The Changing Global Trade Landscape

The Changing Global Trade Landscape

Top 10 Leading Economies in 2050 Nominal GDP Country (US$ Trillion) China 44.5 United States 35.2 India 27.8 Japan 6.7 Brazil 6.1 Russia 5.9 United Kingdom 3.8 Germany 3.6 France 3.1 Italy 2.1

High Technology Exports Top 10 Countries & India, 2002 Rank Country US$ Millions US$ per Capita 1 U.S. 162,345 563 2 Japan 94,730 745 3 Germany 86,861 1,053 4 U.K. 71,481 1,207 5 China 68,182 53 6 Singapore 63,792 15,320 7 France 52,582 884 8 Korea 46,438 975 9 Netherlands 33,667 2,085 10 Ireland 31,624 8,067 33 India 1,680 2

2003 Share of World Trade Total: $7.4 trillion Rest of World 31% EU 40% Hong Kong 3% Canada 4% China 6% Japan 6% United States 10%

Top Oil Producing Nations: 2003 Barrels per day, Millions 10 8 6 4 2 0 Russia Iran China Ven. UAE Kuwait Algeria Libya S. Arabia USA Mex Norway Canada UK Nigeria Brazil

World Oil Consumption 2003 Total: $78.1 million Barrels per Day Rest of World 48% United States 25% China 8% South Korea 3% India 3% Russia 3% Germany 3% Japan 7%

FDI: Largest Inflows, 1999-2003 US$ billions 2500 2000 1500 1000 500 0 Emerg Mkts Belg & Lux EU US UK France Neth Canada Sweden

FDI: Largest Outflows, 1999-2003 US$ billions 3000 2500 2000 1500 1000 500 0 EU US UK France Neth Japan Emerg Mkts Germany Canada

US$ billions 1400 World Total Inward FDI 1995-2004 1200 1000 800 600 400 200 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004

Net Foreign Direct Investment: Developing Countries, 1995-2004 US$ billions 100 Africa Middle East 80 Developing Asia West Hemisphere 60 40 20 0 1995 1996 1997 1998 1999 2000 2001 Note: 2004 estimates 2002 2003 2004

Countries that Export Capital: 2004 Other Countries 21% Japan 19% Hong Kong 2% Netherlands 2% Korea 3% Taiwan 3% Germany 14% Sweden 3% Singapore 3% Canada 3% Switzerland 4% China 5% Norway 5% Saudi Arabia 6% Russia 7%

Countries that Import Capital: 2004 Hungary 1% Portugal 1% Greece 1% France 1% Turkey 1% Italy 2% Australia 4% Spain 4% United Kingdom 5% Other Countries 9% United States 71%

US$ Billions 350 300 250 200 150 100 50 U.S. Trade in Services Exports and Imports, 1983-2004 Exports Imports Trade Balance 0 85 86 87 88 89 90 91 92 93 94 95 96 97 98 99 00 01 02 03 04

U.S. Exports in Services By Category, 2004 U.S. Gov. Misc. 0.2% Military- Defense Transfers 4.0% Passenger Fares 5.6% Other Transpot. 11.0% Other Private Services 42.0% Travel 22.1% Royalties and License Fees 15.1%

U.S. Exports in Services 2000 and 2004 2000 2004 Percent Category (US$ Bil.) (US$ Bil.) Change Other Private Services 104.7 142.3 35.9 Royalties and License Fees 39.6 51.1 29.0 Other Transportation 30.1 37.3 23.9 Military-Defense Transfers 14.0 13.6-2.9 Travel 82.3 74.7-9.2 Passenger Fares 20.8 18.8-9.6 U.S. Government Miscellaneous 0.8 0.7-12.5 Total Exports in Services 292.2 338.6 15.9

Top 10 Exporting States Ranked by 2004 Value, US$ Billions Percent Change 2003-2004 Rank State 2002 2003 2004 1 Texas 95.40 98.85 117.24 18.6% 2 California 92.21 93.99 109.97 17.0% 3 New York 36.98 39.18 44.40 13.3% 4 Michigan 33.78 32.94 35.63 8.1% 5 Washington 34.63 34.17 33.79-1.1% 6 Ohio 27.72 29.76 31.21 4.9% 7 Illinois 25.69 26.47 30.21 14.1% 8 Florida 24.54 24.95 28.98 16.1% 9 Massachusetts 16.71 18.66 21.84 17.0% 10 Louisiana 17.57 18.39 19.92 8.3% U.S. Total 693.26 723.74 817.94 13.0%

