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1、 United States International Trade Commission Recent Trends in U.S.Services Trade:2024 Annual Report May 2024 Publication Number:5512 Investigation Number:332-601 Commissioners David S.Johanson,Chairman Rhonda K.Schmidtlein Jason E.Kearns Amy A.Karpel Catherine DeFilippo Director,Office of Operation

2、s Jeremy Wise Director,Office of Industry and Competitiveness Analysis Address all communications to Office of External Relations(externalrelationsusitc.gov)United States International Trade Commission Washington,DC 20436 USITC|3 Recent Trends in U.S.Services Trade:2024 Annual Report May 2024 Public

3、ation Number:5512 Investigation Number:332-601 4|www.usitc.gov This report was prepared principally by:Project Leader Rudy Telles Jr.Deputy Project Leader Theron Gray Office of Industry and Competitiveness Analysis Eric Forden,Junie Joseph,Tamar Khachaturian,Sarah Oliver,Jennifer Powell,Isaac Wohl O

4、ffice of Analysis and Research Services Cindy Payne Content Reviewers Lin Jones,Kelsi Van Veen Editorial Reviewers Judy Edelhoff,Ronald Docksai,Brian Rose Legal Reviewer Eric Heath Statistical Reviewers Conor Hargrove,Laura Thayn,Aaron Woodward Interactive Tables Statistical Analysis and Methodology

5、 Division Production Support David Lahrmer,Fara Ndiaye Under the direction of Martha Lawless,Chief Services Division Office of Industry and Competitiveness Analysis Preface U.S.International Trade Commission|5 Preface This report is the 28th in a series of annual reports on recent trends in U.S.serv

6、ices trade published by the U.S.International Trade Commission(Commission or USITC).Conducted under an investigation instituted by the Commission in 1993 under section 332(b)of the Tariff Act of 1930,1 these reports draw on discussions with representatives from industry,academia,and international or

7、ganizations as well as published sources to apprise the Commissions requestors and the public of global industry trends,regional developments,and competitiveness issues related to trade in services.1 On August 27,1993,acting on its own motion under section 332(b)of the Tariff Act of 1930(19 U.S.C.13

8、32(b),the Commission instituted investigation no.332-345,Annual Reports on U.S.Trade Shifts in Selected Industries.On December 20,1994,the Commission unilaterally expanded the scope of this report to include more detailed coverage of services industries.Under the expanded scope,the Commission publis

9、hes two annual reports,Shifts in U.S.Merchandise Trade and Recent Trends in U.S.Services Trade(Recent Trends).Recent Trends in U.S.Services Trade:2024 Annual Report 6|www.usitc.gov Table of Contents Preface.5 Table of Contents.6 Abbreviations and Acronyms.11 Executive Summary.13 Chapter 1 Introducti

10、on.17 Data Sources,Categories,and Limitations.18 U.S.Services Sector.21 Global Services Trade.22 U.S.Cross-Border Services Trade.24 Cross-Border Trade:Preliminary 2023 Data.29 Affiliate Transactions.30 Bibliography.34 Chapter 2 Financial Services.37 Overview.37 Cross-Border Exports and Imports.38 Fo

11、reign Affiliate Sales.42 Financial Services by Sector:Background,Definitions,and Trade Trends.43 Banking Services.43 Insurance Services.48 Securities Services.51 Rental and Leasing Services(Except Real Estate).54 Special Topic:The Impact of Global Inflation and Higher Interest Rates.55 Banking Servi

12、ces.57 Insurance Services.60 Securities Services.62 Bibliography.64 Chapter 3 Financial Services Firms Embrace Digitalization and Look to Incorporate New AI Technologies.75 Banking Services:Moves Toward More Advanced Digitalization Use and Adopting New AI Technologies.76 Banks Use Advanced Technolog

13、y to Improve Service and Back-Office Operations.77 Cybersecurity in Banking.79 Payments Services for an Increasingly Cashless World.81 Outlook.83 Insurance Services:Digital Technologies Have Become Integral to Insurers Operations.84 Distribution and Marketing.84 Claims.85 Table of Contents U.S.Inter

14、national Trade Commission|7 AI and Cloud Computing Technologies.85 Restrictions on Cross-Border Dataflows:Balancing Firms Process Efficiency Against Regulators Concerns.88 Cyber Insurance.90 Insurtech.92 Outlook.94 Securities Services:Further Advances in Digital Transformation.95 Digital Technology

