Net international investment position

The net international investment position (NIIP) is the difference between the external financial assets and liabilities of a country.^[1] External debt of a country includes government debt and private debt. External assets publicly and privately held by a country's legal residents are also taken into account when calculating NIIP.^[2] Commodities and currencies tend to follow a cyclical pattern of significant valuation changes, which is also reflected in NIIP.

US Net International Investment Position

The International investment position (IIP) of a country is a financial statement of the value and composition of its external financial assets and liabilities. A positive NIIP value indicates that a nation is a creditor nation, while a negative value indicates that it is a debtor nation.

World

In 1980, the United States net international-creditor position was bigger than the total net creditor-positions of all the other countries in the world.^[3] Only six years later, in 1986, when the nation’s international investment position was at a year-end negative $107.4 billion, the U.S. became a net-debtor nation for the first time since 1914, when its nominal debt had reached $2 billion.^[4] By 1990, the U.S. was the world's largest debtor^[3] By end-2020, the country’s net international-investment position was a negative $14 trillion, an amount representing how much more the U.S. owed to the rest of the world than the rest of the world owed to the U.S.^[5] At the end of 2022, it stood at a negative $16 trillion.^[6]

List of countries and regions by net international investment position (NIIP)

Statistics (mainly around 2021)

Countries and regions	Date	NIIP[7] (US$ millions)	Date	GDP[8] (US $millions)	Date	NIIP (% GDP)
Albania	2021Q1	-9,028	2021	17,138	2019	−52.1
Andorra	2020	+7,658[9][10]	2020	2,890[10]	2022	339.9[11]
Argentina	2021Q1	+128,627	2021	418,150	2019	26.3
Armenia	2021Q1	-10,124	2021	12,251	2019	−73.1
Australia	2021Q1	-664,900	2021	1,617,543	2021	−41.1
Austria	2021Q1	+58,662	2021	481,796	2023Q2	17.6[12]
Bangladesh	2021Q1	-44,673	2021	352,908	2019	−13.5
Belarus	2021Q1	-31,417	2021	60,725	2021	−51.7
Belgium	2021Q1	+263,132	2021	578,996	2023Q2	59.1[12]
Bhutan	2021Q1	-2,585	2021	2,480	2021	−104.2
Brazil	2021Q1	-460,181	2021	1,491,772	2019	−39.6
Bulgaria	2021Q1	-17,228	2021	77,782	2023Q2	−13.2[12]
Cambodia	2021Q1	-25,658	2021	27,239	2021	−94.2
Canada	2021Q1	+1,105,744	2021	1,883,487	2021	58.7
Chile	2021Q1	-28,989	2021	307,938	2021	−9.4
People's Republic of China	2021Q1	+2,140,041	2021	16,642,318	2021	12.9
Colombia	2021Q1	-171,915	2021	295,610	2019	−51.7
Democratic Republic of the Congo	2018	-19,779	2021	55,088	2018	−42.0
Croatia	2020	-31,558	2021	65,217	2023Q2	−25.1[12]
Cyprus	2021Q1	-35,545	2021	26,479	2023Q2	−99.7[12]
Czech Republic	2021Q1	-24,507	2021	276,109	2023Q2	−16.9[12]
Denmark	2021Q1	+278,307	2021	392,570	2023Q2	61.7[12]
Egypt	2021Q1	-209,599	2021	394,284	2021	−53.2
Estonia	2021Q1	-6,872	2021	35,187	2023Q2	−22.7[12]
Finland	2021Q1	+24,303	2021	300,484	2023Q2	3.1[12]
France	2021Q1	-889,171	2021	2,938,271	2023Q2	−29.9[12]
Germany	2021Q1	+3,055,922	2021	4,319,286	2023Q2	68.6[12]
Greece	2021Q1	-352,272	2021	209,857	2023Q2	−144.2[12]
Hong Kong	2021Q1	+2,163,155	2021	368,633	2021	586.8
Hungary	2021Q1	-74,450	2021	176,543	2023Q2	−50.6[12]
Iceland	2021Q1	+8,466	2021	24,155	2019(Q1)	21[13]
India	2021	-379,300	2021	3,049,704	March 2020	−14[14]
Indonesia	2021Q1	-268,597	2021	1,158,783	2019	−30.4
Ireland	2020Q3	-705,962	2021	476,663	2023Q2	−108.8[12]
Israel	2021Q1	+190,555	2021	446,708	2021	42.7
Italy	2021Q1	+40,176	2021	2,106,287	2023Q2	5.3[12]
Japan	2021Q1	+3,375,849	2021	5,378,136	2021	62.8
Kazakhstan	2021Q1	-74,204	2021	187,836	2019	−36.2
Kuwait	2020	+89,847	2021	126,930	2019	69.7
Latvia	2021Q1	-11,806	2021	37,720	2023Q2	−26.2[12]
Lithuania	2021Q1	-7,821	2021	62,198	2023Q2	−2.6[12]
Luxembourg	2021Q1	+40,328	2021	84,077	2021Q2	43.4[12]
Malaysia	2021Q1	+25,589	2021	387,093	2020	5.9
Malta	2020Q3	+9,100	2021	16,476	2023Q2	76.4[12]
Mexico	2021Q1	-586,528	2021	1,192,480	2019	−51.4
Mongolia	2021Q1	-37,419	2021	14,233	2021	−262.9
Montenegro	2018	-9,044	2021	5,651	2018	−178.8
Mozambique	2021Q1	-59,996	2021	13,957	2021	−429.9
Netherlands	2021Q1	+959,049	2021	1,012,598	2023Q2	68.5[12]
New Zealand	2021Q1	-112,488	2021	243,332	2019	−46.2
Nicaragua	2020	-14,456	2021	12,283	2019	−119.9
Nigeria	2020	-85,211	2021	514,049	2019	−16.3
Norway	2021Q1	+1,175,781	2021	444,519	2021	264.5
Pakistan	2021Q1	-116,935	2021	262,799	2021	−44.5
Panama	2020	-64,857	2021	59,377	2020	−122.5
Peru	2020Q2	-86,078	2021	225,918	2018	−37.4
Philippines	2021Q1	-15,322	2021	402,638	2020	−5.6
Poland	2021Q1	-254,623	2021	642,121	2023Q2	−32.2[12]
Portugal	2021Q1	-246,961	2021	257,391	2023Q2	−76.9[12]
Romania	2021Q1	-121,438	2021	289,130	2023Q2	−40.0[12]
Russia	2021Q1	+458,533	2021	1,710,734	2021	26.8
Saudi Arabia	2021Q1	+587,883	2021	804,921	2021	73.0
Serbia	2021Q1	-49,970	2021	60,435	2019	−88.5
Singapore	2021Q1	+1,035,082	2021	374,934	2021	276.1
Slovakia	2021Q1	-67,785	2021	117,664	2023Q2	−57.6[12]
Slovenia	2021Q1	-4,876	2021	59,132	2023Q2	0.7[12]
South Africa	2021Q1	+97,342	2021	329,529	2021	29.5
South Korea	2021Q1	+477,517	2021	1,806,707	2021	26.4
Spain	2021Q1	-1,096,594	2021	1,461,552	2023Q2	−56.6[12]
Sudan	2018	-85,180	2021	35,827	2018	−248.5
Sweden	2021Q1	+116,427	2021	625,948	2023Q2	44.0[12]
Switzerland	2021Q1	+808,373	2021	824,734	2021	98.0
Taiwan	2020	+1,371,420[15]	2021	759,104	2020	205.1
Thailand	2021Q1	+36,251	2021	538,735	2019	11.0
Tunisia	2019	-63,678	2021	44,265	2019	−162.6
Turkey	2021Q2	-280,624	2021	794,530	2021	−35.3
Uganda	2019	-18,640	2021	41,271	2019	−60.8
Ukraine	2021Q1	-21,613	2021	164,593	2021	−13.1
United Kingdom	2021Q1	-802,202	2021	3,124,650	2021	−25.7
United States	2022Q4	-16,112,100	2022	20,182,500	2022Q4[16]	−79.8
Uzbekistan	2021Q1	+18,494	2021	61,203	2021	30.2
Zambia	2020Q3	-28,177	2021	18,955	2019	−116.5