Thousands 3500 3000 2500 Projected Offshoring of U.S. Jobs Cumulative Jobs Offshored Number of Jobs - L % of Total US Jobs - R Percent 2.5 2.0 2000 1.5 1500 1.0 1000 500 0.5 0 2000 2005 2010 2015 0.0

Industries at Risk to Offshoring United States Employment 2001(Q1) (Thou.) 2003(Q2) (Thou.) Percent Change 2001-2003 Industry Nonmanufacturing Sectors Software Publishers (except Internet) 276.1 247.9-10.2% Internet Publishing and Broadcasting 50.6 33.7-33.4% Telecommunications 1,323.4 1,138.9-13.9% ISPs, Search Portals and Data Process 516.0 433.2-16.0% Data Processing & Rel. Services 320.9 292.2-8.9% Accounting, Bookkeeping & Payroll 976.3 875.7-10.3% Payroll Services 158.9 124.6-21.6% Computer Systems Design & Rel. 1,341.2 1,148.1-14.4% Business Support Services 784.4 746.2-4.9% Telephone Call Centers 406.2 363.2-10.6% Telephone Answering Services 54.8 50.9-7.1% Telemarketing Bureaus 351.4 312.3-11.1% Manufacturing Sectors Computer and Electronic Products 1,862.1 1,415.9-24.0% Semiconductors and Electronic 308.7 237.9-22.9% Total At-Risk Industries 6,853.9 5,791.8-15.5%

U.S. Jobs Moving Offshore Percent of U.S. Jobs Lost by Offshoring, 2000-2015 Annual Wage % US Offshoring Jobs Occupation 2003 2000 2005 2010 2015 Management $82,790 0% 6% 7% 9% Legal Occupations $78,910 2% 2% 2% 2% Computer & Mathematical $63,240 26% 19% 17% 14% Architecture & Engineering $59,230 3% 5% 5% 6% Business & Financial Operations $55,500 11% 10% 10% 10% Life, Physical, and Social Science $53,210 0% 1% 1% 1% Arts, Entertainment & Media $42,620 1% 1% 1% 1% Sales & Related $31,250 4% 5% 6% 7% Office & Adminstrative Support $28,260 53% 50% 50% 50%

Computer Programmers Average Salaries, 2003 Country Salary Range Percent to U.S. Equivalent Salary Poland & Hungary $4,800 - $8,000 6% - 13 % Russian Federation $5,000 - $7,500 6% - 13% India $5,880 - $11,000 7% - 18% Philippines $6,564 8% - 11% Malaysia $7,200 9% - 12% China $8,952 11% - 15% Israel $15,000 - $38,000 19% - 63% Ireland $23,000 - $34,000 29% - 57% Canada $28,174 35% - 47% U.S. $60,000 - $80,000 100%

Percent 100 80 60 40 20 0 Research Jobs Created Bay Area-Based Companies, 2004 5% 11% 13% 33% 38% Semiconductor 16% 9% 9% 37% 29% Software Bay Area Rest of U.S. India China Rest of the World

Globally Distributed Production Functions Hewlett Packard Printer, 2004 R&D and Design U.S. India Component Manufacturing Hungary China Mexico Assembly and Testing Distribution Taiwan Local Local Local

Hourly Wages for Selected Occupations U.S., California, Silicon Valley and India, 2003 Occupation U.S Silicon Valley India Telephone Operator $13.48 $17.75 Under $1.00 Health Record Techs $11.79 $15.85 $1.50 - $2.00 Payroll Clerk $14.22 $21.02 $1.50 - $2.00 Legal Assistant $17.15 $24.78 $6.00 - $8.00 Accountant $23.59 $30.60 $6.00 - $15.00 Financial Analyst $28.87 $36.19 $6.00 - $15.00 Programmer $29.49 $40.31 $2.65 - $6.00

