America’s Exported Services

Export services conceptual (courtesy of Pixabay.com)

Export services conceptual

The United States provided US$780.9 billion worth of export services to clients around the globe during 2017. That dollar amount is 14.7% of the global total for services, and represents just over half (53.7%) of the $1.546 trillion in exported products the US shipped over the same timeframe.

America’s exported services grew in value by 11.3% since 2013 and appreciated 3.8% from 2016 to 2017.

America’s Export Services by Category

Below are services exported by the US in 2017 listed by category and in order starting with highest dollar values. Eight of these categories are considered commercial services and are worth 97.5% of all exported services from America. US government goods and services account for the remainder.

  1. Travel: US$203.7 billion (26.1% of the US total)
  2. Miscellaneous business services: $149.4 billion (19.1%)
  3. Intellectual property use: $127.9 billion (16.4%)
  4. Financial services: $106.4 billion (13.6%)
  5. Transport: $86.5 billion (11.1%)
  6. Telecom/computer/information services: $38.9 billion (5.0%)
  7. Maintenance/repair services: $25.9 billion (3.3%)
  8. Government goods, services: $19.2 billion (2.5%)
  9. Insurance/pension services: $17.8 billion (2.3%)

The fastest-growing category for the United States was exported maintenance and repair services. In second place was the catchall miscellaneous business services (up 28.4%) trailed by travel-related services (up 14.8%), telecommunications, computer and information services (up 13.1%), financial services (up 11.9%) then insurance and pension services (up 6.7%).



 

The three decliners over the 5-year period were government goods and services (down -16.1%), transportation services (down -0.3%) and intellectual property use (down -0.1%).

America’s Export Services by Top Trade Partners

Back in 2016, the United States provided export services to 72 geographic entities including countries, islands and territories. The largest of these trading partners was the European Union, which consumed almost a third (30.6%) of America’s overall exported services for the year.

The following list highlights the top 20 countries (or territories) that imported the highest value of services furnished by the US. Together, these 20 trading partners received 76.4% of American services provided to international clients.

  1. United Kingdom: 8.7% of America’s exported services
  2. China: 7.2%
  3. Canada: 7.2%
  4. Ireland: 6.2%
  5. Japan: 5.9%
  6. Switzerland: 4.3%
  7. Mexico: 4.3%
  8. Germany: 4.2%
  9. British Indian Ocean Territory: 4.2%
  10. Brazil: 3.2%
  11. Australia: 2.9%
  12. South Korea: 2.8%
  13. India: 2.7%
  14. France: 2.6%
  15. Singapore: 2.3%
  16. Netherlands: 2.1%
  17. Taiwan: 1.6%
  18. Bermuda: 1.4%
  19. Hong Kong: 1.3%
  20. Saudi Arabia: 1.3%

America’s top trading partners posting double-digit gains in their purchases of US export services from 2013 to 2016 were India (up 54.9%), Singapore (up 49.8%), China (up 44.3%), Ireland (up 42.2%), Switzerland (up 18.7%), Germany (up 17.4%) and Hong Kong (up 12.9%).

See also World’s Top Export Services, World’s Top Exports Report Card for Products and Countries and Report Card for Trade Surpluses and Deficits by Country

Research Sources:
International Monetary Fund, World Economic Outlook Database (GDP based on Purchasing Power Parity). Accessed on February 15, 2019

International Trade Centre, Trade Map, International Market Analysis. Accessed on February 15, 2019

The World Factbook, Field Listing: Exports, Central Intelligence Agency. Accessed on February 15, 2019