Key points
- Adjusted for exchange rate movements, external liabilities increased by $164.4 billion during 2022 Q1. The largest increase in liabilities was to Developed Countries, with the largest increase to the United States.
- Adjusted for exchange rate movements, external claims increased by $236.3 billion during 2022 Q1. The largest increase in claims was on Developed Countries, which was largely accounted for by Japan.
Table A: Regional breakdown of external claims and liabilities
US$ billions - Not seasonally adjusted
| Exchange rate adjusted flows | Amounts outstanding | ||||||
Q3 | Q4 | Q1 | End-Q1 2022 | |||||
Liabilities to: | 2021 |
| 2022 |
|
| |||
Developed countries | - 16.8 | 74.8 | 133.5 | 3,423.6 | ||||
Offshore centres | 18.0 | 50.1 | 34.6 | 744.6 | ||||
Developing countries | 23.8 | 3.0 | 29.1 | 587.2 | ||||
International Organisations & Other | - 9.6 | 37.0 | - 32.8 | 994.3 | ||||
Total | 15.5 | 164.9 | 164.4 | 5,749.7 | ||||
Claims on: | ||||||||
Developed countries | - 6.6 | 94.7 | 194.2 | 4,202.6 | ||||
Offshore centres | 21.2 | - 2.5 | 21.4 | 584.1 | ||||
Developing countries | - 0.5 | 35.3 | - 7.4 | 451.4 | ||||
International Organisations & Other | 15.5 | - 2.4 | 28.1 | 211.2 | ||||
Total | 29.6 | 125.1 | 236.3 | 5,449.3 | ||||
Chart 1: Exchange rate adjusted flows of liabilities by counterpart sector and region 2022 Q1 (US$ billions)
Chart 2: Exchange rate adjusted flows of claims by counterpart sector and region 2022 Q1 (US$ billions)
Exchange rate adjusted flows of external liabilities and claims: Developed Countries
Exchange rate adjusted flows vis-à-vis Developed Countries – 2022 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 – 2022 Q1
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | United States | 1,447.3 | 100.5 |
| 619.8 | 79.3 |
| 827.5 | 21.2 |
Japan | 167.1 | 55.5 |
| 123.3 | 33.6 |
| 43.8 | 22.0 | |
France | 313.7 | 34.7 |
| 250.8 | 20.5 |
| 62.9 | 14.1 | |
Germany | 397.7 | 15.6 |
| 341.5 | 15.7 |
| 56.2 | -0.1 | |
Switzerland | 205.1 | 3.1 |
| 135.4 | -2.5 |
| 69.6 | 5.6 | |
Largest flow decreases | Canada | 111.7 | -37.7 |
| 72.3 | -28.0 |
| 39.4 | -9.7 |
Luxembourg | 96.9 | -17.1 |
| 17.5 | -11.9 |
| 79.4 | -5.1 | |
Ireland | 211.9 | -13.0 |
| 60.2 | -10.2 |
| 151.7 | -2.9 | |
Netherlands | 169.3 | -4.3 |
| 69.8 | -9.5 |
| 99.5 | 5.2 | |
Sweden | 16.2 | -3.1 |
| 11.7 | -2.2 |
| 4.5 | -0.9 | |
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country – 2022 Q1
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Japan | 368.8 | 72.6 |
| 225.0 | 17.3 |
| 143.8 | 55.2 |
Germany | 537.9 | 54.5 |
| 500.8 | 57.9 |
| 37.0 | -3.4 | |
United States | 1,503.0 | 27.6 |
| 579.9 | 23.1 |
| 923.1 | 4.5 | |
France | 515.6 | 23.9 |
| 448.9 | 24.1 |
| 66.8 | -0.2 | |
Canada | 190.9 | 13.0 |
| 144.5 | 18.0 |
| 46.4 | -5.0 | |
Largest flow decreases | Italy | 31.8 | -8.4 |
| 20.4 | -6.6 |
| 11.4 | -1.8 |
Luxembourg | 160.4 | -3.7 |
| 31.6 | -10.3 |
| 128.7 | 6.6 | |
Sweden | 37.9 | -3.6 |
| 22.3 | -2.5 |
| 15.6 | -1.2 | |
Norway | 44.5 | -1.8 |
| 37.6 | -1.9 |
| 6.9 | 0.1 | |
Netherlands | 149.8 | -1.1 |
| 66.7 | -1.4 |
| 83.2 | 0.3 | |
Exchange rate adjusted flows of external liabilities and claims: Offshore Centres
Exchange rate adjusted flows vis-à-vis Offshore Centres – 2022 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 – 2022 Q1