China Global R&D Presence Foreign R&D Centers in China, 2004 Company R&D Center Location Ericsson Ericsson R&D Center Shanhai Fujisu Fujisu R&D Center Beijing GE GE China Technology Center Shanhai GM GM Panya Auto Technology Center Shanhai Hitachi Hitachi China R&D Center Beijing HP HP Digital Signal Technology Center Beijing IBM IBM China Research Center Beijing, Shanghai Intel Intel China Research Center Beijing, Shanghai Lucent Technology Lucent Technology China Bell Lab. Beijing, Shanghai Matsushita Matsushita R&D Center Beijing Microsoft Microsoft Asia Research Institute Beijing Motorola Motorola China Research Institute Beijing, Shanghai NEC NEC-China Science Inst. Dev. Center Xian Nokia Nokia China Research Center Beijing, Hangzhou P&G P&G Beijing Research Center Beijing Toshiba Toshiba R&D Center Beijing Unilever Unilever Shanghai Research Center Shanhai Volkswagen Shanghai Volkswagen R&D Center Shanhai Xerox Xerox Shanhai Software Dev. Center Shanhai

US$ Billions 70 Exports to the World Imports from the World 60 Trade Balance with the World 50 40 China Rising World Trade Monthly, 1980-2004 Exports to the World 7 times increase 30 20 10 Imports from the World 8 times increase Trade balance with the World 4 times increase 0-10 95 96 97 98 99 00 01 02 03 04

China's Trade with the World 2000-2004 (US$ Billions) 2000 2001 2002 2003 2004 Exports 249 266 326 438 594 % change 27.8 6.8 22.3 34.6 35.4 Imports 225 244 295 413 561 % change 35.8 8.2 21.2 39.9 35.9 Total 474 510 621 851 1,155 % change 31.5 7.5 21.8 37.1 35.7 Balance 24.1 22.5 30.4 25.5 32.6

China s Top Exports 2003 2004 Percent Commodity Description (US$ Billions) (US$ Billions) Change Electrical Machinery & Equip. 89.0 129.7 45.8 Power Generation Equip. 83.5 118.1 41.7 Apparel 45.8 54.8 19.7 Iron & Steel 12.9 25.2 96.0 Furniture & Bedding 12.9 17.3 29.1 Optics & Medical Equip. 10.6 16.2 53.6 Footwear & Parts 13.0 15.2 17.4 Toys & Games 13.3 15.1 13.6 Mineral Fuel & Oil 11.1 14.5 30.2 Inorganic & Organic chemicals 10.7 13.9 29.8

China s Top Imports 2003 2004 Percent Commodity Description (US$ Billions) (US$ Billions) Change Electrical Machinery & Equip. 103.9 142.1 36.7 Power Generation Equip. 71.5 91.6 28.2 Mineral Fuel & Oil 29.3 48.0 64.2 Optical & Medical Equip. 25.1 40.2 59.8 Iron & Steel 25.6 28.4 10.9 Plastics 21.0 28.1 33.4 Inorganic & Organic Chemicals 18.7 27.8 48.4 Ore, Slag, & Ash 7.2 17.3 141.0 Vehicle & Parts 11.8 13.1 11.2 Copper 7.2 10.5 46.3

China FDI Inflow Ranked by Contract Value, 2003 Number of Contract Value Used Value Rank Country Projects (US$ Bil.) (US$ Bil.) 1 Hong Kong 13,633 40.7 17.7 2 Japan 3,254 8.0 5.1 3 Korea 4,920 9.2 4.5 4 U.S. 4,060 10.2 4.2 5 Taiwan 4,495 8.6 3.4 6 Singapore 1,144 3.4 2.1 7 Germany 451 1.4 8.6 8 U.K. 438 1.2 0.7 9 Netherlands 189 1.0 0.7 10 France 269 0.7 0.6 Top 10 Countries All Countries 32,853 84.4 47.5 41,081 115.1 53.5

U.S. Trade Deficit with China in February 2005 was at the lowest level since June 2004 Feb. 05 U.S. imports of textiles and clothing from China rose 9.8% even though America s overall trade gap with China narrowed to $13.9 billion, down 9.2% from Jan. 05 deficit of $15.3 billion due to increasing U.S. exports to China and declining imports outside of textiles.

Jan. and Feb. 2005 U.S. Trade Deficit is running at an annual rate of $717.2 billion, a full $100 billion above the record U.S. trade imbalance of $617.1 billion set for all of 2004. The Feb. increase reflected higher prices as crude oil climbed to $36.85 per barrel vs. $35.25 in Jan.