15、in Securities Trading.95 Digital Technology in Consumer-Facing Services.98 Digitalization in Securities Markets Enables U.S.Move to T+1 Settlement.102 Generative AI in Securities Services.105 Outlook.107 Bibliography.108 Chapter 4 Financial Services and Sustainability,Financial Inclusion,and Capital

16、 Market Development.127 Banking Services:Banking and Sustainability.128 Sustainability-Focused International Alliances in the Banking Sector and Related Regulation.129 Sustainable Finance.131 Outlook.138 Insurance Services:Global Property and Casualty Insurance and Changing Demand Conditions Related

17、 to Extreme Weather.140 Recent Trends in Insured Losses.140 Protection Gaps and Higher Premiums for Natural Catastrophe and Weather-Related Coverage.144 New Insurance Products that Address Natural Catastrophe,Weather,and Liability Risks.147 Outlook.152 Securities Services:Growth in Emerging Markets.

18、153 Depth and Development of Securities Services in Advanced and Emerging Markets.153 Recent Developments in Indias Securities Markets.156 Recent Developments in Chinas Securities Markets.160 Outlook.161 Bibliography.163 Chapter 5 Roundtable Summary.185 Infrastructure Development and Financing,and S

19、ervices Trade.185 Services Firms as Users and Developers of Infrastructure.185 Characteristics of Services Trade and Infrastructure Investment.186 Factors that Impact Infrastructure Investment Decisions.187 Building Services Trade Capacity.189 Recent Trends in U.S.Services Trade:2024 Annual Report 8

20、|www.usitc.gov Characteristics of Services Trade Capacity.189 Factors Impacting Services Trade Capacity.190 Ways to Encourage Services Trade.191 Initiatives to Aid SME Integration in the Global Services Market.192 Bibliography.194 Appendix A Selected Services-Related Commission Publications and Staf

21、f Research 196 Appendix B Data Tables for Figures.201 Appendix C USITC Categories for U.S.Services Trade Data.216 Boxes Box 1.1 Services Trade“Modes of Supply”under the World Trade Organization General Agreement on Trade in Services.18 Box 2.1 Recent Additions to BEA Financial Services Trade Data.46

22、 Box 4.1 Financial Inclusion.134 Figures Figure 1.A Modes of supply in U.S.services trade.19 Figure 1.1 Real value added by U.S.industry,201822.22 Figure 1.2 Global services:Cross-border exports of commercial services,by country,2022.23 Figure 1.3 Global services:Cross-border imports of commercial s

23、ervices,by country,2022.24 Figure 1.4 U.S.services:Cross-border exports and imports,201822.25 Figure 1.5 U.S.services:Cross-border exports,by category,2022.26 Figure 1.6 U.S.services:Cross-border imports,by category,2022.27 Figure 1.7 U.S.services:Cross-border exports,by country,2022.28 Figure 1.8 U

24、.S.services:Cross-border imports,by country,2022.29 Figure 1.9 U.S.services:Affiliate sales and purchases,201721.31 Figure 1.10 U.S.services:Affiliate sales by U.S.-owned foreign affiliates,by industry,2021.32 Figure 1.11 U.S.services:Purchases from foreign-owned U.S.affiliates,by industry,2021.33 F

25、igure 2.1 Financial services:U.S.cross-border exports,by country,2022.39 Figure 2.2 Financial services:U.S.cross-border imports,by country,2022.40 Figure 2.3 Financial services:U.S.cross-border exports,by industry,2022.41 Figure 2.4 Financial services:U.S.cross-border imports,by industry,2022.41 Fig

26、ure 2.5 Financial services:Sales by U.S.-owned foreign affiliates,by industry,2021.42 Figure 2.6 Financial services:Purchases from foreign-owned U.S.affiliates,by industry,2021.43 Figure 2.7 Global banking revenues,201823.44 Figure 2.8 Banking:U.S.cross-border exports and imports,201822.47 Figure 2.

