Where Industry and Security Intersect
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This chapter provides a general overview of offsets statistics collected by BIS from U.S. industry for the years 1993 through 2000 and a review of some of the terms used to organize the data for analysis. More detailed sections on agreements and transactions will follow in Chapters 4 and 5. Each year BIS grapples with classifying transactions correctly. In some cases, companies do not provide enough information to BIS so that it may correctly categorize the transactions. The result is a growing category called "miscellaneous," which is now the fourth largest category of offsets after technology transfer.
Miscellaneous offsets include marketing assistance, various studies, administrative costs, such as office expenses and travel, grants of various kinds, and many other incidentals, all valued at $1.6 billion. Further review indicated marketing assistance includes brokering and advertising, although the specific action is not always clear. Brokering means a foreign purchase by a firm other than the exporter and would normally be classified as a purchase (indirect offset). A "study" could be reclassified as technology transfer, although both the exporter and the foreign entity may benefit. BIS will continue to try to resolve these ambiguities for next year's report.
The following data points are used to organize and analyze the information collected:
1. Offset Agreement - Year - Country - Weapon System - Export Contract Value - Agreement Value - % Agreement Value to Export Value; and
2. Offset Transaction - Year - Country - Referenced Weapon System - Recipient - Actual Value - Credit Value - Multiplier (credit value ÷ actual value) - Type - Category - Description - Industry Identification.
A summary of offsets activity for 1993 through 2000 is provided in Table 2-1 . A more detailed discussion and analysis of the data follows in Chapters 4 and 5.
| Year | Export Value | Offset Value | % Offset | Companies | Agree-ments | Countries | Defense Systems |
|---|---|---|---|---|---|---|---|
1993 |
$13,957.0 |
$4,806.7 |
34.44% |
18 |
30 |
17 |
27 |
1994 |
$4,792.4 |
$2,048.7 |
42.75% |
18 |
49 |
20 |
38 |
1995 |
$7,402.0 |
$6,034.1 |
81.52% |
19 |
45 |
18 |
33 |
1996 |
$2,987.8 |
$2,270.7 |
76.00% |
15 |
50 |
19 |
32 |
1997 |
$5,822.8 |
$3,831.8 |
65.81% |
13 |
57 |
19 |
42 |
1998 |
$3,257.8 |
$1,846.6 |
56.68% |
11 |
44 |
17 |
34 |
1999 |
$4,681.2 |
$3,851.4 |
82.27% |
10 |
45 |
11 |
36 |
2000 |
$5,653.1 |
$5,072.6 |
89.73% |
7 |
25 |
12 |
18 |
8-Yrs |
$48,554.3 |
$29,762.7 |
61.30% |
37 |
345 |
32 |
177 |
| Year | Actual Value | Credit Value | Multi-plier | Companies | Trans-actions | Countries | Defense Systems |
|---|---|---|---|---|---|---|---|
1993 |
$1,815.1 |
$2,162.1 |
1.191 |
24 |
440 |
27 |
60 |
1994 |
$1,891.1 |
$2,161.5 |
1.143 |
21 |
550 |
26 |
57 |
1995 |
$2,713.7 |
$3,390.8 |
1.250 |
20 |
670 |
27 |
69 |
1996 |
$2,731.5 |
$3,098.9 |
1.135 |
21 |
623 |
26 |
72 |
1997 |
$2,725.5 |
$3,276.2 |
1.202 |
18 |
577 |
26 |
59 |
1998 |
$2,364.8 |
$2,684.6 |
1.135 |
19 |
582 |
30 |
65 |
1999 |
$2,080.4 |
$2,824.1 |
1.358 |
13 |
512 |
25 |
63 |
2000 |
$1,671.5 |
$1,942.0 |
1.162 |
13 |
471 |
24 |
60 |
8-Yrs |
$17,993.5 |
$21,540.3 |
1.197 |
40 |
4425 |
35 |
226 |
Source: BIS Offsets Database
Table 2-2 shows offset transactions by type of offset, as well as the percentage distribution of each type of offset for each year from 1993 to 2000. Table 2-2 also shows the total actual and credit values of the offset transactions for each year. The percentage difference between the actual value and the credit value for an offset transaction is the multiplier, which is shown at the bottom of Table 2-2.
