Services Exports Help Trim Trade Deficit
Tariffs and concerns about the U.S. trade deficit focus on trade in goods, so the importance of trade in services is often overlooked. In 2024, trade in services accounted for 27% of all U.S. international trade (including exports and imports). Whereas the U.S. had a deep trade deficit in goods of $1.2 trillion, it had a surplus in services of $312 billion. Top services exports included business services; spending by foreign travelers in the United States; financial services; charges for use of intellectual property; and telecommunication, computer, and information services.
The chart below shows a breakdown of trade with our six top trading partners. With four of these partners, a services surplus helped mitigate the goods deficit. The U.S. had a surplus in both categories with the United Kingdom, and a deficit in both categories with Germany.
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