Key points
- Adjusted for exchange rate movements, external liabilities increased by $15.4 billion during 2021 Q3. The largest increase in liabilities was to Developing Countries, with the largest increase to Qatar.
- Adjusted for exchange rate movements, external claims increased by $37.3 billion during 2021 Q3. The largest increase in claims was on Offshore Centres, which was largely accounted for by the Cayman Islands.
Table A: Regional breakdown of external claims and liabilities
US$ billions - Not seasonally adjusted
| Exchange rate adjusted flows | Amounts outstanding | ||||||
Q1 | Q2 | Q3 | End-Q3 2021 | |||||
Liabilities to: | 2021 |
|
|
|
| |||
Developed countries | 43.5 | - 98.2 | - 16.6 | 3,265.6 | ||||
Offshore centres | 7.4 | 28.7 | 18.0 | 669.7 | ||||
Developing countries | 22.7 | 2.5 | 23.5 | 558.3 | ||||
International Organisations & Other | - 3.3 | 1.6 | - 9.4 | 1,017.2 | ||||
Total | 70.3 | - 65.4 | 15.4 | 5,510.8 | ||||
Claims on: | ||||||||
Developed countries | 88.1 | - 19.0 | 1.0 | 3,995.7 | ||||
Offshore centres | 22.9 | - 3.1 | 21.2 | 572.8 | ||||
Developing countries | - 4.1 | - 8.9 | - 0.5 | 427.2 | ||||
International Organisations & Other | 7.0 | - 2.7 | 15.5 | 194.1 | ||||
Total | 113.9 | - 33.7 | 37.3 | 5,189.9 | ||||
Chart 1: Exchange rate adjusted flows of liabilities by counterpart sector and region 2021 Q3 (US$ billions)
Chart 2: Exchange rate adjusted flows of claims by counterpart sector and region 2021 Q3 (US$ billions)
Exchange rate adjusted flows of external liabilities and claims: Developed Countries
Exchange rate adjusted flows vis-à-vis Developed Countries – 2021 Q3
(US$ billions) - Not seasonally adjusted
Chart 3: Flows of liabilities by country (5 largest increases/decreases)
Chart 4: Flows of claims by country (5 largest increases/decreases)
Table B: Amounts outstanding and exchange rate adjusted flows of liabilities by country – 2021 Q3
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Switzerland | 195.0 | 16.2 |
| 138.8 | 13.0 |
| 56.2 | 3.2 |
United States | 1,334.3 | 14.0 |
| 556.7 | 16.7 |
| 777.7 | -2.7 | |
France | 296.8 | 10.0 |
| 234.2 | -3.0 |
| 62.7 | 12.9 | |
Japan | 126.2 | 6.0 |
| 85.1 | -1.7 |
| 41.1 | 7.7 | |
Luxembourg | 108.0 | 1.4 |
| 36.6 | 2.8 |
| 71.4 | -1.4 | |
Largest flow decreases | Germany | 388.1 | -25.4 |
| 331.1 | -21.8 |
| 57.0 | -3.6 |
Canada | 118.2 | -15.8 |
| 74.7 | -12.4 |
| 43.5 | -3.4 | |
Australia | 66.0 | -9.3 |
| 39.0 | -4.4 |
| 27.0 | -4.8 | |
Netherlands | 176.2 | -7.0 |
| 82.9 | 0.7 |
| 93.3 | -7.8 | |
Italy | 33.1 | -2.3 |
| 17.4 | -1.8 |
| 15.7 | -0.6 | |
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country – 2021 Q3
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | United States | 1,399.5 | 63.7 |
| 527.0 | 70.6 |
| 872.5 | -6.8 |
Canada | 164.4 | 15.4 |
| 117.3 | 13.0 |
| 47.1 | 2.4 | |
Sweden | 43.0 | 4.0 |
| 26.2 | 3.8 |
| 16.7 | 0.2 | |
Netherlands | 165.2 | 3.2 |
| 72.0 | 5.3 |
| 93.3 | -2.1 | |
Finland | 16.9 | 3.2 |
| 9.0 | 3.9 |
| 7.8 | -0.7 | |
Largest flow decreases | Germany | 519.5 | -32.5 |
| 476.6 | -32.6 |
| 42.9 | 0.1 |
France | 505.3 | -24.5 |
| 428.0 | -30.9 |
| 77.3 | 6.5 | |
Luxembourg | 147.0 | -11.7 |
| 29.2 | -12.6 |
| 117.8 | 0.9 | |
Japan | 363.8 | -10.7 |
| 232.8 | -8.6 |
| 131.1 | -2.1 | |
Switzerland | 215.8 | -7.7 |
| 172.7 | -11.3 |
| 43.2 | 3.6 | |
Exchange rate adjusted flows of external liabilities and claims: Offshore Centres
Exchange rate adjusted flows vis-à-vis Offshore Centres – 2021 Q3