27、9 Banking:U.S.affiliate sales and purchases,201721.48 Figure 2.10 Insurance:U.S.cross-border exports and imports,201822.50 Figure 2.11 Insurance:U.S.affiliate sales and purchases,201721.51 Table of Contents U.S.International Trade Commission|9 Figure 2.12 Securities:U.S.cross-border exports and impo

28、rts,201822.53 Figure 2.13 Securities:U.S.affiliate sales and purchases,201721.54 Figure 2.14 Rental and leasing(except real estate):U.S.affiliate sales and purchases,201721.55 Figure 2.15 Annual percentage change in average consumer prices,January 2019December 2023.56 Figure 2.16 Central bank intere

29、st rates,January 2019December 2023.57 Figure 3.1 Global technology spending for banking and investment services,201923.79 Figure 3.2 Global payment revenues by region,202022.82 Figure 3.3 Revenue from tokenized assets worldwide,201722.97 Figure 3.4 Global assets under management by robo-advisors,201

30、722.99 Figure 3.5 Number of monthly active users of selected leading apps,January 2019 to July 2021.101 Figure 4.1 Value of sustainable financing across largest U.S.banks,2020.132 Figure 4.2 Account ownership gap by gender,education,and income,2011 and 2021.133 Figure 4.3 Value of annual green bond

31、issuance globally by use of proceeds,201422.136 Figure 4.4 Value of annual social and sustainability bond issuance globally,201422.137 Figure 4.5 Value of green,social,or sustainability bonds issued by largest U.S.banks,2022.138 Figure 4.6 Global insured weather-related losses,19922022.141 Tables Ta

32、ble 1.1 Total U.S.private cross-border services exports(preliminary),by category,202223.30 Table 1.2 Total U.S.private cross-border services imports(preliminary),by category,202223.30 Table 2.1:Top four global banks by revenue,2023.45 Table 2.2:Securities services providers:Activities and examples.5

33、2 Table 4.1:Total equity market capitalization by exchange,201822.154 Table 4.2:Financial development indictor,by type and country/market,2021.155 Table B.1 Real value added by U.S.industry,201822.202 Table B.2 Global services:Cross-border exports of commercial services,by country,2022.202 Table B.3

34、 Global services:Cross-border imports of commercial services,by country,2022.202 Table B.4 U.S.services:Cross-border exports and imports,201822.203 Table B.5 U.S.services:Cross-border exports,by category,2022.203 Table B.6 U.S.services:Cross-border imports,by category,2022.203 Table B.7:U.S.services

35、:Cross-border exports,by country,2022.204 Table B.8:U.S.services:Cross-border imports,by country,2022.204 Table B.9 U.S.services:Affiliate sales and purchases,201721.204 Table B.10 U.S.services:Affiliate sales by U.S.-owned foreign affiliates by industry,2021.205 Table B.11:U.S.services:Purchases fr

36、om foreign-owned U.S.affiliates,2021.205 Table B.12 Financial services:U.S.cross-border exports,by country,2022.206 Table B.13 Financial services:U.S.cross-border imports,by country,2022.206 Table B.14 Financial services:U.S.cross-border exports,by industry,2022.206 Table B.15 Financial services:U.S

37、.cross-border imports,by industry,2022.207 Table B.16 Financial services:Sales by U.S.-owned foreign affiliates,by industry,2021.207 Table B.17 Financial services:Purchases from foreign-owned U.S.affiliates,2021.207 Table B.18 Global banking revenues,201823.207 Table B.19 Banking:U.S.cross-border ex

38、ports and imports,201822.208 Recent Trends in U.S.Services Trade:2024 Annual Report 10|www.usitc.gov Table B.20 Banking:U.S.affiliate sales and purchases,201721.208 Table B.21 Insurance:U.S.cross-border exports and imports,201822.208 Table B.22 Insurance:U.S.affiliate sales and purchases,201721.208

39、Table B.23 Securities:U.S.cross-border exports and imports,201822.209 Table B.24 Securities:U.S.affiliate sales and purchases,201721.209 Table B.25 Rental and leasing(except real estate):U.S.affiliate sales and purchases,201721.209 Table B.26 Annual percentage change in average consumer prices,20192

40、3.210 Table B.27 Central bank interest rates,January 2019December 2023.211 Table B.28 Global technology spending for banking and investment services,201923.212 Table B.29 Global payments revenues by region,202022.212 Table B.30 Revenue from tokenized assets worldwide,201722.213 Table B.31 Global ass

