 22579 51616 61560 502526 242078 37605 OPEC 3 230496 104871 84903 18446 1523 31200 10065 45 1941 4939 52309 5764 1194







Table 111 Employment of Majority-Owned Foreign Affiliates Country by Industry of Affiliate 2009 [Thousands of employees]

All industries Mining

Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance

Proshyfessional scientific

and technical services

Other industries Total

Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products

Electrical equipment appliances

and components

Transshyportation

equipment

All countries 107939 1995 45389 4360 6348 2120 3968 6957 1978 8477 7818 11714 4263 6082 8059 22621 Canada 10827 190 2976 335 356 192 191 202 47 709 872 3109 230 424 687 2338 Europe 41374 353 18020 1348 2950 1223 1908 1852 695 3933 3741 3091 1748 2355 3018 9050

Austria 410 01 229 14 23 05 32 26 18 51 64 10 15 10 21 60 Belgium 1358 01 708 72 172 34 72 12 15 176 158 22 42 55 92 278 Czech Republic 720 00 511 G 29 18 41 74 31 211 60 06 19 50 20 55 Denmark 342 03 140 13 15 08 44 10 03 01 39 09 09 05 85 53 Finland 207 00 115 02 21 02 26 25 04 03 30 01 10 02 26 24 France 5374 06 2096 155 392 144 286 201 52 311 538 156 106 92 261 2119 Germany 6197 42 3670 95 495 221 421 400 140 1122 718 227 122 138 456 824 Greece 181 () 65 15 22 04 01 01 00 () 37 02 04 21 15 38 Hungary 580 () 385 16 14 H 25 59 I 110 30 04 25 41 45 49 Ireland 997 03 569 15 170 04 10 177 06 04 43 12 61 117 62 131 Italy 2137 07 1048 43 239 67 193 103 73 172 230 65 111 59 195 423 Luxembourg 157 00 67 00 08 02 02 01 00 00 () 02 G 40 09 G Netherlands 2122 18 940 115 332 37 96 44 32 56 232 105 119 52 162 495 Norway 372 77 123 03 10 02 55 09 01 03 21 21 10 10 26 83 Poland 1550 () 976 169 97 62 26 61 H 319 111 06 41 193 58 164 Portugal 289 00 141 18 22 07 10 07 02 46 28 15 07 07 17 74 Russia 1061 44 512 160 44 I 38 18 02 64 76 01 11 62 28 327 Spain 1835 02 942 89 175 63 19 89 42 306 191 44 48 100 101 407 Sweden 800 00 414 F 33 26 40 22 07 196 75 22 28 31 78 152 Switzerland 880 F 298 10 71 08 31 51 19 10 252 22 50 40 65 J Turkey 373 () 235 21 57 01 08 01 () 75 42 01 05 25 06 60 United Kingdom 12035 91 2977 216 446 204 394 412 83 491 655 2337 840 1183 1127 2824 Other 1399 H 860 79 63 221 37 51 37 207 113 02 H 20 63 250

Latin America and Other Western Hemisphere 21425 596 10128 1501 1196 285 596 803 505 2450 811 3321 671 1156 629 4113 South America 9505 422 4223 830 758 121 328 166 195 900 434 M 427 415 385 M

Argentina 1371 85 482 101 119 07 09 07 () 120 42 J 69 102 72 K Brazil 5224 101 2933 L 423 92 290 138 J 687 193 L 221 175 237 L Chile 1138 56 112 G 43 01 16 04 00 01 47 K 55 26 37 K Colombia 598 71 171 35 43 13 01 05 02 G 30 05 25 59 19 219 Ecuador 136 11 68 09 10 () () 01 00 G 26 07 03 03 02 17 Peru 356 63 73 22 32 02 01 01 () 00 54 01 G 11 02 J Venezuela 536 27 326 98 81 03 10 09 A I 36 07 19 26 13 83 Other 145 09 57 17 07 02 01 01 00 () 07 02 G 14 02 H

Central America 11412 151 5669 656 412 155 267 637 310 1550 355 M 191 711 232 M Costa Rica 481 00 184 09 58 01 00 H 15 00 18 09 06 G 44 J Honduras 440 00 322 G 03 00 00 01 00 H 07 05 01 G 00 I Mexico 9691 148 4810 585 323 152 267 570 292 M 307 M 177 579 188 M Panama 203 03 15 06 06 00 00 () 00 00 12 G 04 06 01 J Other 597 () 338 H 22 01 00 H 03 00 12 25 04 I () J

Other Western Hemisphere 508 23 236 14 26 10 01 () 00 00 21 G 53 30 13 J Barbados 14 () () () 00 00 00 () 00 00 01 02 01 01 () 08 Bermuda 34 F () 00 () 00 () 00 00 00 04 00 01 15 01 F Dominican Republic 260 00 J G 21 01 () () 00 00 06 07 G 01 01 G United Kingdom Islands Caribbean 41 06 01 01 00 00 00 () 00 00 02 () 01 03 07 20 Other 159 G H A 05 09 01 00 00 00 08 G H 10 04 56

Africa 1631 248 783 102 78 21 54 15 20 J 141 20 31 68 53 287 Egypt 249 25 163 42 18 A G () 04 00 15 01 03 F 07 H Nigeria 89 70 09 () 04 () 03 01 00 00 02 00 () 03 01 05 South Africa 581 06 264 26 45 07 30 11 G 67 95 18 25 19 41 114 Other 712 147 347 34 11 G F 03 A I 29 01 02 H 05 J

Middle East 1019 88 368 30 43 10 55 159 05 G 149 17 50 37 147 163 Israel 635 () 284 G 26 02 38 149 04 G 126 17 36 07 76 88 Saudi Arabia 83 27 20 00 09 03 07 01 () 00 04 00 02 02 16 13 United Arab Emirates 188 20 39 02 07 A F 10 () 00 18 () 10 19 40 40 Other 113 40 25 F 01 A A 00 00 00 01 00 01 09 15 22

