Key points
- Adjusted for exchange rate movements, external liabilities increased by $20.3 billion during 2023 Q1. The largest increases in liabilities were to Developing Countries and Developed Countries. For Developing Countries the largest country increases were to Kuwait and the United Arab Emirates, while for Developed Countries the largest country increases were to the United States and Switzerland.
- Adjusted for exchange rate movements, external claims increased by $78.6 billion during 2023 Q1. The largest increases in claims were on Developed Countries and Offshore Centres. For Developed Countries the largest country increases were on the United States, Germany and Japan, while for Offshore Centres the largest country increases were on the Cayman Islands and Hong Kong.
- Please note following Croatia’s adoption of the euro from 1 January 2023, it has been reclassified from European Developing Countries to European Developed Countries. This is consistent with the approach used for other acceding countries that have adopted the euro. This reclassification has been made retrospectively to both country groups for the 2 June 2023 publication.
Table A: Regional breakdown of external claims and liabilities
US$ billions - Not seasonally adjusted
|
|
Exchange rate adjusted flows |
Amounts outstanding |
||||
|
Q3 |
Q4 |
Q1 |
End-Q1 2023 |
|||
|
Liabilities to: |
2022 |
|
2023 |
|
||
|
Developed Countries |
- 49.1 |
- 79.8 |
11.4 |
3,234.2 |
||
|
Offshore Centres |
11.2 |
- 73.8 |
- 9.3 |
691.9 |
||
|
Developing Countries |
3.7 |
- 38.4 |
16.2 |
557.4 |
||
|
International Organisations & Other |
33.0 |
- 21.6 |
1.9 |
982.7 |
||
|
Total |
- 1.2 |
- 213.6 |
20.3 |
5,466.2 |
||
|
Claims on: |
||||||
|
Developed Countries |
64.9 |
- 221.3 |
62.6 |
4,094.5 |
||
|
Offshore Centres |
- 3.5 |
- 8.3 |
34.3 |
584.2 |
||
|
Developing Countries |
27.8 |
- 13.8 |
- 8.5 |
446.5 |
||
|
International Organisations & Other |
9.6 |
- 39.9 |
- 9.9 |
167.5 |
||
|
Total |
98.7 |
- 283.2 |
78.6 |
5,292.7 |
||
Footnotes
Chart 1: Exchange rate adjusted flows of liabilities by counterpart sector and region 2023 Q1 (US$ billions)
Chart 2: Exchange rate adjusted flows of claims by counterpart sector and region 2023 Q1 (US$ billions)
Exchange rate adjusted flows of external liabilities and claims: Developed Countries
Exchange rate adjusted flows vis-à-vis Developed Countries – 2023 Q1
(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 – 2023 Q1 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|
|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
|
Largest flow increases |
United States |
1,406.4 |
62.3 |
609.1 |
65.8 |
797.3 |
-3.6 |
|
Switzerland |
275.7 |
48.1 |
196.0 |
52.0 |
79.7 |
-3.9 |
|
|
Cyprus |
6.8 |
2.5 |
0.1 |
0.0 |
6.8 |
2.5 |
|
|
Italy |
24.7 |
0.7 |
12.9 |
2.3 |
11.8 |
-1.6 |
|
|
Portugal |
1.9 |
0.2 |
0.4 |
0.1 |
1.4 |
0.1 |
|
|
Largest flow decreases |
Canada |
99.8 |
-33.0 |
69.2 |
-34.8 |
30.6 |
1.9 |
|
Australia |
65.4 |
-15.1 |
39.2 |
-14.7 |
26.2 |
-0.4 |
|
|
Germany |
324.3 |
-14.8 |
288.6 |
-11.7 |
35.7 |
-3.1 |
|
|
Belgium |
49.7 |
-7.4 |
42.6 |
-4.5 |
7.0 |
-2.8 |
|
|
Luxembourg |
84.0 |
-6.6 |
14.9 |
-1.5 |
69.1 |
-5.1 |
|
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country – 2023 Q1 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|
|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
|
Largest flow increases |
United States |
1,481.7 |
43.7 |
595.2 |
42.4 |
886.5 |
1.4 |
|
Germany |
512.9 |
34.2 |
474.0 |
35.3 |
39.0 |
-1.1 |
|
|
Japan |
395.9 |
30.8 |
216.0 |
-2.1 |
179.9 |
32.8 |
|
|
Canada |
224.9 |
14.4 |
174.9 |
13.9 |
50.0 |
0.5 |
|
|
Sweden |
38.6 |
4.6 |
23.5 |
4.9 |
15.1 |
-0.2 |
|
|
Largest flow decreases |
Switzerland |
210.3 |
-34.8 |
175.2 |
-29.9 |
35.1 |
-4.9 |
|
France |
