Expert Consultants in International Trade Economics.

 

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Offering best-in-the-industry economics and trade consulting services since 1992.

Capital Trade, Incorporated, headquartered in Washington, D.C., is a leading provider of international trade consulting, litigation support and economic analysis services, specializing in antidumping, countervailing duty, and intellectual property rights (Section 337) proceedings, as well as trade negotiations, multilateral and bilateral trade agreements, trade legislation, and general international economic, forensic, and financial analysis.

 
 

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Washington, DC 20036

info@captrade.com
202.463.1850

 

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FEBRUARY 2024
Data Corner

Source: U.S. Census Bureau. Chart depicts services exports only.

Services Exports Continue to Climb While Goods Imports Declined On an Annual Basis

December exports of services were the highest on record at $87.0 million (though this continuous upward trend is normal for services exports). Total services exports increased 8.0 percent from 2022 to 2023, after increasing 15.9 percent the previous year. Much of the total $201.6 billion increase over the 2021 to 2023 period depicted in the graph — little more than half — is attributable to the rebound in travel (to the U.S.), which is classified as an export. However, travel as a share of overall GDP is still slightly lower than it was just prior to the pandemic.

Goods imports increased in December but declined on an annual basis from 2022, a year during which consumption and goods imports were notably high. For instance, imports as a share of GDP in 2022 (15.4 percent) were the highest since 2014 (16.4 percent), declining to 14.0 percent in 2023. In 2023, the trade deficit decreased fairly markedly, as imports decreased $142.7 billion (3.6 percent) and exports increased $35.0 billion (1.2 percent).

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If you need assistance with a trade matter or require economic expertise, we are here to help. Whether you have a detailed plan in mind, a vague idea, or just initial questions, feel free to drop us a line.