Key points
- Adjusted for exchange rate movements, external liabilities increased by $7.9 billion during 2024 Q4. By region, there was a large decrease in liabilities to Developing Countries (-$44.0 billion), where the largest decrease by country was to Saudi Arabia (-$21.3 billion). However, this was offset by increases in the other three regions.
- Adjusted for exchange rate movements, external claims increased by $124.1 billion during 2024 Q4. By region, the largest increase in claims was on Developed Countries ($91.8 billion), where the largest increases by country were on the United States ($84.7 billion), Norway ($37.3 billion), and Luxembourg ($34.2 billion).
Table A: Regional breakdown of external claims and liabilities (US$ billions)
|
Exchange rate adjusted flows |
Amounts outstanding |
|||
|---|---|---|---|---|
|
|
Q2 |
Q3 |
Q4 |
End-Dec 2024 |
|
2024 |
||||
|
Liabilities to: |
||||
|
Developed Countries |
11.1 |
140.0 |
16.6 |
3,479.2 |
|
Offshore Centres |
3.9 |
-17.1 |
18.4 |
692.5 |
|
Developing Countries |
-23.1 |
7.5 |
-44.0 |
514.5 |
|
International Organisations & Other |
-1.0 |
-44.4 |
16.8 |
979.3 |
|
Total |
-9.1 |
86.0 |
7.9 |
5,665.5 |
|
Claims on: |
||||
|
Developed Countries |
-41.9 |
60.7 |
91.8 |
4,376.4 |
|
Offshore Centres |
-13.9 |
14.8 |
18.6 |
528.7 |
|
Developing Countries |
32.2 |
23.7 |
-6.3 |
493.7 |
|
International Organisations & Other |
14.1 |
-1.1 |
19.9 |
189.6 |
|
Total |
-9.5 |
98.0 |
124.1 |
5,588.5 |
Exchange rate adjusted flows of external liabilities and claims: Developed Countries
Chart 3: Flows of liabilities by country for Developed Countries 2024 Q4 (5 largest increases/decreases) (US$ billions)
Chart 4: Flows of claims by country for Developed Countries 2024 Q4 (5 largest increases/decreases) (US$ billions)
Table B: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Developed Countries - 2024 Q4 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Norway |
75.5 |
31.4 |
71.9 |
31.1 |
3.6 |
0.2 |
|
Ireland |
223.3 |
22.7 |
70.7 |
15.9 |
152.6 |
6.7 |
|
|
Canada |
142.3 |
22.3 |
121.5 |
26.5 |
20.8 |
-4.2 |
|
|
Germany |
397.1 |
13.5 |
365.4 |
9.0 |
31.7 |
4.5 |
|
|
Switzerland |
245.0 |
6.6 |
142.2 |
2.2 |
102.8 |
4.4 |
|
|
Largest decreases |
Netherlands |
123.5 |
-6.9 |
50.8 |
-4.8 |
72.7 |
-2.1 |
|
Australia |
65.1 |
-9.8 |
41.0 |
-2.9 |
24.1 |
-6.9 |
|
|
Japan |
175.9 |
-12.2 |
111.3 |
4.0 |
64.6 |
-16.2 |
|
|
France |
225.7 |
-18.4 |
200.0 |
-19.7 |
25.7 |
1.3 |
|
|
United States |
1,551.3 |
-33.6 |
635.8 |
-41.3 |
915.5 |
7.7 |
|
Table C: Amounts outstanding and exchange rate adjusted flows of claims by country: Developed Countries - 2024 Q4 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United States |
1,847.6 |
84.7 |
656.8 |
42.1 |
1,190.8 |
42.7 |
|
Norway |
93.0 |
37.3 |
87.2 |
37.5 |
5.9 |
-0.2 |
|
|
Luxembourg |
195.5 |
34.2 |
8.3 |
-6.1 |
187.2 |
40.2 |
|
|
Canada |
294.4 |
16.1 |
229.0 |
23.1 |
65.4 |
-7.1 |
|
|
Ireland |
167.1 |
14.6 |
45.1 |
8.3 |
122.0 |
6.3 |
|
|
Largest decreases |
Italy |
23.3 |
-4.1 |
13.0 |
-4.2 |
10.3 |
0.1 |
|
Australia |
72.5 |
-11.2 |
46.7 |
-6.8 |
25.8 |
-4.4 |
|
|
Netherlands |
92.5 |
-14.0 |
50.4 |
-6.2 |
42.1 |
-7.9 |
|
|
Germany |
382.9 |
-22.9 |
336.8 |
-16.9 |
46.1 |
-6.0 |
|
|
Japan |
379.9 |
-49.6 |
208.1 |
-10.0 |
171.8 |
-39.6 |
|
Exchange rate adjusted flows of external liabilities and claims: Offshore Centres
Chart 5: Flows of liabilities by country for Offshore Centres 2024 Q4 (5 largest increases/decreases) (US$ billions)