Asia and Pacific 31663 520 13113 1044 1725 389 1163 3926 706 1204 2105 2156 1533 2042 3525 6669 Australia 2946 136 888 205 118 89 84 30 32 117 275 94 211 200 337 805 China 9410 25 5109 289 659 228 509 1566 463 386 444 1185 144 90 291 2122 Hong Kong 1128 00 405 01 33 07 25 75 72 01 134 06 52 192 106 232 India 5180 10 1204 67 221 10 180 212 26 198 238 J 618 375 1918 L Indonesia 1023 262 553 I 53 () 07 41 F 07 17 01 04 47 07 133 Japan 3111 01 781 04 243 07 141 171 26 48 352 589 150 513 340 385 Korea Republic of 1182 01 573 08 47 14 59 146 01 251 112 35 20 99 61 281 Malaysia 1367 22 924 19 44 06 27 674 H 21 69 06 18 66 52 210 New Zealand 309 03 81 25 14 02 03 03 04 06 32 17 25 22 30 98 Philippines 1443 01 498 92 48 01 05 175 G I 33 13 182 I 163 K Singapore 1390 23 542 09 69 08 62 258 16 40 185 04 59 156 106 316 Taiwan 907 () 291 08 39 06 18 145 09 G 114 H 30 132 44 K Thailand 1518 23 946 161 102 06 41 378 02 57 68 37 05 65 46 329 Other 749 14 318 I 33 05 04 51 00 04 32 F 15 H 25 306

Addenda European Union (27) 1 38209 174 16626 1122 2749 1081 1762 1773 673 3779 3318 3045 1664 2213 2869 8299 OPEC 2 1183 250 482 113 110 21 32 21 A 80 87 15 35 54 82 179

Fewer than 50 employees Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia the United Arab Emirates and Venezuela 1 The European Union (27) comprises Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia NOTE Size ranges are given in employment cells that are suppressed The size ranges are Amdash1 to 499 Fmdash500 to

Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta the Netherlands 999 Gmdash1000 to 2499 Hmdash2500 to 4999 Imdash5000 to 9999 Jmdash10000 to 24999 Kmdash25000 to 49999 Lmdash50000 to Poland Portugal Romania Slovakia Slovenia Spain Sweden and the United Kingdom 99999 Mmdash100000 or more

2 OPEC is the Organization of Petroleum Exporting Countries In 2009 its members were Algeria Angola Ecuador




Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment


Austria 405 01 224 15 22 04 32 24 19 51 60 11 14 06 27 62 Belgium 1324 01 645 72 179 32 73 12 14 127 156 16 39 54 87 326 Czech Republic 729 00 496 G 30 17 51 64 30 207 64 07 19 59 20 63 Denmark 331 03 131 13 15 08 28 14 03 01 38 09 09 05 79 56 Finland 197 00 111 02 19 02 24 23 03 03 25 01 09 02 24 25 France 5315 06 1977 161 358 127 272 187 48 302 526 159 97 87 217 2245 Germany 5980 42 3512 95 388 219 380 392 154 1087 659 238 135 134 406 854 Greece 180 () 63 17 21 04 01 01 00 () 38 02 04 20 14 39 Hungary 586 () 384 15 14 H 26 63 I 122 35 04 25 41 48 48 Ireland 985 03 548 13 156 04 10 172 05 04 45 12 62 119 50 148 Italy 2066 07 996 53 205 63 182 115 71 147 210 63 116 65 185 425 Luxembourg 153 00 69 00 08 02 02 01 00 00 () 02 24 30 08 20 Netherlands 2198 16 955 120 321 37 98 40 32 75 250 115 113 77 165 507 Norway 386 78 138 05 10 08 62 08 02 03 21 22 10 10 24 83 Poland 1541 () 1000 162 89 68 29 60 45 338 111 06 46 164 55 159 Portugal 300 00 142 17 18 10 10 07 02 49 29 15 07 08 15 83 Russia 1015 44 577 135 48 I 43 19 02 72 85 01 11 65 31 199 Spain 1750 02 865 82 153 60 19 94 42 259 184 51 45 78 97 427 Sweden 650 00 268 09 35 26 39 22 07 43 74 22 23 30 70 163 Switzerland 883 F 301 G 72 09 30 39 22 10 244 22 48 41 72 J Turkey 429 () 266 20 73 01 08 01 () I 44 01 05 29 07 78 United Kingdom 11997 95 2891 176 412 201 390 395 84 487 644 2583 664 1176 1134 2809 Other 1393 H 845 75 64 220 32 35 H J 111 02 48 22 60 K

Latin America and Other Western Hemisphere 22565 622 10730 1580 1221 323 630 794 501 2787 832 M 601 1151 688 M South America 9974 460 4452 885 778 119 326 174 J 982 448 M 378 413 430 M

Argentina 1412 89 501 115 117 07 09 07 () 122 40 J 73 89 69 K Brazil 5614 133 3125 560 442 91 297 148 J 743 212 L 162 179 276 L Chile 1094 55 105 G 43 01 08 04 00 02 39 K 70 30 44 K Colombia 664 77 198 41 43 13 01 05 02 H 34 05 17 59 20 255 Ecuador 148 11 78 G 10 () () A 00 G 26 07 03 03 02 17 Peru 370 65 76 16 34 02 01 01 () 00 54 01 G 09 03 J Venezuela 511 22 302 94 82 03 09 08 00 I 35 07 20 29 15 80 Other 162 07 67 20 07 01 01 A 00 06 07 02 G 15 02 H

Central America 12090 138 6057 680 417 193 302 620 K 1806 361 2214 171 703 250 2196 Costa Rica 491 00 196 09 67 01 00 H 14 00 21 09 06 G 44 J Honduras 461 00 339 G 03 00 00 01 00 H 06 04 01 G 00 I Mexico 10318 135 5147 607 319 191 302 554 294 M 307 M 157 581 205 M Panama 216 03 15 06 06 00 00 () 00 00 14 06 04 06 01 168 Other 605 () 360 H 22 01 00 H A 00 12 G 04 I () 125

Other Western Hemisphere 501 24 221 15 26 10 01 () 00 00 23 G 52 35 08 J Barbados 14 () () () 00 00 00 00 00 00 01 02 () 01 () 07 Bermuda 38 F () 00 () 00 () 00 00 00 03 00 01 19 01 F Dominican Republic 251 00 192 G 22 01 () () 00 00 09 09 G 01 01 G United Kingdom Islands Caribbean 40 07 01 01 00 00 00 () 00 00 02 () 01 03 02 23 Other 158 G 28 A 04 09 01 00 00 00 08 G H 10 04 55

