PRESS RELEASE For Immediate Release                                                                     .........................Contact: Vladimir Gololobov October 20, 2005                                                                       .................................. .(202) 289-7460, ext. 24 Services Trade Data Show Increased US Exports and Continued Competitiveness WASHINGTON – Data on US private services cross-border trade and trade through foreign affiliates released today by the Bureau of Economic Analysis (BEA) show that the US maintains its global competitiveness in the sector. “Our services exports continue to grow as foreigners buy more US services than we import from abroad,” said Robert Vastine, President of the Coalition of Service Industry (CSI).   According to BEA, US exports through foreign affiliates were $477.5 billion in 2003, while imports were $381.4 billion. The US surplus on affiliates trade grew from $55.9 billion in 2002 to $96.1 billion in 2003. US sales through financial, insurance, broadcasting, information, transportation and wholesale services affiliates were the largest.   US cross-border exports by companies totaled $323.4 billion in 2004, with financial, education, transportation, and research and development services taking the lead. US cross-border exports exceeded imports by $65.3 billion.   Currently, US services account for 80% of US private sector employment and 75% of private GDP.   Since the signature of the General Agreement on Trade in Services (GATS) in 1994, US exports through affiliates grew by 200%, while cross-border sales grew by 73%. “BEA data underscore the importance the US industry attaches to free services trade,” said Vastine. “To keep our competitive edge, we need to obtain commercially valuable services trade agreements at bilateral trade negotiations, and especially at the WTO Doha Round.” # # # # PDF Version