Chart 6: Flows of claims by country for Offshore Centres 2024 Q4 (5 largest increases/decreases) (US$ billions)
Table D: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Offshore Centres - 2024 Q4 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Hong Kong |
136.0 |
9.8 |
78.6 |
20.9 |
57.3 |
-11.1 |
|
Singapore |
96.9 |
9.4 |
53.0 |
10.8 |
44.0 |
-1.4 |
|
|
Jersey |
166.8 |
7.6 |
135.0 |
2.9 |
31.8 |
4.7 |
|
|
Guernsey |
69.3 |
1.4 |
55.2 |
-0.1 |
14.1 |
1.5 |
|
|
West Indies UK |
16.4 |
1.0 |
0.2 |
0.0 |
16.3 |
1.0 |
|
|
Largest decreases |
Barbados |
14.5 |
-0.4 |
14.3 |
-0.4 |
0.2 |
0.1 |
|
Cayman Islands |
129.4 |
-0.6 |
16.6 |
0.1 |
112.8 |
-0.6 |
|
|
Bahamas |
3.9 |
-1.2 |
1.5 |
-0.9 |
2.4 |
-0.4 |
|
|
Bahrain |
5.1 |
-1.6 |
3.5 |
-0.9 |
1.6 |
-0.8 |
|
|
Bermuda |
16.8 |
-9.7 |
6.3 |
-9.0 |
10.5 |
-0.6 |
|
Table E: Amounts outstanding and exchange rate adjusted flows of claims by country: Offshore Centres - 2024 Q4 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Hong Kong |
100.4 |
9.5 |
34.1 |
9.7 |
66.2 |
-0.2 |
|
Singapore |
98.3 |
6.8 |
57.3 |
2.5 |
41.0 |
4.3 |
|
|
Curacao |
9.1 |
1.6 |
7.8 |
1.3 |
1.3 |
0.3 |
|
|
Guernsey |
23.0 |
1.1 |
1.0 |
-0.2 |
22.0 |
1.2 |
|
|
Panama |
3.0 |
0.9 |
1.2 |
0.2 |
1.8 |
0.7 |
|
|
Largest decreases |
No other decreases greater than $0.1bn |
||||||
|
West Indies UK |
13.8 |
-0.5 |
0.2 |
0.0 |
13.6 |
-0.4 |
|
|
Macao |
1.6 |
-1.6 |
1.5 |
-1.6 |
0.0 |
0.0 |
|
|
Mauritius |
4.4 |
-1.8 |
1.3 |
0.0 |
3.1 |
-1.8 |
|
Exchange rate adjusted flows of external liabilities and claims: Developing Countries
Chart 7: Flows of liabilities by country for Developing Countries 2024 Q4 (5 largest increases/decreases) (US$ billions)
Chart 8: Flows of claims by country for Developing Countries 2024 Q4 (5 largest increases/decreases) (US$ billions)
Table F: Amounts outstanding and exchange rate adjusted flows of liabilities by country: Developing Countries - 2024 Q4 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
Qatar |
36.3 |
2.3 |
9.9 |
1.3 |
26.4 |
1.0 |
|
Poland |
11.8 |
1.6 |
10.7 |
1.6 |
1.2 |
0.0 |
|
|
Nigeria |
19.4 |
1.2 |
12.5 |
1.0 |
6.8 |
0.2 |
|
|
South Korea |
14.4 |
1.2 |
8.3 |
1.2 |
6.1 |
0.0 |
|
|
Peru |
5.6 |
1.2 |
4.8 |
1.0 |
0.8 |
0.2 |
|
|
Largest decreases |
Turkey |
10.6 |
-3.1 |
5.8 |
-2.9 |
4.7 |
-0.2 |
|
South Africa |
15.5 |
-3.7 |
10.5 |
-1.7 |
5.0 |
-2.0 |
|
|
India |
35.3 |
-5.7 |
32.4 |
-5.7 |
2.9 |
0.0 |
|
|
China |
62.4 |
-6.3 |
54.0 |
-6.4 |
8.4 |
0.1 |
|
|
Saudi Arabia |
47.5 |
-21.3 |
31.1 |
-16.5 |
16.4 |
-4.8 |
|
Table G: Amounts outstanding and exchange rate adjusted flows of claims by country: Developing Countries - 2024 Q4 (US$ billions)
|
|
|
Total |
DTC |
Non-DTC |
|||
|---|---|---|---|---|---|---|---|
|
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
Amounts outstanding |
Flow |
||
|
Largest increases |
United Arab Emirates |
82.2 |
5.3 |
40.6 |
1.9 |
41.5 |
3.4 |
|
Poland |
9.2 |
3.9 |
6.9 |
3.6 |
2.3 |
0.3 |
|
|
Turkey |
28.5 |
3.4 |
16.0 |
2.9 |
12.5 |
0.4 |
|
|
Qatar |
58.7 |
3.2 |
42.7 |
1.8 |
16.0 |
1.4 |
|
|
Mexico |
8.9 |
2.6 |
3.7 |
2.3 |
5.2 |
0.3 |
|
|
Largest decreases |
Taiwan |
8.8 |
-2.7 |
4.1 |
-2.6 |
4.7 |
-0.1 |
|
Egypt |
12.7 |
-4.5 |
3.8 |
-1.1 |
8.9 |
-3.3 |
|
|
South Africa |
10.7 |
-4.5 |
6.7 |
-0.2 |
4.1 |
-4.3 |
|
|
China |
43.4 |
-5.9 |
31.3 |
-4.1 |
12.1 |
-1.8 |
|
|
India |
30.3 |
-6.0 |
17.9 |
-4.9 |
12.4 |
-1.0 |
|
Queries
If you have any comments or queries about this data release, please email dsd_ibs@bankofengland.co.uk
Next release date: 6 June 2025