The record February 2005 U.S. trade deficit of $61.04 billion surpassed the old record of $59.4 billion set last November, 2004

D Fence Should we introduce protectionist measures such as re-impose quotas on Chinese imports of various products to protect domestic U.S. industries?

US$ Millions 1600 India Offshoring Takes Off Revenues from Business-Process Offshoring in India 1400 1200 1000 800 600 400 200 Multinational companies entry to India British Airways GE Citygroup HCL Technologies, Speedwing Int., Standard Chartered Convergys, Daksh, HSBC TransWorks 0 1995 1996 1997 1998 1999 2000 2001 2002

Thousands 600 500 400 300 200 100 Outsourcing Jobs Rise in India IT & Other Service Jobs IT Workers Other Service Workers 0 2000 2001 2002 2003 2004

Index 2000 = 100 500 IT Workers Other Service Workers 400 IT & Other Service Jobs in India Indexed Growth, 2000-2004 300 200 100 0 2000 2001 2002 2003 2004* *Estimated

US$ Billions 35 30 25 20 15 10 India The World s Back Office? India s IT Industry in 2008 Lower Estimate Upper Estimate Exports 5 Domestic Market Technology Remote IT IT Services

Percent 100 India More Services-Oriented India s GDP by Sector 80 60 40 20 0 Agriculture Industry Services 1980 1990 2000 2002

India Is Buying More U.S. Services Exports of Private U.S. Services to India, 1992-2002 US$ Billions 3.5 Value (L) % of US Exports in Services (R) 3.0 Percent 1.2 1.0 2.5 0.8 2.0 0.6 1.5 0.4 1.0 0.2 0.5 92 93 94 95 96 97 98 99 00 01 02 0.0

Net Legal Immigration Selected Countries, Avg. Annual, 1995-2000 Thousands 1500 1000 500 0-500 U.S. U.K. France Indonesia India Japan Argentina Philippines China Mexico

Emigration Rate for Highly Educated By Country of Birth, 2001 Percent 80 60 40 20 0 U.S. Japan China Australia India Israel U.K. Jamaica Germany Hong Kong

Number of Foreign Workers 700 600 500 400 300 200 100 Inflow of Foreign Workers Per 100,000 Residents, 2003 0 Germany Austria New Zealand Australia Canada U.S. U.K. Japan Italy France

U.S. Professional Worker Visa Approvals H-1B Visa, Top 10 Country of Birth, 2003 Country Total Percent India 75,964 12.2% U.K. 31,343 5.0% Canada 20,947 3.4% Mexico 16,290 2.6% France 15,705 2.5% Germany 13,680 2.2% Japan 13,343 2.1% China* 12,501 2.0% Colombia 10,628 1.7% Brazil 9,878 1.6% * China includes Taiwan

U.S. Professional Worker Visa Approvals H-1B Visa, Top 5 Occupation Group, 2002 Country Total Percent Computer-Related 75,114 38.3% Architecture/Engineer/Survey 25,197 12.8% Administrative Specializations 21,103 10.8% Education 20,613 10.5% Medicine &Health 12,920 6.6%

U.S. Student Visa Approvals F-1 Visa, Top 10 Country of Birth, 2003 Country Total Percent Japan 81,558 13.1% Korea 74,115 11.9% China* 56,870 9.1% India 50,884 8.1% Canada 29,997 4.8% Mexico 22,549 3.6% Turkey 15,178 2.4% Germany 14,949 2.4% U.K. 14,852 2.4% France 12,344 2.0% * China includes Taiwan

U.S. Student Visa Approvals F-1 Visa, Selected Years Thousands 700 F1 Visa Approvals - L Growth Rate - R 600 Percent Change, Year Ago 100 80 500 60 40 400 20 300 0 200 1997 1998 1999 2000 2001 2002 2003-20

Scientists & Engineers in R&D Top 10 Countries by Per Mil. Population, 2003 Rank Country Number Per Million Population 1 Japan 648,778 5,095 2 Finland 26,378 5,059 3 Sweden 40,534 4,511 4 Singapore 19,737 4,140 5 Norway 18,811 4,112 6 U.S. 1,201,233 4,099 7 Switzerland 26,762 3,592 8 Russian Federation 501,621 3,481 9 Denmark 18,816 3,476 10 Australia 66,775 3,353 50 China 705,689 545 72 India 167,414 157

