US service exports increase 2%
U.S. service exports increased 2.2% in 2019 to $ 845.2 billion.
Conversely, US service imports grew 5.0% to $ 595.4 billion.
Trade in services is largely invisible, so there is a tendency to underestimate it. However, on average in all countries, service companies obtain at least 20%, which can rise to 90% in some cases, from foreign currency.
Some service providers are not even aware of their exports, especially if their trade is mainly mode 2 services (that is, sales of services to foreigners who visit the country as tourists, students or patients or to companies established in the country but of foreign ownership ).
Furthermore, according to the World Trade Organization (WTO), the content of manufacturing trade services, including services as diverse as finance, insurance, transport or logistics, seems to have increased significantly in recent times.
In 2019, the surplus in U.S. trade in services decreased 3.8% to $ 249.8 billion.
The European Union was the United States’ top trading partner in terms of two-way services trade (exports plus imports) in 2019, while the largest single-country service trading partners were the United Kingdom, Canada, Japan and China.
Since 2000, the share of US services trade with partners such as the United Kingdom, Canada, and Japan has decreased, while that of China and India, for example, has grown dramatically.
The European Union was the largest market for US service exports and the largest foreign provider of US service imports in 2019. It represented $ 190.9 billion (22.6%) of total US service exports and $ 147.5 billion (24.8%) of the total imports of US services.
After the European Union, the main markets for US service exports were the United Kingdom, Canada, China, and Japan, while the main sources of US service imports were the United Kingdom, Canada, Japan, and India.