ITC Annual Services Report Published


The United States was the world's largest services market and was the top exporter and importer of services in 2021, according to a new report released by the U.S. International Trade Commission (USITC).

 Preliminary data for 2022 indicate an increase of 15.9 percent in total services exports compared to the previous year.

The report, "Recent Trends in U.S. Services Trade, 2023 Annual Report," provides an in-depth review of distribution services, such as retail supply chains, e-commerce, logistics, warehousing, maritime shipping, port services, trucking and rail, air cargo, and express delivery via drones. The publication aims to summarize industry trends, analyze market conditions, and forecast future growth.

Key takeaways from the report include:

  • The services sector was the largest part of the U.S. economy in 2021. The U.S. was the top cross-border exporter and importer of services, with private services exports totaling $771.9 billion and imports amounting to $524.9 billion. This resulted in a $247.0 billion trade surplus.
  • Sales by foreign affiliates of U.S. firms, a principal channel for U.S. services delivery to foreign markets, totaled $1.6 trillion in 2020. The value of services purchased from foreign-owned affiliates in the U.S. reached $1.2 trillion.
  • Distribution services accounted for 7.1 percent of total cross-border services exports and 17.4 percent of imports in 2021. They represented 27.4 percent of total sales by the foreign affiliates of U.S. firms and 29.5 percent of total purchases from the U.S. affiliates of foreign firms in 2020.

The report further reveals how the COVID-19 pandemic has challenged the global supply chain and distribution services while inciting innovative solutions to improve competitiveness.

In addition, the report presents the latest trends in transportation services, including maritime shipping, ports, trucking and rail, air cargo, and drone delivery, all of which have experienced disruptions due to the pandemic.

The 16th annual Services Roundtable, hosted by the USITC on November 2, 2022, provided a platform for discussion about the impacts of global economic and political shocks, including the COVID-19 pandemic and trade policy uncertainty, on distribution services.

The complete report is available on the USITC's website, along with an interactive dashboard offering further insights.

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