Data flows worldwide maintain a higher growth than commercial or financial flows, highlighted a report from the US Congress.
Overall, the rapid growth of digital technologies in recent years has facilitated economic activity and created new opportunities for American consumers and businesses.
For example, today’s consumers are accessing e-commerce, social media, telemedicine, and other offerings that were not imagined 30 years ago.
According to the Bureau of Economic Analysis, in 2018, U.S. exports of information and communication technology (ICT) goods and services were $ 148 billion and $ 80 billion, respectively.
Additionally, potential digitally-enabled services exports were $ 499 billion, accounting for more than half of US service exports,
The same report indicates that the volume of global data flows is growing faster than trade or financial flows, and their positive contribution to Gross Domestic Product (GDP) offsets the lower growth rates of trade and Foreign Direct Investment (FDI).
The 2019 coronavirus disease (Covid-19) pandemic has highlighted the importance of digital commerce in the global economy.
Companies of all sizes and in all industries are using digital technologies and services to drive internal efficiencies and better compete globally.
For example, companies use advanced technology to reach new markets, track global supply chains, analyze big data, and create new products and services.
At the same time, new technologies raise new trade policy issues, including the lack of common disciplines to help govern trade, the emergence of divergent rules and new trade barriers, and broader public policy issues about online information.
Data and data flows form a pillar of innovation and economic growth.
Trade in manufactured goods and agricultural products is often dependent on cross-border data flows.
For example, manufacturers can communicate with global customers and suppliers over the Internet.
Farmers can use real-time satellite data to optimize crop and soil productivity.
Exports of digitally delivered services also depend on cross-border data flows.