Africa 1728 271 843 J 77 23 52 15 21 178 142 G 29 79 50 K Egypt 262 25 181 55 17 A G () 04 00 16 01 03 10 07 20 Nigeria 84 66 09 () 03 () 04 01 00 00 02 00 () 03 () 05 South Africa 589 04 279 26 46 07 28 11 15 73 96 G 23 20 38 J Other 793 176 375 H 11 G F 04 01 105 28 01 02 48 05 158

Middle East 1077 87 402 H 42 10 66 179 04 04 149 04 63 45 160 166 Israel 664 () 292 01 26 02 48 J 03 04 126 03 50 15 79 98 Saudi Arabia 108 27 39 G 08 03 07 A () 00 04 00 02 01 24 10 United Arab Emirates 195 19 43 02 06 A G 11 () 00 19 () 10 19 44 41 Other 110 40 27 G 01 A A 00 00 00 01 00 01 09 14 17

Asia and Pacific 33770 477 13979 1029 1788 426 1197 4173 726 1352 2156 2257 1560 2034 4039 7268 Australia 2961 80 909 207 120 97 80 30 31 130 278 95 219 203 339 838 China 10260 25 5623 321 698 261 528 1667 451 500 460 1170 167 68 318 2428 Hong Kong 1155 00 438 01 34 07 25 80 87 01 126 09 50 188 109 235 India 5861 08 1264 65 226 09 205 208 28 215 267 J 661 370 2333 L Indonesia 1041 272 568 66 63 () 07 41 G 07 21 01 04 35 07 133 Japan 3155 01 752 05 242 03 140 141 26 50 336 669 108 581 351 358 Korea Republic of 1172 () 567 08 49 14 52 146 01 249 111 43 19 92 59 280 Malaysia 1478 22 1015 21 46 06 27 749 H 22 73 05 18 48 53 243 New Zealand 302 03 91 31 15 02 03 07 04 06 30 18 09 21 30 99 Philippines 1617 01 583 89 47 01 03 187 G I 37 12 192 H 212 L Singapore 1530 24 575 09 73 09 63 279 18 40 200 04 61 161 98 408 Taiwan 932 () 289 08 39 06 19 136 G G 116 H 31 139 46 K Thailand 1637 26 1047 169 100 06 42 445 02 62 68 36 05 55 59 341 Other 669 16 257 27 34 05 04 56 00 04 33 09 15 G 25 K

Addenda European Union (27) 1 37605 177 15900 1086 2487 1055 1685 1720 671 3532 3224 3319 1495 2172 2738 8580 OPEC 2 1194 248 489 133 110 20 34 21 () 75 88 15 36 57 93 168





Table 121 Value Added of Majority-Owned Foreign Affiliates Country by Industry of Affiliate 2009 [Millions of dollars]


Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment


Austria 5795 8 3145 275 290 41 673 338 198 616 1300 138 222 219 331 433 Belgium 23110 (D) 10953 886 2917 271 669 ndash83 211 1720 4764 222 925 2708 1403 (D) Czech Republic 5086 0 3620 (D) 321 36 196 309 68 720 588 (D) 199 311 189 (D) Denmark 8759 (D) 1565 93 227 92 437 185 20 8 636 21 142 ndash3 1386 (D) Finland 3104 0 1356 (D) 402 7 199 275 (D) (D) 1054 3 84 17 461 129 France 52299 198 27669 1691 6464 1485 3451 2587 442 2195 7640 1660 1366 3190 3537 7040 Germany 87065 1097 55902 2168 9820 2589 4667 4945 1467 9228 10427 3859 1479 1886 5974 6441 Greece 3671 1 2791 132 (D) (D) 6 (D) 0 () 510 8 40 9 175 138 Hungary 5430 (D) 3938 88 161 (D) (D) 270 (D) 419 416 ndash1 268 209 350 (D) Ireland 55476 15 32792 375 17978 19 121 7352 115 25 4369 95 6328 2695 837 8346 Italy 29980 106 17213 701 3361 541 2274 896 486 792 4236 393 1833 1562 2735 1903 Luxembourg 6917 (D) 1285 0 (D) (D) (D) (D) 0 (D) 1327 (D) ndash305 3938 83 357 Netherlands 26970 475 17611 1748 6546 422 953 1939 270 590 2134 559 1937 ndash768 2715 2306 Norway 25425 18248 4714 50 196 (D) 1987 145 20 35 613 124 242 130 538 816 Poland 10054 ndash6 4663 883 648 333 89 118 (D) 1084 3463 31 273 824 402 404 Portugal 4432 0 1190 139 453 45 40 56 (D) 187 2484 50 81 21 305 300 Russia 7373 1634 3496 934 522 (D) 142 48 6 ndash33 753 (D) 93 488 284 (D) Spain 15666 38 9047 799 2904 336 93 1191 190 1950 2761 403 437 513 973 1495 Sweden 7023 0 2605 124 ndash400 184 438 ndash30 86 1164 2149 135 310 ndash136 1292 669 Switzerland 35316 (D) 11344 160 5447 81 466 939 926 167 16863 1749 2104 1134 1639 (D) Turkey 6849 (D) 5783 219 763 (D) 40 ndash2 3 (D) 745 ndash1 79 216 75 (D) United Kingdom 155702 8605 50479 4080 6775 1585 3863 2907 602 4574 16658 16512 12615 23544 16296 10995 Other 17718 10256 3817 226 433 577 (D) 124 94 448 2945 (D) 69 36 301 (D)

Latin America and Other Western Hemisphere 128414 20202 58194 7656 13930 1352 3023 2255 1651 10760 17415 (D) 6073 4074 3617 (D) South America 75832 14334 38119 5175 10208 734 (D) (D) 939 6835 6179 2804 4288 3111 2351 4647