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Singapore | 140.1 | 29.1 |
| 108.4 | 21.9 |
| 31.7 | 7.2 |
Jersey | 130.1 | 4.2 |
| 102.6 | 4.9 |
| 27.6 | -0.7 | |
Cayman Islands | 176.7 | 2.9 |
| 14.0 | 1.4 |
| 162.7 | 1.5 | |
Bermuda | 26.9 | 1.5 |
| 15.6 | 1.5 |
| 11.3 | 0.0 | |
Barbados | 11.1 | 1.2 |
| 10.2 | 1.2 |
| 0.9 | -0.1 | |
Largest flow decreases | West Indies UK | 15.2 | -2.1 |
| 0.2 | 0.0 |
| 15.0 | -2.1 |
Hong Kong | 136.3 | -2.0 |
| 72.3 | 0.7 |
| 64.1 | -2.7 | |
Panama | 1.2 | -0.8 |
| 0.1 | -0.1 |
| 1.1 | -0.6 | |
Curacao | 2.3 | -0.4 |
| 0.8 | 0.2 |
| 1.4 | -0.6 | |
Macao | 0.3 | -0.2 |
| 0.3 | -0.2 |
| 0.1 | 0.0 | |
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country – 2022 Q1
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Singapore | 117.0 | 17.7 |
| 78.6 | 12.4 |
| 38.4 | 5.3 |
Cayman Islands | 213.0 | 3.1 |
| 98.4 | 10.2 |
| 114.7 | -7.1 | |
Curacao | 3.5 | 2.4 |
| 3.3 | 2.8 |
| 0.2 | -0.4 | |
Guernsey | 19.3 | 1.7 |
| 0.9 | -0.4 |
| 18.3 | 2.1 | |
Hong Kong | 102.9 | 1.5 |
| 42.9 | 3.8 |
| 60.0 | -2.3 | |
Largest flow decreases | West Indies UK | 19.6 | -2.3 |
| 0.0 | 0.0 |
| 19.5 | -2.3 |
Bermuda | 9.9 | -0.7 |
| 0.0 | 0.0 |
| 9.8 | -0.8 | |
Bahamas | 4.5 | -0.5 |
| 3.6 | -0.5 |
| 0.9 | -0.1 | |
Isle of Man | 5.9 | -0.5 |
| 1.1 | 0.2 |
| 4.8 | -0.7 | |
Macao | 2.2 | -0.5 |
| 2.2 | -0.5 |
| 0.0 | 0.0 | |
Exchange rate adjusted flows of external liabilities and claims: Developing Countries
Exchange rate adjusted flows vis-à-vis Developing Countries – 2022 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 – 2022 Q1
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Saudi Arabia | 81.2 | 12.3 |
| 41.9 | 4.6 |
| 39.3 | 7.6 |
Taiwan | 21.1 | 5.0 |
| 8.5 | 1.6 |
| 12.6 | 3.4 | |
South Africa | 20.8 | 4.8 |
| 13.5 | 2.5 |
| 7.3 | 2.3 | |
China | 126.7 | 4.6 |
| 119.4 | 3.9 |
| 7.3 | 0.7 | |
United Arab Emirates | 38.6 | 2.6 |
| 21.4 | 2.1 |
| 17.2 | 0.6 | |
Largest flow decreases | Brazil | 17.7 | -6.1 |
| 13.8 | -6.7 |
| 3.8 | 0.7 |
Qatar | 31.0 | -4.8 |
| 9.5 | -3.2 |
| 21.6 | -1.6 | |
Russia | 9.3 | -4.0 |
| 6.6 | -2.7 |
| 2.7 | -1.3 | |
Turkey | 9.7 | -1.5 |
| 6.6 | -1.3 |
| 3.1 | -0.2 | |
Jordan | 3.6 | -0.6 |
| 2.6 | -0.6 |
| 1.0 | 0.0 | |
Table G: Amounts outstanding and exchange rate adjusted flows of claims by country – 2022 Q1
US$ billions – Not seasonally adjusted
|
| Total |
| DTC |
| Non-DTC | |||
|
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
| Amounts outstanding | Flow |
Largest flow increases | Czech Republic | 8.4 | 5.0 |
| 7.5 | 5.3 |
| 1.0 | -0.3 |
South Africa | 13.7 | 2.9 |
| 4.6 | 0.2 |
| 9.1 | 2.7 | |
Saudi Arabia | 30.7 | 2.7 |
| 6.2 | -0.2 |
| 24.5 | 2.9 | |
Qatar | 60.7 | 1.3 |
| 43.0 | 0.6 |
| 17.7 | 0.8 | |
Ghana | 5.9 | 1.1 |
| 3.3 | 0.8 |
| 2.6 | 0.3 | |
Largest flow decreases | China | 49.2 | -8.1 |
| 38.6 | -7.5 |
| 10.6 | -0.6 |
Israel | 14.3 | -5.4 |
| 9.2 | -4.1 |
| 5.1 | -1.3 | |
Brazil | 26.4 | -5.0 |
| 16.2 | -6.1 |
| 10.2 | 1.0 | |
Russia | 9.0 | -3.6 |
| 2.1 | -3.7 |
| 6.9 | 0.1 | |
Egypt | 10.5 | -3.1 |
| 4.7 | 0.5 |
| 5.7 | -3.6 | |
Queries
If you have any comments or queries about this release, please email dsd_ibs@bankofengland.co.ukNext release date: 2 September 2022