| Year | Total | Direct | Indiredt | Unsp. | Direct | Indirect | Unsp. |
|---|---|---|---|---|---|---|---|
Actual Value |
% Distribution |
||||||
| 1993 | $1,815.1 |
$583.0 |
$1,106.0 |
$126.1 |
32.12% |
60.93% |
6.95% |
| 1994 | $1,891.1 |
$600.7 |
$1,129.5 |
$160.9 |
31.76% |
59.73% |
8.51% |
| 1995 | $2,713.7 |
$1,064.1 |
$1,649.6 |
NR |
39.21% |
60.79% |
NR |
| 1996 | $2,731.5 |
$1,097.5 |
$1,553.8 |
$80.1 |
40.18% |
56.89% |
2.93% |
| 1997 | $2,725.5 |
$1,030.3 |
$1,570.7 |
$124.4 |
37.80% |
57.63% |
4.57% |
| 1998 | $2,364.8 |
$1,464.2 |
$895.3 |
$5.4 |
61.92% |
37.86% |
0.23% |
| 1999 | $2,080.4 |
$690.2 |
$1,351.0 |
$39.1 |
33.18% |
64.94% |
1.88% |
| 2000 | $1,671.5 |
$577.7 |
$997.7 |
$96.1 |
34.56% |
59.69% |
5.75% |
| Total | $17,993.5 |
$7,107.8 |
$10,253.7 |
$632.0 |
39.50% |
56.99% |
3.51% |
Credit Value |
% Distribution |
||||||
| 1993 | $2,162.1 |
$708.2 |
$1,323.0 |
$130.9 |
32.75% |
61.19% |
6.05% |
| 1994 | $2,161.5 |
$774.1 |
$1,221.9 |
$165.4 |
35.81% |
56.53% |
7.65% |
| 1995 | $3,390.8 |
$1,257.9 |
$2,132.9 |
NR |
37.10% |
62.90% |
NR |
| 1996 | $3,098.9 |
$1,188.7 |
$1,795.6 |
$114.7 |
38.36% |
57.94% |
3.70% |
| 1997 | $3,276.2 |
$1,171.1 |
$1,952.3 |
$152.8 |
35.75% |
59.59% |
4.66% |
| 1998 | $2,684.6 |
$1,621.8 |
$1,055.1 |
$7.8 |
60.41% |
39.30% |
0.29% |
| 1999 | $2,824.1 |
$1,121.8 |
$1,599.5 |
$102.8 |
39.72% |
56.64% |
3.64% |
| 2000 | $1,942.0 |
$667.7 |
$1,174.9 |
$99.4 |
34.38% |
60.50% |
5.12% |
| Total | $21,540.3 |
$8,511.3 |
$12,255.3 |
$773.7 |
39.51% |
56.89% |
3.59% |
Source: BIS Offsets Database
NR=None Reported
The credit value is a value that some foreign governments provide as an incentive for certain kinds of offset transactions. This value varies greatly by country and by the kind of transaction (i.e., purchase, technology transfer, investment, etc.), but is normally more than the actual value. For the entire database, the multiplier is 1.197, which means the credit value is 19.7 percent more than the actual value. Offset transaction data are more fully discussed in Chapter 5.
In addition to classifying offset transactions by type (direct or indirect), offset transactions are identified by various categories , which more particularly describe the nature of the arrangement or exchange. These categories include P urchases, Subcontracts, Technology Transfers, Credit Assistance, Training, Overseas Investment, Co-production, Li censed Production, and Miscellaneous.
Table 2-3 presents a summary of offset transactions by category for the eight year reporting period (1993-2000). Appendix F also contains a listing of relevant offset definitions. A brief description of each category follows:
Purchases result in overseas production of goods or services usually for export to the United States . Purchases are always classified as indirect offsets to distinguish them from subcontracts because the purchases are of items unrelated to the exported defense system. During the time period from 1993 to 2000, Purchases represented 35.2 percent of the value of all offset transactions. Purchases had a low multiplier of 1.065. The U.S. exporter does not always make the purchase. They can also involve brokering and marketing assistance that result in purchases by a third party.
Subcontracts result in overseas production of goods or services for use in the production or operation of a U.S. exported defense system subject to an offset agreement. Subcontracts are always classified as direct offsets. They are typically a contractual arrangement between the U.S. prime contractor and a foreign producer. During the reporting period, Subcontracts represented 28 percent of the value of all offset transactions, and 70 percent of the value of all direct offsets. Like Purchases, Subcontracts had a low multiplier (1.062).