506.9 |
-24.5 |
458.5 |
-23.5 |
48.4 |
-1.0 |
|
|
Belgium |
29.2 |
-7.7 |
19.7 |
-9.5 |
9.5 |
1.8 |
|
|
Netherlands |
134.6 |
-1.5 |
66.3 |
0.6 |
68.4 |
-2.0 |
|
|
Luxembourg |
149.0 |
-1.4 |
17.0 |
8.2 |
132.0 |
-9.6 |
|
Exchange rate adjusted flows of external liabilities and claims: Offshore Centres
Exchange rate adjusted flows vis-à-vis Offshore Centres – 2023 Q1
(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 – 2023 Q1 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|
|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
|
Largest flow increases |
Hong Kong |
156.4 |
6.5 |
81.9 |
-3.6 |
74.5 |
10.1 |
|
Jersey |
135.3 |
1.6 |
115.9 |
4.7 |
19.4 |
-3.1 |
|
|
Bahrain |
6.3 |
1.1 |
3.6 |
0.0 |
2.6 |
1.0 |
|
|
Panama |
1.4 |
0.5 |
0.1 |
0.0 |
1.3 |
0.6 |
|
|
Mauritius |
3.5 |
0.5 |
2.2 |
0.6 |
1.2 |
-0.1 |
|
|
Largest flow decreases |
Singapore |
135.4 |
-7.4 |
94.0 |
-13.6 |
41.4 |
6.2 |
|
Guernsey |
36.6 |
-7.4 |
30.3 |
-4.8 |
6.3 |
-2.5 |
|
|
Bermuda |
22.2 |
-1.8 |
14.9 |
-0.4 |
7.3 |
-1.3 |
|
|
Cayman Islands |
129.4 |
-1.7 |
5.3 |
2.8 |
124.1 |
-4.5 |
|
|
West Indies UK |
13.0 |
-0.8 |
0.3 |
0.0 |
12.7 |
-0.9 |
|
Footnotes
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country – 2023 Q1 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|
|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
|
Largest flow increases |
Cayman Islands |
191.6 |
18.4 |
94.2 |
14.2 |
97.4 |
4.2 |
|
Hong Kong |
117.0 |
15.0 |
51.0 |
9.5 |
66.0 |
5.5 |
|
|
Singapore |
120.6 |
4.8 |
88.0 |
4.2 |
32.6 |
0.6 |
|
|
Guernsey |
23.5 |
2.0 |
2.2 |
1.5 |
21.3 |
0.5 |
|
|
Curacao |
9.2 |
1.2 |
9.1 |
1.2 |
0.2 |
0.0 |
|
|
Largest flow decreases |
West Indies UK |
15.4 |
-1.8 |
0.0 |
0.0 |
15.4 |
-1.8 |
|
Mauritius |
4.1 |
-1.5 |
2.0 |
-0.6 |
2.1 |
-0.9 |
|
|
Macao |
1.9 |
-1.4 |
2.0 |
-1.4 |
0.0 |
0.0 |
|
|
Jersey |
70.7 |
-1.2 |
10.1 |
0.0 |
60.6 |
-1.2 |
|
|
Bahrain |
6.8 |
-0.8 |
5.2 |
-0.8 |
1.6 |
0.0 |
|
Exchange rate adjusted flows of external liabilities and claims: Developing Countries
Exchange rate adjusted flows vis-à-vis Developing Countries – 2023 Q1
(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 – 2023 Q1 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|
|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
|
Largest flow increases |
Kuwait |
27.9 |
7.2 |
10.1 |
2.3 |
17.8 |
4.9 |
|
United Arab Emirates |
53.3 |
6.9 |
33.6 |
6.8 |
19.8 |
0.1 |
|
|
Mexico |
16.4 |
5.0 |
12.4 |
5.2 |
4.0 |
-0.1 |
|
|
South Africa |
20.2 |
3.4 |
12.8 |
1.1 |
7.3 |
2.3 |
|
|
Qatar |
42.6 |
3.2 |
10.5 |
-1.2 |
32.1 |
4.4 |
|
|
Largest flow decreases |
India |
33.3 |
-5.3 |
30.1 |
-5.5 |
3.3 |
0.2 |
|
China |
69.2 |
-3.7 |
62.3 |
-4.6 |
6.8 |
0.8 |
|
|
South Korea |
14.6 |
-2.1 |
8.9 |
-0.4 |
5.7 |
-1.7 |
|
|
Nigeria |
18.3 |
-1.8 |
11.9 |
-2.1 |
6.5 |
0.2 |
|
|
Peru |
4.0 |
-1.2 |
2.8 |
-1.3 |
1.1 |
0.1 |
|
Table G: Amounts outstanding and exchange rate adjusted flows of claims by country – 2023 Q1 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|
|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
|
Largest flow increases |
Israel |
17.3 |
3.4 |
10.1 |
1.7 |
7.2 |
1.7 |
|
Poland |
2.6 |
1.1 |
0.3 |
0.6 |
2.4 |
0.6 |
|
|
Mexico |
7.2 |
1.1 |
1.8 |
0.3 |
5.4 |
0.8 |
|
|
Brazil |
37.0 |
1.0 |
20.7 |
-0.4 |
16.3 |
1.4 |
|
|
Taiwan |
12.9 |
0.9 |
8.7 |
0.5 |
4.2 |
0.4 |
|
|
Largest flow decreases |
Saudi Arabia |
22.8 |
-6.5 |
5.1 |
0.2 |
17.7 |
-6.7 |
|
Qatar |
54.5 |
-4.8 |
37.1 |
-4.4 |
17.4 |
-0.4 |
|
|
South Korea |
18.7 |
-2.4 |
9.7 |
-2.6 |
9.0 |
0.2 |
|
|
India |
27.8 |
-2.1 |
15.5 |
-0.7 |
12.3 |
-1.4 |
|
|
Czech Republic |
4.6 |
-1.8 |
3.9 |
-1.8 |
0.7 |
0.0 |
|
Queries
If you have any comments or queries about this data release, please email dsd_ibs@bankofengland.co.uk
Next release date: 1 September 2023