Argentina 12984 4214 5434 948 1202 24 34 20 () 314 448 (D) 580 624 222 (D) Brazil 37427 1836 24085 2672 6149 663 1971 527 887 5493 2901 (D) 2872 1335 1624 (D) Chile 6867 (D) 1090 (D) 490 6 94 20 0 8 444 (D) 433 ndash63 215 1147 Colombia 5344 1493 1457 198 598 5 7 25 (D) (D) 1086 (D) 18 403 155 (D) Ecuador 887 101 (D) 15 116 1 () 5 0 (D) 154 14 (D) 33 (D) 82 Peru 4694 3534 397 72 110 (D) 6 (D) () 0 327 7 79 80 32 237 Venezuela 6354 90 4824 1089 1492 (D) ndash21 151 (D) (D) 527 49 142 446 75 200 Other 1274 (D) (D) (D) 51 () (D) (D) () 7 291 (D) (D) 253 (D) 99

Central America 36133 1551 18803 2390 3453 567 946 1287 712 3924 2709 4820 1456 1831 1059 3903 Costa Rica 1417 0 840 17 274 6 0 179 (D) 0 328 32 35 (D) (D) 100 Honduras 791 0 360 (D) 22 0 0 (D) 0 (D) 52 (D) 4 24 0 (D) Mexico 30990 1541 16777 2201 3029 556 946 1077 634 (D) 1915 (D) 1391 1556 917 (D) Panama 877 (D) 56 (D) 31 0 () 1 () 0 92 100 14 3 15 (D) Other 2058 (D) 769 94 97 5 () (D) (D) 0 321 309 13 (D) (D) (D)

Other Western Hemisphere 16449 4317 1271 91 269 51 (D) (D) 0 1 8527 (D) 329 ndash868 207 (D) Barbados 2133 5 (D) 5 () 0 0 (D) 0 0 (D) 6 10 ndash322 2 335 Bermuda 4078 (D) 202 0 (D) 0 (D) (D) 0 1 (D) 0 5 ndash2065 91 1787 Dominican Republic 1124 0 831 (D) 114 3 () () 0 0 99 22 29 (D) (D) 116 United Kingdom Islands Caribbean 4832 1156 (D) (D) 0 0 0 (D) 0 0 1926 (D) 16 1179 76 301 Other 4281 (D) 210 (D) (D) 49 (D) 0 0 0 501 (D) 269 (D) (D) (D)

Africa 44858 35129 3562 420 855 100 359 135 73 306 1707 (D) 178 624 483 (D) Egypt 4816 3617 545 75 127 (D) 74 (D) (D) 0 444 (D) 4 (D) (D) 26 Nigeria 14382 (D) 151 () 31 3 11 (D) 0 0 (D) () 2 (D) (D) ndash45 South Africa 5598 86 1742 125 555 68 206 71 (D) 217 935 (D) 160 395 317 (D) Other 20063 (D) 1125 220 141 (D) 68 24 () 89 (D) (D) 12 21 40 1070

Middle East 17656 9145 4169 164 224 92 498 2071 19 77 1632 42 486 85 1560 536 Israel 5753 (D) 2766 (D) ndash75 (D) (D) (D) (D) 77 1221 44 221 50 1015 (D) Saudi Arabia 983 491 281 0 190 (D) 41 (D) 1 0 28 0 13 9 175 ndash14 United Arab Emirates 4901 3393 380 (D) 104 16 (D) 111 (D) 0 365 ndash3 (D) 139 350 (D) Other 6019 (D) 742 (D) 4 (D) (D) () 0 0 19 0 (D) ndash113 21 216

Asia and Pacific 241135 30339 94248 4679 22475 2217 6333 19858 2607 6005 31223 6338 10735 26760 23215 18276 Australia 44880 9238 12982 2238 1840 1298 882 325 313 1373 6219 354 2602 6034 4046 3404 China 30442 2315 18633 824 5481 438 2043 5037 1216 1381 3086 1152 800 328 1700 2428 Hong Kong 13785 0 2341 95 267 44 161 727 224 (D) 2950 246 440 4506 1556 1746 India 14575 407 3910 207 1144 26 645 580 89 291 1265 170 1397 1546 5351 529 Indonesia 13752 9476 3315 89 (D) () 23 54 (D) 18 114 (D) 19 533 55 (D) Japan 51175 8 19351 81 5495 78 1111 1720 328 485 8233 2510 3604 6873 7246 3349 Korea Republic of 9157 (D) 4792 ndash27 432 128 394 1160 2 1385 1150 261 210 1647 640 (D) Malaysia 10059 3825 4662 100 377 25 81 3535 (D) 66 519 98 71 380 330 175 New Zealand 2502 40 639 (D) 171 (D) 24 27 14 (D) 849 105 170 293 230 176 Philippines 4943 (D) 2076 223 450 4 (D) 656 (D) 34 142 (D) 220 436 268 791 Singapore 22777 250 12162 197 5403 103 648 3580 186 552 3746 44 812 4277 1119 368 Taiwan 5007 () 3147 130 (D) (D) 88 925 25 (D) 1002 181 347 ndash285 306 309 Thailand 10647 (D) 5487 247 604 10 160 1497 (D) 123 1551 100 21 174 270 (D) Other 7434 1571 752 (D) 78 (D) (D) 33 () (D) 398 (D) 22 18 98 (D)

Addenda European Union (27) 1 511547 15124 250058 14542 59865 8810 20000 23427 4617 25735 69133 24269 28273 40733 39664 44294 OPEC 2 43252 32797 6788 1123 1940 80 132 330 (D) 935 1270 62 407 728 685 516

() Less than $500000 Poland Portugal Romania Slovakia Slovenia Spain Sweden and the United Kingdom D Suppressed to avoid disclosure of data on individual companies 2 OPEC is the Organization of Petroleum Exporting Countries In 2009 its members were Algeria Angola Ecuador 1 The European Union (27) comprises Austria Belgium Bulgaria Cyprus Czech Republic Denmark Estonia Iran Iraq Kuwait Libya Nigeria Qatar Saudi Arabia the United Arab Emirates and Venezuela

Finland France Germany Greece Hungary Ireland Italy Latvia Lithuania Luxembourg Malta the Netherlands




Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment


Austria 6132 8 3433 263 343 17 870 338 307 571 1030 135 262 67 274 923 Belgium 24643 (D) 12749 992 4233 307 776 154 204 1367 4560 355 1348 2348 922 (D) Czech Republic 5501 0 3830 (D) 310 28 285 223 65 839 527 (D) 270 (D) 170 115 Denmark 9062 4654 1645 106 202 100 316 281 21 8 952 27 131 ndash40 1214 478 Finland 2796 0 1300 (D) 397 (D) 233 183 (D) (D) 909 3 81 5 390 109 France 49269 297 27096 1818 6083 1454 3338 2072 520 2420 7563 1562 1181 1426 3241 6902 Germany 84418 1251 53525 2096 7148 2599 4627 5714 1508 8767 10835 4633 1491 1203 4777 6704 Greece 3047 1 2502 130 (D) (D) 6 (D) 0 () 154 5 40 ndash32 214 162 Hungary 3939 (D) 2881 92 129 (D) (D) 133 ndash15 520 398 ndash2 205 226 199 (D) Ireland 62526 7 40084 293 16742 19 160 15644 44 20 1603 114 8284 1829 958 9647 Italy 27970 84 16914 893 2982 366 2114 868 523 809 4210 374 1331 772 2545 1741 Luxembourg 2601 (D) 1217 0 (D) (D) (D) (D) 0 (D) 1229 73 ndash474 795 224 (D) Netherlands 23963 383 13953 1860 3021 517 577 827 356 1121 4174 822 2019 ndash733 2745 600 Norway 27546 17651 5197 90 205 (D) 2298 112 25 25 1174 275 330 106 396 2417 Poland 10548 ndash6 5050 794 676 383 107 155 138 1338 3782 51 359 580 383 348 Portugal 4445 0 1153 145 374 75 39 65 (D) 208 2495 70 77 ndash7 261 396 Russia 9176 1966 4640 496 775 (D) 185 70 6 272 943 2 93 590 313 628 Spain 17354 40 11253 805 3028 614 134 1303 308 2481 2320 403 425 513 809 1592 Sweden 5872 0 2944 135 ndash9 229 522 276 83 398 2014 155 259 842 1211 ndash1553 Switzerland 32959 (D) 11819 153 5152 100 333 903 1182 211 15356 1174 1583 1025 1467 (D) Turkey 7839 (D) 6702 250 709 (D) 50 (D) () (D) 740 () 77 237 80 (D) United Kingdom 152577 10343 54830 4303 6702 1790 4090 4247 634 4960 16852 13441 10598 19985 15053 11474 Other 23390 (D) 4958 318 (D) 1121 104 118 178 634 2804 (D) 246 (D) 318 (D)


Argentina 16886 5382 7321 1681 1341 26 31 20 () 749 500 (D) 673 798 222 (D) Brazil 45071 3032 27943 3353 6927 746 2427 776 (D) 5288 3918 (D) 3130 2028 1644 (D) Chile 9192 (D) 1302 (D) 497 6 45 21 0 (D) 452 (D) 509 93 328 1236 Colombia 6487 1928 2058 257 701 36 7 (D) (D) (D) 1180 (D) 66 391 164 (D) Ecuador 977 181 (D) 48 119 1 () 5 0 (D) (D) (D) 13 ndash9 (D) 70 Peru 5771 (D) 481 66 117 (D) 6 9 () 0 292 7 88 82 35 (D) Venezuela 4946 156 3386 671 786 (D) () 80 0 (D) 123 55 (D) 601 73 (D) Other 1402 133 (D) (D) 51 (D) (D) 4 () (D) (D) (D) (D) 210 (D) 161

Central America 42240 1878 21932 2563 3732 705 1001 1358 751 5573 3112 5536 1368 3487 1413 3515 Costa Rica 1807 0 1003 17 345 6 0 246 (D) 0 287 42 35 (D) (D) 79 Honduras 758 0 413 88 24 0 0 (D) 0 (D) 65 (D) 4 24 0 (D) Mexico 36717 1859 19648 2334 3234 694 1001 1079 673 (D) 2236 (D) 1302 3175 1037 (D) Panama 823 (D) 63 (D) 32 0 () 1 () 0 157 (D) 14 35 17 468 Other 2135 (D) 806 (D) 98 5 () (D) (D) 0 368 216 13 (D) (D) (D)

Other Western Hemisphere 26354 3554 1756 102 830 101 (D) (D) 0 1 7515 (D) 444 9323 268 (D) Barbados 1803 6 5 5 () 0 0 0 0 0 1235 7 8 59 2 481 Bermuda 9465 (D) 850 0 (D) 0 (D) (D) 0 1 3131 0 121 3349 120 (D) Dominican Republic 1039 0 588 (D) (D) 2 () () 0 0 117 28 28 (D) (D) 247 United Kingdom Islands Caribbean 8647 529 (D) (D) 0 0 0 (D) 0 0 2547 (D) 54 4729 108 544 Other 5400 (D) (D) (D) 30 99 (D) 0 0 0 485 44 233 (D) (D) 188

Africa 55443 45247 4480 (D) 918 120 439 148 81 (D) 1801 (D) 179 739 530 (D) Egypt 5477 3928 852 178 166 (D) 94 (D) (D) 0 515 (D) 4 (D) (D) 14 Nigeria 18573 (D) 128 () 16 3 46 (D) 0 0 (D) 0 2 (D) (D) ndash78 South Africa 5730 19 2184 181 578 77 233 75 (D) 560 986 (D) 160 366 346 (D) Other 25664 (D) 1315 (D) 158 (D) 66 28 () (D) (D) (D) 12 221 44 752

Middle East 23323 11612 6299 (D) 703 96 804 2188 12 (D) 1522 15 684 681 1834 677 Israel 6957 (D) (D) 6 (D) (D) 696 (D) 8 (D) 1166 (D) 399 206 1024 335 Saudi Arabia 1263 478 447 (D) 228 (D) 43 (D) 1 0 52 0 23 17 216 30 United Arab Emirates 5882 4085 434 (D) 178 17 (D) 57 3 0 285 (D) (D) 250 416 (D) Other 9221 (D) (D) (D) (D) (D) (D) () 0 0 19 0 (D) 208 179 (D)