Technology Transfer includes research and development conducted abroad, exchange programs for personnel, data exchanges, integration of machinery and equipment into a recipient's production facility, technical assistance, education and training, manufacturing know-how, and licensing and patent sharing. Technology Transfer, as used here, is normally accomplished under a commercial arrangement between the U.S. prime contractor and a foreign company. A major subcontractor may also accomplish the Technology Transfer on behalf of the U.S. prime contractor. During the reporting period, 40 percent of Technology Transfers were classified as direct offsets and 60 percent were classified as indirect offsets. Altogether, Technology Transfers accounted for approximately 12 percent of the value of all offset transactions. The multiplier for technology transfers was 1.348.
Credit Assistance includes direct loans, brokered loans, loan guarantees, assistance in achieving favorable payment terms, credit extensions, and lower interest rates. Approximately 6.3 percent of the value of total offset transactions during the period from 1993 to 2000 (or $1.14 billion) were characterized as Credit Assistance. Credit Assistance is nearly always classified as an indirect offset transaction. (Only $4 million of the Credit Assistance transactions were classified as direct offsets during the reporting period). The multiplier for Credit Assistance was 1.135.
Training relates to the production, maintenance, or actual use of the exported defense system or a component thereof. Training may be required in areas such as computers, foreign language skills, engineering capabilities, or management. This category can be classified as either direct or indirect offset transactions, although more than 60 percent of the value of Training during the reporting period was classified as a direct offset transaction. Training accounts for only 3.75 percent of the total value of offset transactions. The multiplier for Training was 1.599.
Overseas Investments arising from offset agreements have the highest aggregate multiplier (2.834) of any category of offset transactions, indicating the desire of foreign governments to garner foreign investment. However, Overseas Investments account for only 2.7 percent of the value of all offset transactions, which may reflect its undesirability to U.S. prime contractors. It is also interesting to note that 43 of the 64 Overseas Investment transactions reported for 1993 through 2000 received no extra credit at all (i.e., had a multiplier of 1 or less). Overseas Investments sometimes took the form of capital invested to establish or expand a subsidiary or joint venture in the foreign country, but investments in third-party facilities also were reported (and such investments received the highest multiplier). Overseas Investments usually were classified as indirect offsets; only 10 percent of Overseas Investment transactions were classified as direct.
Co-production is overseas production based upon a government-to-government agreement that permits a foreign government or producer to acquire the technical information to manufacture all or part of a U.S.-origin defense system. Co-production is always classified as a direct offset. It includes government-to-government licensed production, but excludes licensed production based upon direct commercial arrangements by U.S. manufacturers. All Co-production reported for 1993 to 2000 was for component parts or equipment used in larger defense systems, and virtually all Co-production reported during this period was aerospace-related. During the reporting period, Co-production accounted for 2.4 percent of the value of offset transactions and had a multiplier of only 1.010 - the lowest among all offset transaction categories.
Past Co-production transactions have involved duplicating major production facilities in foreign countries (at the expense of the foreign government) for the assembly of entire defense systems, such as aircraft. Co-production arrangements of this kind generally impose the highest cost penalty on the foreign government of any category: after co-producing the items directly related to the defense system purchased, the production facilities can sit idle for lack of contracts to fulfill. Some countries pressure prime contractors for assembly contracts related to future sales to third countries.
Licensed Production is overseas production of a U.S.-origin defense article. Licensed Production differs from Co-production in that it is based on direct commercial arrangements between a U.S. manufacturer and a foreign entity as opposed to a government-to-government agreement. In addition, Licensed Production virtually always involves a part or component for a defense system, rather than a complete defense system. Licensed Production is the smallest among the offset categories, accounting for only 0.7 percent of the total value of offset transactions. The multiplier for Licensed Production was 1.376.
The Standard Industrial Classification (SIC) System allows for the classification of the entire U.S. economy into approximately 1,100 four-digit codes for the purpose of collecting and compiling economic statistics in a consistent manner by U.S. government agencies. The Office of Management and Budget (OMB) manages the SIC System in consultation with other U.S. Government agencies, such as the Commerce Department's Bureau of the Census and the Labor Department's Bureau of Labor Statistics. The SIC System was officially replaced by the North American Industrial Classification System (NAICS) in April 1997 to update the codes and integrate industry in Canada and Mexico into the system as a result of the North American Free Trade Agreement. SIC codes remain valid for classifying the substance of offsets, although the changeover to the NAICS Codes is an option for future offsets reports.