Thousands 350 300 250 200 150 100 50 Engineering Graduates Bachelor s Degrees, 2004 Number Per 100,000 People Percent 55 50 45 40 35 30 25 20 0 U.S.+Japan+Germany China U.S. Japan Germany 15

Thousands 80 1 60 40 Foreign Students in the U.S. Rankings and Country of Origin 2 3 China + Taiwan + Hong Kong = 100,850 4 5 6 20 7 15 0 India China Korea Japan Taiwan Canada Hong Kong Mexico

Countries With The Most Workers People Aged 15-64 Currently Employed Rank Country Millions 1 China 766.9 2 India 442.2 3 United States 145.1 4 Indonesia 102.6 5 Brazil 79.2 6 Russia 78.0 7 Bangladesh 69.6 8 Japan 68.4 9 Pakistan 52.1 10 Nigeria 45.1

Number 10 8 6 Patents Per US$ Billion of GDP U.S. Patent and Trademark Office, 1990-2003 China Korea Japan U.S. Germany India 4 2 0 1991 1993 1995 1997 1999 2001 2003 1990 1992 1994 1996 1998 2000 2002

Patents Per US$ Billion of Industrial Production U.S. Patent and Trademark Office, 1990-2003 Number 50 40 30 China Korea Japan U.S. Germany India 20 10 0 1991 1993 1995 1997 1999 2001 2003 1990 1992 1994 1996 1998 2000 2002

The U.S dollar has been declining for 3 years A fact that should help narrow the trade deficit by making imports more expensive to American consumers while making U.S. exports cheaper?

Local Currency Unit Per US$ 2.0 1.8 1.6 1.4 1.2 1.0 0.8 0.6 Depreciating $US 1998-2004 Japanese Yen (in 100s) U.K. Euro Australian Dollar 0.4 1998 1999 2000 2001 2002 2003 2004

The Implications of an RMB Revaluation For every 15% drop in the US$ China would sustain a $75 billion position loss Equivalent to a 5% hit to Chinese GDP Exports Domestic Demand Employment Rest of Asia RMB Revaluation

US$ Billions 200 150 100 50 0-50 U.S. Trade Deficit Deepened 1992 M1-2005 M2 Imports from the World Exports to the World Trade Balance with the World -100 92 93 94 95 96 97 98 99 00 01 02 03 04 05

U.S. Trade Deficit As Percent of Real GDP, 1992Q1-2004Q4 US$ Billions 0 Percent 0-50 -1-2 -100-3 -150-200 92 93 Trade Balance with the World - L Percent of Real GDP - R 94 95 96 97 98 99 00 01 02 03 04-4 -5-6

A Superpower on Borrowed Money What is happening to the US? What is the rest of the world doing? How does it look to creditors? How does it look to the debtor? What are the geo-political implications? What should be done?

What is happening to the US? US CURRENT ACCOUNT BALANCE (as per cent of GDP) 2 1 0-1 -2-3 -4-5 -6-7 Q1 70 Q2 71 Q3 72 Q4 73 Q1 75 Q2 76 Q3 77 Q4 78 Q1 80 Q2 81 Q3 82 Q4 83 Q1 85 Q2 86 Q3 87 Q4 88 Q1 90 Q2 91 Q3 92 Q4 93 Q1 95 Q2 96 Q3 97 Q4 98 Q1 00 Q2 01 Q3 02 Q4 03

What is happening to the US? US NET EXTERNAL ASSETS OVER GDP (per cent) 20.0% 10.0% 0.0% -10.0% -20.0% -30.0% 1976 1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002

What is happening to the US? 10.00% FINANCIAL BALANCES OF THE US ECONOMY (per cent of GDP) 8.00% 6.00% 4.00% 2.00% 0.00% -2.00% -4.00% -6.00% -8.00% -10.00% 196001 196501 197001 197501 198001 198501 199001 199501 200001 Private Sector PSBR Foreign lending

What is happening to the US? US GDP AND REAL DOMESTIC DEMAND (per cent) 6 5 4 3 2 1 0-1 -2 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 GDP DOMESTIC DEMAND