41、ets under management by robo-advisors,201722.213 Table B.32 Number of monthly active users selected leading apps,January 2019 to July 2021.213 Table B.33 Value of sustainable financing across the largest U.S.banks,2020.214 Table B.34 Account ownership gap by gender,education,and income,2011 and 2021

42、.214 Table B.35 Value of annual green bonds issued globally by use of proceeds,201422.214 Table B.36:Value of annual social and sustainability bond issuance globally,201422.214 Table B.37:Value of green bonds issued across the largest U.S.banks,2022.215 Table B.38:Global insured weather-related loss

43、es,19922022.215 Table C.1 BEA industries in USITC services sector categories.217 Table C.2 Affiliate services by sector/industry.218 Abbreviations and Acronyms U.S.International Trade Commission|11 Abbreviations and Acronyms Terms Definitions 3PL third-party logistics AI artificial intelligence BEA

44、Bureau of Economic Analysis BLS Bureau of Labor Statistics Cat Catastrophe(bonds)CISA Cybersecurity and Infrastructure Security Agency COVID-19 coronavirus disease 2019 D&O directors and officers(insurance)DOJ U.S.Department of Justice ESG environmental and social governance EU European Union FTE fu

45、ll-time equivalent GATS General Agreement on Trade in Services GDP gross domestic product GenAI generative artificial intelligence GHG greenhouse gas GSP Generalized System of Preferences IAIS International Association of Insurance Supervisors ICT information and communications technology ILS insura

46、nce-linked security IMF International Monetary Fund IoT Internet of Things IP intellectual property IPCC Intergovernmental Panel on Climate Change IT information technology LECZ low-elevation coastal zone LLM large language model M&A mergers and acquisitions ML machine learning MOU memorandum of und

47、erstanding MNE multinational enterprise MOFA majority-owned foreign affiliate MOUSA majority-owned U.S.affiliate NAIC National Association of Insurance Commissioners NZIA Net Zero Banking Alliance OCC Office of the Comptroller of the Currency P2P peer-to-peer P&C property and casualty(insurance)SEC

48、U.S.Securities and Exchange Commission SMEs small and medium-sized enterprises TCFD Task Force on Climate-related Financial Disclosures UBO ultimate beneficial owner UK United Kingdom PRB United Nations Principles for Responsible Banking USDOC U.S.Department of Commerce USITC U.S.International Trade

49、 Commission WTO World Trade Organization Recent Trends in U.S.Services Trade:2024 Annual Report 12|www.usitc.gov Executive Summary U.S.International Trade Commission|13 Executive Summary This report describes recent trends in U.S.services trade and developments in U.S.services industries competitive

50、ness.Specifically,it focuses on recent developments in U.S.trade in financial services2,notably in the context of a pronounced increase in global inflation from 2021 to 2022 and subsequent volatility in global interest rates.The report also includes specific discussions of recent global developments

51、 in banking,insurance,and securities services,which are addressed in two chapters that focus on two overarching themes.One discusses how financial services firms are embracing digitalization and looking to incorporate new artificial intelligence(AI)technologies.The other focuses on the rising demand

52、 for new financial products and services that address concerns for sustainability and financial inclusion,and support growth in emerging markets.Trade in services falls into two categories:cross-border transactions and transactions by foreign-owned affiliates.In 2022,the United States continued to b

53、e the worlds largest exporter and importer of services.3 In that year,U.S.cross-border services exports totaled$900 billion(or 12.8 percent of global services exports),and imports totaled$671.4 billion(or 10.3 percent of global services imports).Sales of services by foreign affiliates of U.S.-owned

54、firms(referred to here as affiliate sales)totaled$2.0 trillion in 2021(the latest year available).Purchases of services from U.S.affiliates of foreign-owned firms in that year totaled$1.3 trillion.Given the inherent need for many services to be provided locallyfor example,some services may require i

55、n-person delivery or provision by locally regulated entitiesU.S.sales of services through foreign affiliates of U.S.-owned firms are consistently larger than U.S.cross-border services exports.Report Highlights The United States Continues to Run a Trade Surplus in both Cross-Border Services Trade and

56、 Foreign Affiliate Sales In 2022,U.S.cross-border services exports exceeded imports,resulting in a trade surplus of$228.6 billion.U.S.cross-border trade surpluses were recorded in most major services sectors,with the largest surpluses in professional services and financial services.The largest desti