| Transaction Category |
Total | Direct | Indirect | Unsp. | Total | Direct | Indirect | Unsp. |
|---|---|---|---|---|---|---|---|---|
Actual Values in $ Millions |
Percentage by Column Total |
|||||||
Purchases |
$6,340.8 |
- |
$5,973.2 |
$367.6 |
35.24% |
- |
58.25% |
58.16% |
Subcontracts |
$5,040.0 |
$4,980.1 |
- |
$59.9 |
28.01% |
70.07% |
- |
9.48% |
Technology Transfers |
$2,188.5 |
$876.1 |
$1,222.1 |
$90.2 |
12.16% |
12.33% |
11.92% |
14.28% |
Miscellaneous |
$1,584.4 |
$252.4 |
$1,322.2 |
$9.8 |
8.81% |
3.55% |
12.89% |
1.55% |
Credit Assistance |
$1,138.1 |
$4.0 |
$1,134.1 |
- |
6.32% |
0.06% |
11.06% |
- |
Training |
$674.1 |
$417.8 |
$254.4 |
$1.9 |
3.75% |
5.88% |
2.48% |
0.29% |
Overseas Investment |
$460.3 |
$48.7 |
$334.1 |
$77.5 |
2.56% |
0.69% |
3.26% |
12.26% |
Coproduction |
$439.1 |
$438.0 |
- |
$1.1 |
2.44% |
6.16% |
- |
0.18% |
Licensed Production |
$128.3 |
$90.7 |
$13.6 |
$24.0 |
0.71% |
1.28% |
0.13% |
3.80% |
Total |
$17,993.5 |
$7,107.8 |
$10,253.7 |
$632.0 |
100.0% |
100.0% |
100.0% |
100.0% |
Transaction Category |
Total |
Direct |
Indirect |
Unsp. |
Total |
Direct |
Indirect |
Unsp. |
|---|---|---|---|---|---|---|---|---|
Credit
Values in $ Millions |
Percentage
by Column Total |
|||||||
Purchases |
$6,753.7 |
- |
$6,381.7 |
$372.0 |
31.35% |
- |
52.07% |
48.08% |
Subcontracts |
$5,351.4 |
$5,287.7 |
- |
$63.7 |
24.84% |
62.13% |
- |
8.23% |
Technology Transfers |
$2,949.6 |
$1,240.3 |
$1,617.6 |
$91.8 |
13.69% |
14.57% |
13.20% |
11.86% |
Miscellaneous |
$2,191.1 |
$481.0 |
$1,637.6 |
$72.4 |
10.17% |
5.65% |
13.36% |
9.36% |
Credit Assistance |
$1,291.9 |
$66.2 |
$1,225.7 |
- |
6.00% |
0.78% |
10.00% |
- |
Training |
$1,078.0 |
$637.4 |
$427.2 |
$13.4 |
5.00% |
7.49% |
3.49% |
1.73% |
Overseas Investment |
$1,304.7 |
$247.2 |
$929.3 |
$128.2 |
6.06% |
2.90% |
7.58% |
16.56% |
Coproduction |
$443.4 |
$442.3 |
- |
$1.1 |
2.06% |
5.20% |
- |
0.14% |
Licensed Production |
$176.5 |
$109.1 |
$36.1 |
$31.2 |
0.82% |
1.28% |
0.29% |
4.04% |
Total |
$21,540.3 |
$8,511.3 |
$12,255.3 |
$773.7 |
100.0% |
100.0% |
100.0% |
100.0% |
Transaction Category |
Total |
Direct |
Indirect |
Unsp. |
Total |
Direct |
Indirect |
Unsp. |
Multiplier |
# of Transactions |
|||||||
| Purchases | 1.065 |
- |
1.068 |
1.012 |
2,131 |
- |
2,107 |
24 |
| Subcontracts | 1.062 |
1.062 |
- |
1.063 |
1,029 |
1,015 |
- |
14 |
| Technology Transfers | 1.348 |
1.416 |
1.324 |
1.017 |
441 |
193 |
244 |
4 |
| Miscellaneous | 1.383 |
1.906 |
1.239 |
7.392 |
358 |
75 |
278 |
5 |
| Credit Assistance | 1.135 |
16.558 |
1.081 |
- |
79 |
6 |
73 |
- |
| Training | 1.599 |
1.526 |
1.679 |
7.038 |
181 |
80 |
96 |
5 |
| Overseas Investment | 2.835 |
5.076 |
2.782 |
1.654 |
64 |
3 |
56 |
5 |
| Coproduction | 1.010 |
1.010 |
- |
1.014 |
112 |
111 |
- |
1 |
| Licensed Production | 1.376 |
1.203 |
2.656 |
1.301 |
30 |
23 |
5 |
2 |
| Total | 1.197 |
1.197 |
1.195 |
1.224 |
4,425 |
1,506 |
2,859 |
60 |
Source: BIS Offsets Database
SIC identification is based on company-provided descriptions of offset transactions and may be linked to known offset recipient activities and other reporter-provided information. The offset transaction data reported describe transactions in detail that are roughly equivalent to the two-digit SIC group level, although the reporting companies frequently provided more detailed descriptions. BIS used this detail to define narrower industry sectors, sometimes at the three- and four-digit SIC levels. .