(US$ billions) - Not seasonally adjusted
Chart 5: Flows of liabilities by country (5 largest increases/decreases)
Chart 6: Flows of claims by country (5 largest increases/decreases)
Table D: Amounts outstanding and exchange rate adjusted flows of liabilities by country – 2021 Q3
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Singapore | 106.6 | 17.3 |
| 76.3 | 11.0 |
| 30.3 | 6.4 |
Hong Kong | 131.8 | 9.0 |
| 68.1 | 8.0 |
| 63.6 | 1.0 | |
West Indies UK | 18.5 | 1.1 |
| 0.1 | 0.0 |
| 18.4 | 1.2 | |
Curacao | 2.1 | 1.1 |
| 0.4 | 0.2 |
| 1.7 | 0.9 | |
Barbados | 8.1 | 0.8 |
| 7.1 | 0.5 |
| 1.1 | 0.3 | |
Largest flow decreases | Cayman Islands | 142.1 | -7.8 |
| 11.2 | -6.7 |
| 130.9 | -1.0 |
Jersey | 127.7 | -2.9 |
| 98.2 | -3.2 |
| 29.5 | 0.3 | |
Bahamas | 15.5 | -1.5 |
| 11.5 | -1.4 |
| 4.0 | -0.1 | |
Lebanon | 4.5 | -0.7 |
| 3.7 | -0.6 |
| 0.8 | -0.1 | |
Macao | 0.4 | -0.3 |
| 0.3 | -0.3 |
| 0.0 | 0.0 | |
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country – 2021 Q3
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Cayman Islands | 205.7 | 16.7 |
| 92.8 | 21.4 |
| 113.0 | -4.7 |
Hong Kong | 110.4 | 7.2 |
| 47.7 | 4.1 |
| 62.7 | 3.1 | |
Jersey | 73.9 | 1.5 |
| 10.2 | -1.1 |
| 63.8 | 2.6 | |
Bahrain | 8.1 | 0.6 |
| 6.0 | 0.5 |
| 2.0 | 0.1 | |
Bermuda | 10.5 | 0.4 |
| 0.0 | 0.0 |
| 10.5 | 0.4 | |
Largest flow decreases | Singapore | 98.6 | -3.8 |
| 61.4 | -7.9 |
| 37.1 | 4.1 |
Mauritius | 3.2 | -1.2 |
| 0.9 | 0.2 |
| 2.4 | -1.5 | |
Macao | 3.0 | -0.4 |
| 2.9 | -0.4 |
| 0.1 | 0.1 | |
Panama | 2.0 | -0.3 |
| 0.3 | -0.2 |
| 1.7 | -0.1 | |
Guernsey | 18.6 | -0.1 |
| 1.8 | -0.5 |
| 16.8 | 0.4 | |
Exchange rate adjusted flows of external liabilities and claims: Developing Countries
Exchange rate adjusted flows vis-à-vis Developing Countries – 2021 Q3
(US$ billions) - Not seasonally adjusted
Chart 7: Flows of liabilities by country (5 largest increases/decreases)
Chart 8: Flows of claims by country (5 largest increases/decreases)
Table F: Amounts outstanding and exchange rate adjusted flows of liabilities by country – 2021 Q3
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Qatar | 30.5 | 8.3 |
| 7.8 | -4.3 |
| 22.7 | 12.6 |
Saudi Arabia | 76.7 | 4.6 |
| 46.2 | 4.1 |
| 30.5 | 0.5 | |
Angola | 7.7 | 3.4 |
| 2.5 | 1.1 |
| 5.2 | 2.4 | |
Kazakhstan | 8.8 | 2.8 |
| 6.7 | 2.4 |
| 2.1 | 0.4 | |
India | 36.5 | 2.3 |
| 33.4 | 2.2 |
| 3.1 | 0.1 | |
Largest flow decreases | United Arab Emirates | 41.8 | -2.9 |
| 22.7 | -0.9 |
| 19.1 | -2.0 |
Russia | 14.6 | -1.2 |
| 9.6 | -0.2 |
| 4.9 | -1.0 | |
South Africa | 19.6 | -1.2 |
| 12.8 | -2.3 |
| 6.8 | 1.1 | |
Kenya | 1.8 | -0.8 |
| 1.4 | -0.8 |
| 0.4 | 0.0 | |
Egypt | 4.3 | -0.5 |
| 2.2 | -0.5 |
| 2.2 | 0.0 | |
Table G: Amounts outstanding and exchange rate adjusted flows of claims by country – 2021 Q3
US$billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | China | 58.1 | 3.0 |
| 45.3 | 2.2 |
| 12.8 | 0.8 |
South Korea | 19.5 | 1.8 |
| 10.5 | 1.0 |
| 9.0 | 0.8 | |
Egypt | 17.3 | 1.8 |
| 5.9 | 2.0 |
| 11.4 | -0.2 | |
Russia | 12.0 | 1.3 |
| 4.6 | 1.2 |
| 7.4 | 0.1 | |
Saudi Arabia | 28.0 | 1.2 |
| 6.3 | 0.4 |
| 21.7 | 0.8 | |
Largest flow decreases | United Arab Emirates | 55.8 | -4.3 |
| 36.8 | -0.1 |
| 19.0 | -4.1 |
Qatar | 52.2 | -3.5 |
| 39.1 | -3.2 |
| 13.1 | -0.3 | |
South Africa | 11.8 | -1.2 |
| 4.2 | -0.5 |
| 7.6 | -0.7 | |
Brazil | 16.0 | -1.1 |
| 8.1 | 0.1 |
| 7.9 | -1.2 | |
Taiwan | 11.4 | -0.6 |
| 6.2 | -0.8 |
| 5.3 | 0.2 | |