57、nation for U.S.services exports in 2022 was Ireland,followed by the United Kingdom(UK),Canada,and Switzerland.In that same year,the largest source of U.S.services imports was the UK,followed by Canada,Germany,Japan,and China.In 2021,the most recent year for which data were available,sales of service

58、s by U.S.-owned foreign affiliates exceeded purchases from foreign-owned U.S.affiliates by$629.5 billion.Overall,the UK was 2 Beginning in 2013,Recent Trends has rotated its coverage on an annual basis between four services industry categories:financial services,professional services,digital and ele

59、ctronic services,and distribution services.This years report focuses on financial services;the 2023 report focused on distribution services.The most recent report covering financial services was published in September 2020.3 This report uses the U.S.Department of Commerce,Bureau of Economic Analysis

60、 statistics and definitions of cross-border trade(see box 1.1).Recent Trends in U.S.Services Trade:2024 Annual Report 14|www.usitc.gov the largest market for services sales by U.S.-owned foreign affiliates,followed by Ireland and Canada.Affiliates of German-owned firms in the United States accounted

61、 for the largest share of services purchased from all foreign-owned affiliates in the United States,followed by affiliates in the United States owned by firms in the UK and Canada.Financial Services Contributed 21 Percent of U.S.Cross-Border Services Exports in 2022 and 18 Percent of U.S.Foreign Aff

62、iliate Sales in 2021 Financial servicesthe focus of this reportinclude a broad range of financial service providers responsible for facilitating monetary transactions,lending to consumers and firms,mobilizing and managing savings,providing liquidity to debt and equity capital markets,advising and un

63、derwriting corporate finance transactions,and developing instruments that manage risk.In 2022,financial services accounted for$190.4 billion(or 21.2 percent)of total cross-border services exports and$117.2 billion(or 17.5 percent)of imports,resulting in a cross-border surplus of$73.2 billion.Top mar

64、kets for U.S.cross-border exports of financial services included the UK overseas territories(the British Virgin Islands,the Cayman Islands,Montserrat,and the Turks and Caicos Islands),the UK,and Canada.Top sources of imports were Bermuda,the UK,and the UK overseas territories.In 2021,foreign financi

65、al services affiliates of U.S.-owned companies recorded services sales of$341.7 billion(accounting for 17.5 percent of total U.S.affiliate sales of services).Purchases of services from U.S.financial services affiliates of foreign-owned companies totaled$223.1 billion(or 16.9 percent of the total).Fi

66、nancial Services Firms Respond to Global Inflation and Interest Rate Shocks Between January 2021 and June 2022,the average global cost of living increased more than during the entire 201520 period.Monetary authorities around the world responded quickly;central banks in most major economies increased

67、 interest rates over the period,which directly affected firms in the banking,insurance,and securities services sectors.High inflation and the rapid increase in policy rates not only adversely affected demand for banking services and credit risk exposure but increased banks net interest margins as we

68、ll.In the insurance sector,both the revenue and investment income streams of global nonlife(property and casualty)and life insurance companies came under pressure.During this period,securities firms initially benefited from higher transaction volumes.Sharp rises in inflation and interest rates creat

69、ed financial market volatility and macroeconomic uncertainty that led these transaction volumes to decrease,but elevated policy rates may have affected securities borrowers and lenders differently.Executive Summary U.S.International Trade Commission|15 Financial Services Firms Embrace Digitalization

70、 and Look to Incorporate New AI Technologies Increased digitalization in the banking industry has created new opportunities for banks to use advanced analytics in novel applications throughout their operations.On the consumer-facing side,banks are using AI and machine learning to provide virtual ser

71、vices that replace traditional in-person services.Middle-and back-office operations are using AI to improve fraud detection,risk management,and credit approvals.With the increased adoption of digital technologies,however,cybersecurity is a growing priority for the banking industry.In the insurance s

72、ector,digital data and sophisticated algorithms are increasingly used to sort high-volume claims and underwriting requests,as well as to calculate risk scores,complete policy applications,and verify application data.AI,machine learning,and other advanced technologies are being implemented by many in

