Highlights of the "U.S. Trade in Private Services" report include:
- Growth in exports of services has outpaced the rise in imports. The U.S. trade surplus in services rose to $168.0 billion last year, and has grown quickly since 2003, rising $101.2 billion.
- Financial and business services contribute the most to the U.S. surplus.
- From 2003 to 2010, the surplus in travel/passenger fares increased $29.8 billion.
- The biggest U.S. surpluses in services (by country) are with Canada, Japan, Ireland, Brazil, the U.K., China and Mexico.
- The U.S. services surplus with China has accelerated rapidly--from $2.4 billion in 2007 to $10.4 billion in 2010-due to sharp gains in exports and relatively flat imports;gains were seen across all services categories.
- The largest U.S. services deficit is with Bermuda (a major source of U.S. reinsurance imports) while the second-largest is with India primarily due to computer services purchases.
- Insurance represents the biggest U.S. deficit by service type. In 2009, American insurers bought $41.2 billion more in reinsurance than they sold.
From 2002-2008, America's private services exports grew at an annual average rate of 11.1 percent, said Doms. His prediction? "Exports of services are likely to show continued growth, taking advantage of the skill of the U.S. workforce and supporting living-wage U.S. jobs."