Asia and Pacific 276915 44544 107894 5705 24681 2942 8082 19375 2887 7976 36518 6499 10276 22281 24831 24072 Australia 48787 9818 14497 2448 1897 1571 940 343 412 1779 6758 482 3372 5953 4422 3485 China 36942 3020 21803 1111 6329 850 2560 4691 1120 2045 4191 1255 878 334 2139 3323 Hong Kong 14221 0 2564 (D) 334 50 183 939 170 (D) 3505 195 328 3677 1791 2160 India 16593 290 4487 195 1178 58 850 580 99 481 1458 123 1724 1808 5993 711 Indonesia 16658 11269 4169 184 (D) () 41 55 (D) 20 162 ndash1 20 448 58 533 Japan 48630 8 22460 87 5035 46 1840 1821 494 655 8878 2760 2293 2861 7176 2193 Korea Republic of 11284 (D) 6465 141 846 105 525 1526 3 1672 1416 392 231 1483 663 (D) Malaysia 12465 4534 6181 135 585 28 35 4581 (D) 130 645 (D) 72 289 264 (D) New Zealand 1988 42 833 253 187 (D) 25 41 13 (D) 594 (D) 24 25 245 (D) Philippines 4849 (D) 2159 230 453 4 14 761 (D) (D) 230 (D) 204 198 330 870 Singapore 25249 302 9404 239 5942 126 762 243 209 650 5805 46 647 5314 947 2784 Taiwan 6279 () 4232 152 (D) (D) 98 1144 97 (D) 1129 207 439 ndash459 347 385 Thailand 13813 (D) 7806 333 705 12 199 2503 (D) 251 1325 134 22 229 355 (D) Other 19158 11089 833 (D) 84 (D) 9 149 () (D) 422 (D) 23 121 103 (D)

Addenda European Union (27) 1 502526 17229 259130 15176 53322 9466 19292 32657 4913 26432 67729 22388 28107 30506 35829 41608 OPEC 2 52309 41703 6565 883 1331 88 175 209 4 (D) 912 70 579 965 958 557



US Multinational Companies Operations of US Parents and Their Foreign Affiliates in 2010

Changes in Value Added

US MNCs

US parents

Foreign affiliates


Operations of Foreign Affiliates by Area


Selected Aspects of MNC Operations

UStrade in goods

Research and development

Real value added in manufacturing

Conclusion

Boxes

Box Acknowledgments

Box Key Terms

Box Statistics on US Direct Investment Abroad

Box Revisions

Box Data Availability

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PreserveOverprintSettings true Start SubsetFonts true TransferFunctionInfo Apply UCRandBGInfo Preserve UsePrologue false ColorSettingsFile () AlwaysEmbed [ true ] NeverEmbed [ true ] AntiAliasColorImages false CropColorImages true ColorImageMinResolution 300 ColorImageMinResolutionPolicy OK DownsampleColorImages true ColorImageDownsampleType Bicubic ColorImageResolution 300 ColorImageDepth -1 ColorImageMinDownsampleDepth 1 ColorImageDownsampleThreshold 150000 EncodeColorImages true ColorImageFilter DCTEncode AutoFilterColorImages true ColorImageAutoFilterStrategy JPEG ColorACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt ColorImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000ColorACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000ColorImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasGrayImages false CropGrayImages true GrayImageMinResolution 300 GrayImageMinResolutionPolicy OK DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly false PDFXNoTrimBoxError true PDFXTrimBoxToMediaBoxOffset [ 000000 000000 000000 000000 ] PDFXSetBleedBoxToMediaBox true PDFXBleedBoxToTrimBoxOffset [ 000000 000000 000000 000000 ] PDFXOutputIntentProfile () PDFXOutputConditionIdentifier () PDFXOutputCondition () PDFXRegistryName () PDFXTrapped False Description ltlt CHS ltFEFF4f7f75288fd94e9b8bbe5b9a521b5efa7684002000410064006f006200650020005000440046002065876863900275284e8e9ad88d2891cf76845370524d53705237300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c676562535f00521b5efa768400200050004400460020658768633002gt CHT ltFEFF4f7f752890194e9b8a2d7f6e5efa7acb7684002000410064006f006200650020005000440046002065874ef69069752865bc9ad854c18cea76845370524d5370523786557406300260a853ef4ee54f7f75280020004100630072006f0062006100740020548c002000410064006f00620065002000520065006100640065007200200035002e003000204ee553ca66f49ad87248672c4f86958b555f5df25efa7acb76840020005000440046002065874ef63002gt DAN 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 DEU ltFEFF00560065007200770065006e00640065006e0020005300690065002000640069006500730065002000450069006e007300740065006c006c0075006e00670065006e0020007a0075006d002000450072007300740065006c006c0065006e00200076006f006e002000410064006f006200650020005000440046002d0044006f006b0075006d0065006e00740065006e002c00200076006f006e002000640065006e0065006e002000530069006500200068006f006300680077006500720074006900670065002000500072006500700072006500730073002d0044007200750063006b0065002000650072007a0065007500670065006e0020006d00f60063006800740065006e002e002000450072007300740065006c006c007400650020005000440046002d0044006f006b0075006d0065006e007400650020006b00f6006e006e0065006e0020006d006900740020004100630072006f00620061007400200075006e0064002000410064006f00620065002000520065006100640065007200200035002e00300020006f0064006500720020006800f600680065007200200067006500f600660066006e00650074002000770065007200640065006e002egt ESP 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 FRA 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 ITA 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 JPN ltFEFF9ad854c18cea306a30d730ea30d730ec30b951fa529b7528002000410064006f0062006500200050004400460020658766f8306e4f5c6210306b4f7f75283057307e305930023053306e8a2d5b9a30674f5c62103055308c305f0020005000440046002030d530a130a430eb306f3001004100630072006f0062006100740020304a30883073002000410064006f00620065002000520065006100640065007200200035002e003000204ee5964d3067958b304f30533068304c3067304d307e305930023053306e8a2d5b9a306b306f30d530a930f330c8306e57cb30818fbc307f304c5fc59808306730593002gt KOR ltFEFFc7740020c124c815c7440020c0acc6a9d558c5ec0020ace0d488c9c80020c2dcd5d80020c778c1c4c5d00020ac00c7a50020c801d569d55c002000410064006f0062006500200050004400460020bb38c11cb97c0020c791c131d569b2c8b2e4002e0020c774b807ac8c0020c791c131b41c00200050004400460020bb38c11cb2940020004100630072006f0062006100740020bc0f002000410064006f00620065002000520065006100640065007200200035002e00300020c774c0c1c5d0c11c0020c5f40020c2180020c788c2b5b2c8b2e4002egt NLD (Gebruik deze instellingen om Adobe PDF-documenten te maken die zijn geoptimaliseerd voor prepress-afdrukken van hoge kwaliteit De gemaakte PDF-documenten kunnen worden geopend met Acrobat en Adobe Reader 50 en hoger) NOR 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 PTB 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that was partly offset by a decrease abroad RampD exshypenditures by US MNCs increased 22 percent reshyflecting increases both in the United States and abroad