73、surance companies in operational functions ranging from pricing to claims processing to underwriting.The majority of these companies are experimenting with these technologies or incorporating them into some operational functions.Cyber liability insurance has recently emerged to cover a wide variety

74、of costs associated with cyberattacks,most notably ransomware attacks.In securities services,investment banks,hedge funds,and other institutional market participants were early adopters of digital technology,including algorithmic trading strategies driven by machine learning and the creation of new

75、tokenized asset classes,which rely on blockchain technologies.On the consumer-facing side,the expansion of automated financial advice and mobile trading platforms have increased consumer access to securities services.The use of digital technology in this sector,however,is still evolving.Recent cyber

76、security breaches,the collapse of some cryptocurrency markets,and volatility in the retail investing market have destabilized the financial services sector in recent years.Financial Services Firms Expand Products and Services that Address Demand for Sustainability and Financial Inclusion,and Support

77、 Growth in Emerging Markets A growing demand for sustainable investments and the increasing number of international frameworks focused on environmental and social issues has led banks to recently identify sustainability as a priority area,especially as it relates to climate change(mitigation and ada

78、ptation),gender equality,and financial inclusion.Various sustainability-focused international alliances have been established,and sustainable finance has increased to meet demand.Sustainability has also become a larger focus of international and domestic lending activities.Global property and casual

79、ty insurance companies are facing changing demand conditions related to extreme weather.Global insured losses,including in the United States,have risen sharply over the past 30 years.Reasons for the higher losses include increased population and construction in coastal and other vulnerable areas,ris

80、ing construction costs,and the increased insurable value of physical assets in Recent Trends in U.S.Services Trade:2024 Annual Report 16|www.usitc.gov those areas.As the incidence and value of weather-related losses have grown,global insurers providing traditional property and casualty insurance hav

81、e become more selective about which risks they cover.The selectivity has negatively impacted the availability and affordability of insurance for consumers in disaster-prone areas.At the same time,the increase in weather-related risks reportedly has led global property and casualty insurers to introd

82、uce new products and risk diversification tools.In the securities sector,in emerging economiesparticularly in large economies like China and Indiarising incomes and demand for securities and asset management services have led to deeper capital markets.Over the past 510 years,China has focused on dev

83、eloping its securities markets and encouraging the internationalization of the Chinese renminbi.Although India has market access factors that can inhibit growth in the provision of some securities services,many foreign securities firms are increasingly investing there.In comparison,Chinas securities

84、 markets have recently been negatively affected by real estate overinvestment,though its securities sector remains significantly larger than Indias.Chapter 1:Introduction U.S.International Trade Commission|17 Chapter 1 Introduction The services sector is the largest sector of the U.S.economy,and the

85、 United States is the worlds top cross-border exporter and importer of services.4 In 2022,the U.S.services sector contributed 80.4 percent of U.S.gross domestic product(GDP)and 77 percent of total U.S.private employment based on real value added.5 This report,Recent Trends in U.S.Services Trade(Rece

86、nt Trends),published annually by the U.S.International Trade Commission(Commission or USITC),examines trends in U.S.services trade,the global market and competitive conditions in services trade,and important U.S.trading partners for services,both in the aggregate and in selected industries.Each year

87、,Recent Trends focuses on a specific category of services.This year,the report concentrates on financial services,including banking,insurance,securities,and rental and leasing services.Financial services were last covered in the 2020 report.Three other services categories,covered in a four-year rota

88、tion,include professional services,digital and electronic services,and distribution services(last covered in 2021,2022,and 2023,respectively).6 This report is organized into five chapters.Chapter 1 gives an overview of the domestic U.S.services sector,global cross-border trade in services,and U.S.se

89、rvices trade(both cross-border and affiliate transactions)by services sector.It also provides a description of the data sources used throughout the report.Chapter 2 offers an overview of trends in cross-border trade and foreign affiliate sales and purchases in the financial services category.Chapter

90、 2 also looks at this categorys major component industry sectors:banking,insurance,securities,and in the case of affiliate sales/purchases,rental and leasing.Chapters 3 and 4 highlight important or emerging trends in selected subsectors of financial services.Chapter 3 focuses on the effect of new te

91、chnologies,digitalization,and related digital trade policies on suppliers business models and competitiveness.Chapter 4 concentrates on rising demand for new financial products and services that address concerns related to sustainability and financial inclusion,and that support growth in emerging ma