Table 2-4 provides a listing of offset classifications at the two-digit SIC group level. SIC 37 - Transportation Equipment, which includes most aerospace production, accounts for more than half of the total value of offset transactions and nearly two-thirds the value of direct offsets.
| Sector Description and 2-Digit SIC |
Total | Direct | Indirect | Unsp. | Total | Direct | Indirect | Unsp. | |
|---|---|---|---|---|---|---|---|---|---|
Agriculture |
07 |
42.0 |
|
42.0 |
|
0.23% |
0.00% |
0.41% |
0.00% |
Crude |
13 |
14.7 |
|
14.7 |
|
0.08% |
0.00% |
0.14% |
0.00% |
Building Construction |
15 |
26.0 |
11.6 |
14.4 |
|
0.14% |
0.16% |
0.14% |
0.00% |
Heavy |
16 |
1.5 |
1.2 |
0.3 |
|
0.01% |
0.02% |
0.00% |
0.00% |
Construction - Specialty
|
17 |
20.2 |
|
20.2 |
|
0.11% |
0.00% |
0.20% |
0.00% |
Food & Kindred Products |
20 |
15.5 |
|
15.5 |
|
0.09% |
0.00% |
0.15% |
0.00% |
Textile Mill |
22 |
6.4 |
|
6.4 |
|
0.04% |
0.00% |
0.06% |
0.00% |
Apparel & |
23 |
3.8 |
|
3.8 |
|
0.02% |
0.00% |
0.04% |
0.00% |
Lumber & |
24 |
0.3 |
|
0.3 |
|
0.00% |
0.00% |
0.00% |
0.00% |
Furniture & |
25 |
0.3 |
|
0.3 |
|
0.00% |
0.00% |
0.00% |
0.00% |
Paper Mills & |
26 |
21.1 |
|
21.1 |
|
0.12% |
0.00% |
0.21% |
0.00% |
Printing & |
27 |
33.9 |
23.9 |
5.2 |
4.8 |
0.19% |
0.34% |
0.05% |
0.76% |
Chemicals & |
28 |
118.6 |
9.2 |
109.5 |
|
0.66% |
0.13% |
1.07% |
0.00% |
Petroleum |
29 |
3.2 |
|
3.2 |
|
0.02% |
0.00% |
0.03% |
0.00% |
Rubber & Misc. |
30 |
4.9 |
|
4.9 |
|
0.03% |
0.00% |
0.05% |
0.00% |
Cut Stone & |
32 |
12.9 |
|
12.9 |
|
0.07% |
0.00% |
0.13% |
0.00% |
Primary Metal |
33 |
156.1 |
5.4 |
150.6 |
|
0.87% |
0.08% |
1.47% |
0.00% |
Fabricated |
34 |
521.1 |
119.9 |
298.2 |
103.1 |
2.90% |
1.69% |
2.91% |
16.31% |
Industrial Machinery, |
35 |
1,311.1 |
126.6 |
1,184.5 |
|
7.29% |
1.78% |
11.55% |
0.00% |
Electronic |
36 |
2,326.9 |
783.5 |
1,530.6 |
12.7 |
12.93% |
11.02% |
14.93% |
2.01% |
Transportation |
37 |
9,015.5 |
4,597.5 |
3,942.2 |
475.8 |
50.10% |
64.68% |
38.45% |
75.29% |
Measuring & |
38 |
948.6 |
698.1 |
250.5 |
|
5.27% |
9.82% |
2.44% |
0.00% |
Misc. Services |
38 |
5.0 |
5.0 |
|
|
0.03% |
0.07% |
0.00% |
0.00% |
Misc. Manufacturing Industries |
39 |
5.1 |
0.0 |
5.1 |
|
0.03% |
0.00% |
0.05% |
0.00% |
Motor Freight |
42 |
1.5 |
|
1.5 |
|
0.01% |
0.00% |
0.01% |
0.00% |
Water Transportation |
44 |
40.2 |
|
40.2 |
|
0.22% |
0.00% |
0.39% |
0.00% |
Transportation |
45 |
70.1 |
55.1 |
15.0 |
|
0.39% |
0.77% |
0.15% |
0.00% |
Transportation |
47 |
3.5 |
0.0 |
3.4 |
|
0.02% |
0.00% |
0.03% |
0.00% |
Communica-tions |
48 |
55.2 |
1.1 |
54.1 |
|
0.31% |
0.01% |
0.53% |
0.00% |
Electric, Gas, |
49 |
1.1 |
|
1.1 |
|