Highlights of US MNC operations in 2010 include the following The 103 percent growth in the value added of US

MNCs followed a slight decline in 2009 The upturn partly reflected an increase in crude oil prices and the impact of the global economic recovery In 2010 crude oil prices increased nearly 30 percent which led to increased revenues for both US parents and foreign affiliates in crude oil extraction and inteshygrated oil extraction and refining2

The value added of US parents grew faster in 2010 than foreign affiliatesrsquo value added in contrast to the pattern of growth from 1999 to 2009 The shift in the pattern of growth partly reflected a significant increase in value added of US parents in finance and insurance which in turn reflected improvement in the US credit environment and increases in sales of financial services such as investment banking and loans to consumers and businesses

The operations of US MNCs remained concentrated in the United States US parents accounted for more than two-thirds and foreign affiliates accounted for less than one-third of MNCrsquos combined value added capital expenditures RampD and employment

Most foreign affiliates continued to be located in high-income countries Affiliates in these countries accounted for about 71 percent of the value added of all affiliates in 2010 which was unchanged from that in 2009 (chart 1)

US MNCs continued to account for a large share of the US trade in goods Trade associated with US parents or their foreign affiliates accounted for 481 percent or $6153 billion of total US exports of goods and 424 percent or $8105 billion of total US imports of goods

US parents although relatively small in number accounted for more than a fifth of value added of all US businesses in 2010 They also accounted for large shares of tangible inputs to production accounting for more than 40 percent of capital expenditures by all US businesses and for more than 20 percent of employment by all US businesses US parents are leaders in innovation in the US economy accounting for 734 percent of RampD expenditures by

2 Data on the composite refiner acquisition cost of crude oil are from ldquoTable 1 Crude Oil Pricesrdquo in Petroleum Marketing Monthly (Washingshyton DC US Department of Energy Energy Information Administration October 2012) Go to wwweiagovpetroleum and click on ldquoanalysis amp proshyjectionsrdquo ldquoall reportsrdquo and then on ldquopetroleum marketing monthlyrdquo

Table 1 Selected Statistics for US Multinational Companies (MNCs) US Parents and Foreign Affiliates for Selected Years

US MNCs

Parents

Affiliates

Parents and all

affiliates

Parents and

MOFAs Total MOFAs Other

Value Added 1

1989 1994 19992 2004 2007 2008 2009 r 2010 p


Employment 1989 1994 19992 2004 2007 2008 2009 r 2010 p


Capital expenditures 3

1989 1994 19992 2004 2007 2008 2009 r 2010 p


RampD expenditures 4

1989 1994 19992 2004 2007 2008 2009 r 2010 p


Millions of dollars


1401078 1773288 2644739 3220723 3866364 3740989 3740733 4127199

1076884 1361792 2064343 2366467 2705132 2500543 2595776 2885927


324194 411496 580396 854256

1161232 1240446 1144957 1241272



na na na na na

66 40 30 35

103

67 28 19 23

112

na na na na na

60 80 60 70 84

na na na na na

Thousands of employees

263701 248259 196169 67532 52090 265706 251419 193300 72406 58119 333976 319134 239853 94123 79281 328916 314660 224462 104454 90198 349913 332030 228315 121598 103715 348918 327367 222733 126185 104634 359620 337266 229327 130293 107939 360756 338901 228198 132558 110703


15442 14287 14842 14256 17883 21551 22353 21855

24 ndash03

18 07 03

25 ndash03

14 06 05

20 ndash13

04 ndash04 ndash05

34 21 45 33 17

43 26 37 31 26

ndash04 ndash08

94 42

ndash22 Millions of dollars

278790 330940 562705 500048

na na

653208 na

262688 306364 531399 476098 669505 685444 598862 604631

203808 234617 416795 350919 495361 501893 431796 438327

74982 96323

145910 149129

na na

221412 na

58880 71747

114604 125179 174144 183551 167066 166304

16402 24976 31306 23950

na na

54345 na


73 ndash23

55 15 na

73 ndash22 47 12 10

74 ndash34

42 04 15

69 04 82 43

na

69 18 59 38

ndash05

67 ndash52 178

57 na

Millions of dollars


90149 103451 144435 190029 238124 240462 246502 251983

82227 91574

126291 164189 203678 198763 207297 212513


7922 11877 18144 25840 34446 41699 39205 39470



na na na na na

48 56 53 55 22

44 54 48 51 25

na na na na na

86 73 87 80 07

na na na na na

p Preliminary r Revised 1 For the years shown prior to 2007 the data items needed to calculate value added for individual US

parents and foreign affiliates were collected for nonbank businesses only The value added statistics for bank parents and affiliates for those years are estimates

2 Break in series (Beginning with 1999 BEA expanded its statistics to include data for ldquovery smallrdquo foreign affiliates and for parents that had only ldquovery smallrdquo foreign affiliates For details see the technical note on page 121 of the December 2002 Survey of Current Business)

3 For 1989 1994 1999 and 2004 the capital expenditure data for individual US parents and foreign affilishyates were collected for nonbank businesses only The capital expenditure statistics for bank parents and affilishyates for those years are estimates

4 For the years shown prior to 2009 data on RampD expenditures were collected for nonbank US parents and foreign affiliates only RampD expenditures are assumed to be zero for bank US parents and foreign affiliates in those years




Value Added in 2010






See note

















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment



services 253612 270610 11382 12411 20517 22128 174397 178413 20407 20692 67 90 79 23 14















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment

All industries

US parents


260120 340360 41289 36719 186 190 273073 282676 24897 24811 308 ndash111 22 35 ndash03