92、rkets.Finally,chapter 5 summarizes the views expressed by participants at the Commissions 17th annual Services Roundtable,held November 2,2023.The report also includes three appendixes.Appendix A 4 WTO,“Trade in Commercial Services,”accessed February 5,2024.5 USDOC,BEA,“Real Value Added by Industry,

93、”December 21,2023;USDOC,BEA,table 6.5D,“Full-Time Equivalent Employees,by Industry,”September 29,2023.Real value added is a measure of an industrys contribution to GDP and is the difference between the value of an industrys gross output and the cost of intermediate inputs,adjusted for inflation.Serv

94、ices-supplying industries include utilities;wholesale trade;retail trade;transportation and warehousing;information;finance;insurance;real estate,rental and leasing;professional and business services;educational services;healthcare and social assistance;arts,entertainment,recreation,accommodation,an

95、d food services;and other services except government services.Goods-producing services include mining;construction;manufacturing;and agriculture,forestry,fishing,and hunting.6 For a comprehensive listing of the services that comprise the broader service categories of financial services,professional

96、services,digital and electronic services,and distribution services see appendix C.Recent Trends in U.S.Services Trade:2024 Annual Report 18|www.usitc.gov summarizes recent services-related Commission publications and staff research;appendix B presents underlying data for the figures included in this

97、 report;and appendix C provides information on how the Commission categorizes services data from the Bureau of Economic Analysis(BEA)at the U.S.Department of Commerce(USDOC).In addition,web-based interactive charts and tables associated with this report are available on the Commissions website,allow

98、ing users to explore U.S.services trade trends over time and for selected industries and countries.7 Data Sources,Categories,and Limitations Data on trade in services tend to be more limited than data on trade in goods,partly because of the lack of customs data on services trade.As a result,this rep

99、ort relies on a variety of sources to present a comprehensive picture of trade in services.Official U.S.services trade data used in this report come from the BEA,which publishes annual data on both cross-border trade and affiliate transactions.These annual data are produced from a combination of sur

100、veys of U.S.firms,other administrative data sources(such as financial reports from the U.S.Department of State),and data from non-U.S.government sources.8 Cross-border trade and foreign affiliate transactions cover a vast majority of total U.S.services trade via all four modes of supply specified in

101、 the World Trade Organization(WTO)General Agreement on Trade in Services(GATS).9 Box 1.1 and figure 1.A explain and illustrate the four modes of supply for services trade,as well as where each mode falls within the trade statistics.Box 1.1 Services Trade“Modes of Supply”under the World Trade Organiz

102、ation General Agreement on Trade in Services The General Agreement on Trade in Services(GATS)identifies four modes of supply for services trade,or four ways that services can be traded:a Mode 1 is cross-border supply.In this mode,a service is supplied by an individual or firm in one country to an in

103、dividual or firm in another country(i.e.,the service crosses national borders).An example is a firm emailing(i.e.,exporting)a digital file of an architectural design to a foreign client.This mode also captures transportation services,such as a ship delivering goods from a port in one country to a po

104、rt in another country.Mode 2 is consumption abroad.In this mode,an individual from one country travels to another country and consumes a service in that country.For example,a U.S.export of tourism services occurs when a foreign tourist purchases souvenirs,food,and lodging while vacationing in the Un

105、ited States.Mode 3 is commercial presence.In this mode,a firm based in one country establishes a local affiliate in another country and supplies services through that affiliate.An example is a U.S.-based retailer establishing a local affiliate in a foreign country for the purpose of selling products

106、 to consumers in that market.7 Interactive charts and associated alternative text associated with this report can be found at:https:/www.usitc.gov/publications/industry_econ_analysis_332/2024/recent_trends_us_services_trade_2024_annual_report.8 For a list of the data the BEA use to compile trade in

107、services statistics,see USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,1719.9 WTO,“Basic Purpose and Concepts,”accessed January 11,2023.Chapter 1:Introduction U.S.International Trade Commission|19 Mode 4 is the temporary presence of natural persons.In this mode,an ind

108、ividual from one country travels short term to another country to supply a servicefor instance,as a consultant,contract employee,or intracompany transferee at a foreign affiliate.An example is a U.S.-based airplane technician traveling abroad to service or repair an aircraft.Figure 1.A summarizes ho

109、w U.S.services are exported via these four modes of supply,as well as how the modes are differentiated in BEA data.b Modes 1,2,and 4 appear in the top half of the figure,under“trade in services.”Mode 3 appears under“services supplied through foreign affiliates of U.S.multinational enterprises(MNEs).