See also

• Net foreign assets
• List of countries by external debt
• List of countries by public debt
• List of countries by net international investment position per capita

References

1. Bivens, L. Josh (December 14, 2004). "Debt and the dollar: The United States damages future living standards by borrowing itself into a deceptively deep hole". Epinet.org. Archived from the original on January 20, 2008. Retrieved 2009-06-28.
2. Ministry of Economic and Finance of Argentina International Investment Position Methodology page.1
3. Aliber, Robert (31 January 2021). "Why did the United States Evolve from the Largest International Creditor in 1980 to the Largest International Debtor in 1990?". Atlantic Economic Journal. 48: 405–411. Retrieved 14 April 2023.
4. "U.S. Becomes the World's Largest Debtor Country". Los Angeles Times. Associated Press. 24 June 1986. Retrieved 14 April 2023.
5. "U.S. International Investment Position, Fourth Quarter and Year 2020". BEA News. Bureau of Economic Analysis. 31 March 2021. Retrieved 14 April 2023.
6. "U.S. International Investment Position, 4th Quarter and Year 2022" (PDF). BEA News. Bureau of Economic Analysis. 29 March 2023. Retrieved 14 April 2023.
7. "IMF Data". data.imf.org. Retrieved 30 May 2021.
8. "Report for Selected Country Groups and Subjects". International Monetary Fund.
9. "Fitch Upgrades Andorra to 'A-'; Outlook Stable". 8 July 2022. Retrieved 16 June 2023.
10. "GDP (current US$) - Andorra". World Bank. 2021. Retrieved 16 June 2023.
11. "2023 ARTICLE IV CONSULTATION—PRESS RELEASE; STAFF REPORT; AND STATEMENT BY THE EXECUTIVE DIRECTOR FOR THE PRINCIPALITY OF ANDORRA". IMF. March 2024. Retrieved 6 October 2024.
12. "Net international investment position - quarterly data, % of GDP". Eurostat. 1 January 2024. Retrieved 1 January 2024.
13. Central Bank of Iceland
14. "India's International Investment Position (IIP), March 2020". Reserve Bank of India. Retrieved 2021-01-30.
15. Central Bank of the Republic of China (Taiwan)
16. "Gross Domestic Product (Third Estimate), Corporate Profits, and GDP by Industry, Fourth Quarter and Year 2022" (PDF). BEA News. Bureau of Economic Analysis. 30 March 2023. Retrieved 14 April 2023.

External links

• Bureau of Economic Analysis Elena L. Nguyen: The International Investment Position of the United States at Yearend 2007. U.S.
• Bank of Japan Japan’s International Investment Position at Year-End 2009 Archived 2012-11-18 at the Wayback Machine (Retrieved on June 30, 2011)
• Deutsche Bundesbank (German Central Bank) International Investment Position - External Debt Statistics
• European Economic Forecast Spring 2010 European Commission working draft Graph 1.3.2., International investment position since 1980 in major economic units.

Statistics

• International Monetary Fund (IMF) International Investment Position (IIP) Data
• International Monetary Fund (IMF) World Economic Outlook Database, April 2011
• UK National Statistics Great Britain: International Investment Position, Table K
• Saint-Petersburg (Russia) statistic Economic statistics of St. Petersburg