397183 422283 92582 92787 (D) (D) 245686 247944 50111 49546 63 02 (D) 09 ndash11

All US companies


1098964 1241946 99466 102715 1912 na 561414 582577 5788 5723 130 33 na 38 ndash11









Key Terms


US MNCs





























2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment











Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010























































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions


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DownsampleGrayImages true GrayImageDownsampleType Bicubic GrayImageResolution 300 GrayImageDepth -1 GrayImageMinDownsampleDepth 2 GrayImageDownsampleThreshold 150000 EncodeGrayImages true GrayImageFilter DCTEncode AutoFilterGrayImages true GrayImageAutoFilterStrategy JPEG GrayACSImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt GrayImageDict ltlt QFactor 015 HSamples [1 1 1 1] VSamples [1 1 1 1] gtgt JPEG2000GrayACSImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt JPEG2000GrayImageDict ltlt TileWidth 256 TileHeight 256 Quality 30 gtgt AntiAliasMonoImages false CropMonoImages true MonoImageMinResolution 1200 MonoImageMinResolutionPolicy OK DownsampleMonoImages true MonoImageDownsampleType Bicubic MonoImageResolution 1200 MonoImageDepth -1 MonoImageDownsampleThreshold 150000 EncodeMonoImages true MonoImageFilter CCITTFaxEncode MonoImageDict ltlt K -1 gtgt AllowPSXObjects false CheckCompliance [ None ] PDFX1aCheck false PDFX3Check false PDFXCompliantPDFOnly 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 ESP 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 FRA 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 ITA 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 JPN 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 SUO 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 SVE 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 ENU (Use these settings to create Adobe PDF documents best suited for high-quality prepress printing Created PDF documents can be opened with Acrobat and Adobe Reader 50 and later) gtgt Namespace [ (Adobe) (Common) (10) ] OtherNamespaces [ ltlt AsReaderSpreads false CropImagesToFrames true ErrorControl WarnAndContinue FlattenerIgnoreSpreadOverrides false IncludeGuidesGrids false IncludeNonPrinting false IncludeSlug false Namespace [ (Adobe) (InDesign) (40) ] OmitPlacedBitmaps false OmitPlacedEPS false OmitPlacedPDF false SimulateOverprint Legacy gtgt ltlt AddBleedMarks false AddColorBars false AddCropMarks false AddPageInfo false AddRegMarks false ConvertColors ConvertToCMYK DestinationProfileName () DestinationProfileSelector DocumentCMYK Downsample16BitImages true FlattenerPreset ltlt PresetSelector MediumResolution gtgt FormElements false GenerateStructure false IncludeBookmarks false IncludeHyperlinks false IncludeInteractive false IncludeLayers false IncludeProfiles false MultimediaHandling UseObjectSettings Namespace [ (Adobe) (CreativeSuite) (20) ] PDFXOutputIntentProfileSelector DocumentCMYK PreserveEditing true UntaggedCMYKHandling LeaveUntagged UntaggedRGBHandling 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Value Added in 2010






See note

















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment



services 253612 270610 11382 12411 20517 22128 174397 178413 20407 20692 67 90 79 23 14















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment

All industries

US parents


260120 340360 41289 36719 186 190 273073 282676 24897 24811 308 ndash111 22 35 ndash03



397183 422283 92582 92787 (D) (D) 245686 247944 50111 49546 63 02 (D) 09 ndash11

All US companies


1098964 1241946 99466 102715 1912 na 561414 582577 5788 5723 130 33 na 38 ndash11









Key Terms


US MNCs





























2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment











Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010























































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions
















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment



services 253612 270610 11382 12411 20517 22128 174397 178413 20407 20692 67 90 79 23 14















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment

All industries

US parents


260120 340360 41289 36719 186 190 273073 282676 24897 24811 308 ndash111 22 35 ndash03



397183 422283 92582 92787 (D) (D) 245686 247944 50111 49546 63 02 (D) 09 ndash11

All US companies


1098964 1241946 99466 102715 1912 na 561414 582577 5788 5723 130 33 na 38 ndash11









Key Terms


US MNCs





























2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment











Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010























































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions
















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment

All industries

US parents


260120 340360 41289 36719 186 190 273073 282676 24897 24811 308 ndash111 22 35 ndash03



397183 422283 92582 92787 (D) (D) 245686 247944 50111 49546 63 02 (D) 09 ndash11

All US companies


1098964 1241946 99466 102715 1912 na 561414 582577 5788 5723 130 33 na 38 ndash11









Key Terms


US MNCs





























2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment











Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010























































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions








Key Terms


US MNCs





























2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment











Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010























































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions



















2009 2010 2009 2010 2009 2010 2009 2010 2009 2010 Value added



Employee compenshy

sation

Employshyment











Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010























































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions









Percent

100

80

60

40

20

0 1989 1994 1999 2004 2007 2008 2009 2010























































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions

















































2008 2009 2010




369872 369402 385653



326072 327930 343602


49061 58338 53703





498211 492606 547763



436102 445943 500687


125901 170073 180610




1287442 1056043 1278263



2103641 1559625 1913160














Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions











Intra-MNC trade

$2297 billion





$2717 billion



Intra-MNC trade

$2627 billion

Imports


$3098 billion






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions






















Index (2005=100)

1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010



120

110

100

90

80



1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions














Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions





Millions of dollars

Thousands of


Sales Net

income Capital

expenditures RampD



























2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions





2009 2010

Millions of dollars

Thousands of

employees

Millions of dollars

Thousands of


US exports of


US imports of

goods shipped by

affiliates


income

US exports of goods


US imports of goods


















Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions





Millions of dollars

Thousands of


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added




















Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions





Millions of dollars


Sales


RampD expenditures

US exports of goods

shipped to MOFAs

US imports of goods

shipped by MOFAs

Value added





















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions






Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions






Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment

















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions






Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment
















Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions






Manufacturing

Wholesale trade

Retail trade

Inforshymation

Finance and

insurance




Of which

Food Chemicals

Primary and

fabricated metals

Machinery

Computers and

electronic products


and components

Transshyportation

equipment















US MNCs

US parents

Foreign affiliates





UStrade in goods



Conclusion

Boxes

Box Acknowledgments

Box Key Terms


Box Revisions



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