WASHINGTON, July 24 (Xinhua) -- U.S. direct investment abroad dropped at the end of last year while foreign direct investment in the United States increased, according to statistics released by the U.S. Bureau of Economic Analysis (BEA) on Wednesday.
The U.S. direct investment abroad position, or cumulative level of investment, decreased 62.3 billion U.S. dollars to 5.95 trillion at the end of 2018, according to data from BEA.
"The decrease was due to the repatriation of accumulated prior earnings by U.S. multinationals from their foreign affiliates, largely in response to the 2017 Tax Cuts and Jobs Act," said BEA.
Even though U.S. multinational enterprises invest across the globe, the largest U.S. direct investment abroad was in the Netherlands with a position of 883.2 billion dollars, followed by Britain, Luxembourg, Ireland and Canada.
Besides, the official data showed that foreign direct investment in the United States position rose 319.1 billion dollars to 4.34 trillion at the end of 2018.
Britain remained the top investing country in the United States with a position of 560.9 billion dollars, followed by Canada, Japan, the Netherlands and Luxembourg.