The Bureau of Economic Analysis says that U.S. companies posted $315 billion in profits overseas last year, which is up 26 percent from 2003 and a whopping 78 percent for this decade. The gains are significantly higher than those posted by U.S. companies at home.

"U.S. companies are very competitive. They're booking record profit from all corners of the world and you'd never know that looking at U.S. trade figures," noted one banking executive, who added, "We believe the global earnings backdrop will remain constructive in 2005."

Multinationals are being helped by a weaker dollar, especially in Europe and Japan, while emerging market economies in Asia, Latin America and Eastern Europe are also growing stronger.