0.01% |
0.00% |
0.01% |
0.00% |
Non-Deposi-ory Credit Insts. |
61 |
562.7 |
7.6 |
555.1 |
|
3.13% |
0.11% |
5.41% |
0.00% |
Holding & Other |
67 |
409.4 |
22.3 |
363.6 |
23.6 |
2.28% |
0.31% |
3.55% |
3.73% |
Business Services |
73 |
904.8 |
218.3 |
675.8 |
10.7 |
5.03% |
3.07% |
6.59% |
1.70% |
Miscellaneous |
76 |
8.5 |
2.4 |
6.1 |
|
0.05% |
0.03% |
0.06% |
0.00% |
Health |
80 |
0.0 |
|
0.0 |
|
0.00% |
0.00% |
0.00% |
0.00% |
Legal |
81 |
0.1 |
|
0.1 |
|
0.00% |
0.00% |
0.00% |
0.00% |
Educational |
82 |
356.3 |
180.4 |
175.8 |
|
1.98% |
2.54% |
1.71% |
0.00% |
Technical Services |
87 |
838.2 |
174.0 |
662.8 |
1.3 |
4.66% |
2.45% |
6.46% |
0.21% |
Misc. Services |
89 |
50.6 |
32.4 |
18.2 |
|
0.28% |
0.46% |
0.18% |
0.00% |
Undetermined |
99 |
77.0 |
32.3 |
44.7 |
|
0.43% |
0.45% |
0.44% |
0.00% |
| Total | $17,993.5 | $7,107.8 | $10,253.7 | $632.0 | - |
- |
- |
- |
|
Source: BIS Offsets Database
For ease of analysis, and in some cases to protect company confidentiality, countries actively requiring offsets in connection with defense export sales during the 1993-2000 period were categorized into four geographic regions: Europe , North and South America , the Middle East and Africa , and Asia . The countries found in each region, together with the aggregate percentage offsets required and the multiplier for each country, are shown in Table 2-5.
| Country | % Offsets | Multiplier | Country | % Offsets | Multiplier |
|---|---|---|---|---|---|
| EUROPE | MIDDLE EAST AND AFRICA |
||||
Austria |
W |
1.000 |
Egypt |
NR |
W |
Belgium |
W |
1.002 |
Israel |
50.8% |
1.037 |
Czech Republic |
W |
W |
Kuwait |
30.3% |
W |
Denmark |
100.0% |
1.114 |
Saudi Arabia |
34.9% |
1.000 |
Finland |
W |
1.071 |
South Africa |
W |
NR |
France |
W |
1.722 |
Turkey |
58.8% |
1.086 |
Germany |
100.0% |
1.000 |
United Arab Emirates |
55.3% |
2.333 |
Greece |
111.4% |
2.129 |
Region Total |
44.0% |
1.139 |
Italy |
98.5% |
1.000 |
ASIA |
||
Luxembourg |
NR |
W |
Australia |
35.1% |
1.045 |
Netherlands |
124.1% |
1.280 |
Indonesia |
NR |
1.213 |
Norway |
99.7% |
1.363 |
Malaysia |
37.3% |
1.118 |
Portugal |
27.9% |
2.186 |
New Zealand |
W |
W |
Slovenia |
W |
NR |
Singapore |
W |
2.352 |
Spain |
91.6% |
1.273 |
South Korea |
40.8% |
1.412 |
Sweden |
103.9% |
1.141 |
Taiwan |
20.6% |
2.306 |
Switzerland |
77.9% |
1.008 |
Thailand |
24.9% |
W |
United Kingdom |
90.0% |
1.007 |
Region Total |
26.2% |
1.499 |
Region Total |
92.3% |
1.156 |
NORTH & SOUTH AMERICA |
||
Brazil |
W |
W |
|||
Notes: NR=None Reported; W=Withheld
to protect company proprietary information |
Canada |
89.7% |
1.010 |
||
Region Total |
90.8% |
1.013 |
|||
Source: BIS Offsets Database