What is happening to the US? FINANCING OF THE US CAPITAL ACCOUNT ($bn) $800.0 $700.0 $600.0 $500.0 $256.2 $400.0 $295.1 $300.0 $200.0 $435.6 $393.4 $459.6 $355.3 $100.0 $0.0 $42.8 $28.1 $114.0 $248.6 -$100.0 -$200.0 2000 2001 2002 2003 2004 Foreign official purchases Net private investment in the US Other (including discrepancy)

What is happening to the US? 20.0 EXPORTS AND IMPORTS AS A SHARE OF GDP (current prices, per cent) 15.0 10.0 5.0 0.0-5.0-10.0 Q1 70 Q3 71 Q1 73 Q3 74 Q1 76 Q3 77 Q1 79 Q3 80 Q1 82 Q3 83 Q1 85 Q3 86 Q1 88 Q3 89 Q1 91 Q3 92 Q1 94 Q3 95 Q1 97 Q3 98 Q1 00 Q3 01 Q1 03 Q3 04 US EXPORTS OF GOODS & SERVICES US IMPORTS OF GOODS & SERVICES US NET EXPORTS

What is happening to the US? 140 US REAL EXCHANGE RATE (JP Morgan, 2000=100) 120 100 80 60 40 20 0 Jan-70 Jan-72 Jan-74 Jan-76 Jan-78 Jan-80 Jan-82 Jan-84 Jan-86 Jan-88 Jan-90 Jan-92 Jan-94 Jan-96 Jan-98 Jan-00 Jan-02 Jan-04

What is happening to the US? 20.0% ALTERNATIVE PATHS FOR US NET LIABILITIES (per cent of GDP) 0.0% -20.0% -40.0% -60.0% -80.0% -100.0% 1986 1988 1990 1992 1994 1996-120.0% 1976 1978 1980 1982 1984 1998 2000 2002 2004 2006 2008 2010 2012 2014 Historic export and import trends Exports growing 10% & imports 5% Imports growing at the export trend Current account constant share of GDP

What is the rest of the world doing? GLOBAL BALANCE OF PAYMENTS AFTER THE CRISES (1996 and 2004) World discrepancy Non-Anglosphere Anglosphere Rest of World Middle East Total Asia New Asia Old Asia (Japan) Old Europe UK Canada Australia US -$800 -$600 -$400 -$200 $0 $200 $400 $600 $800 1996 2004

What is the rest of the world doing? EMERGING MARKET INFLOW RECYCLING ($bn) 250.0 200.0 150.0 100.0 50.0 0.0-50.0-100.0-150.0-200.0-250.0-300.0 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 2002 2003e 2004f Current account balance Net capital inflow Reserves (- = increase)

What is the rest of the world doing? CURRENCY MOVEMENT AGAINST THE US DOLLAR (31st December 2002-31st March 2005) Argentina Mexico Turkey China HK Dollar Malaysia Indonesia Russia India Singapore Thailand Japan South Korea Canada Poland UK Pound Switzerland Sweden Euro Australia New Zealand South Africa -60.0% -40.0% -20.0% 0.0% 20.0% 40.0% 60.0% 80.0% 100.0%

What is the rest of the world doing? RISE OF ASIAN CURRENCY RESERVES ($bn) $4,000.0 $3,500.0 $3,000.0 $1,314.0 $2,500.0 $2,000.0 $1,500.0 $1,000.0 $500.0 $0.0 $437.2 $397.8 $436.5 December 2001-December 04 increase $198.2 $241.7 $609.9 $824.3 December 2004 global stock Japan China Taiwan Korea Hong Kong India Singapore Thailand Indonesia rest of Asia rest of the world

How does it look to the creditors? RESERVES AS A PER CENT OF IMPORTS 250.0% 200.0% 150.0% 100.0% 50.0% 0.0% Japan China Taiwan S. Korea HK India Singapore Russia 1996 2000 2004

How does it look to the creditors? STRUCTURE OF US GROSS LIABILITIES 2003 3.0% 4.4% 14.6% Corporate stocks 17.6% Direct Investment at market value 5.2% 23.2% US liabilities report by US banks, not included elsewhwere Foreign official assets US treasury securities Corporate and other bonds US currency 14.0% US liabilities to unaffiliated foreigners reported by US non-banking concerns 17.2%

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