110、”Figure 1.A Modes of supply in U.S.services trade Source:USDOC,BEA,“The Basics of How International Services Are Supplied and Received by the United States,”October 19,2022.Note:MNEs=multinational enterprises a WTO,“Basic Purpose and Concepts,”accessed January 11,2023.b After income generated throug

111、h affiliate transactions has been repatriated to the United States,it appears as direct investment income in the U.S.balance of payments.USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,122.As defined by the BEA,cross-border services trade occurs when suppliers in one c

112、ountry sell services to consumers in another country,with people,information,or money crossing national borders.Firms also provide services to foreign consumers through affiliates established in host(i.e.,foreign)countries.10 After income generated through affiliate transactions has been repatriated

113、 to the United States,it appears as direct investment income in the U.S.balance of payments.11 10 USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,262.11 USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,122.Recent Trends in U.S.Services Tra

114、de:2024 Annual Report 20|www.usitc.gov GATS mode 1 and mode 2 transactions,as well as some mode 4 transactions,are generally grouped together in BEA data on cross-border trade.Mode 3 transactions are included,with some exceptions,in BEA affiliate transactions data.12 This report focuses on BEA“priva

115、te services”data.13 As a result,the export and import data presented throughout this report exclude government transactions,which primarily consist of services supplied in support of operations of the U.S.military and U.S.embassies in foreign countries.Aggregated data on cross-border trade in servic

116、es appear in the balance of payments statistics published quarterly for the United States by the BEA,and annually in the WTOs global services trade data.14 The term“commercial services”used in WTO services trade data is roughly equivalent to the term“private services”used in BEA services trade data.

117、15 Like BEA cross-border trade data,WTO cross-border trade data roughly correspond to modes 1,2,and 4,as specified in GATS.16 The BEA also uses survey data to publish more detailed annual statistics for cross-border services trade and foreign affiliate transactions of the United States.These data ar

118、e sorted by partner country and by industry at the finest level of detail that BEA survey and confidentiality policies allow.17 Statistics on cross-border trade and foreign affiliate transactions are available for three subcategories of financial services:banking services,insurance services,and secu

119、rities services.More information on the data coverage for financial services is available in chapter 2.Beginning in 2009,the BEA began efforts to restructure its international trade data following the release by the International Monetary Fund(IMF)of Balance of Payments and International Investment

120、Position Manual,Sixth Edition(BPM6).The BEA implemented changes to gradually bring U.S.services trade statistics in line with BPM6,expanding detail in its international trade in services statistics in 2014 and 2020.18 Most recently,the BEA updated the services trade statistics for its July 2022 rele

121、ase by incorporating data from the 2019 Benchmark Survey of Financial Services Transactions Between U.S.12 USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,263.Some statistics on services supplied through mode 4 may also be commingled with statistics on compensation of

122、employees.Similarly,services supplied by employees that have been temporarily transferred to foreign affiliates may appear in foreign affiliate sales rather than cross-border statistics.The channel of delivery that service providers use is determined primarily by the nature of the service.For exampl

123、e,retail services are generally supplied through affiliates,but transportation services are generally supplied through cross-border trade.13 In BEA data,“private services”include all(total)services excluding the category government goods and services,not included elsewhere.14 WTO,“Trade in Commercia

124、l Services,”accessed January 4,2023;USDOC,BEA,table 1.1,“U.S.International Transactions,”September 22,2022.15 BEA private services are the same as the WTOs commercial services in aggregate.The WTO,however,defines services based on the fourth(1977)and fifth(1993)editions of the IMF Balance of Payment

125、s and International Investment Position Manual,while the BEA defines them based on the sixth version(2009)of the manual.See the WTO technical notes and BEAs U.S.International Accounts:Concepts and Methods for more detailed information.16 WTO,World Trade Statistical Review 2022,August 31,2022.17 Data

126、 are suppressed for certain industries or sectors for which disclosure could potentially reveal confidential information about individual companies.USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,24,24748.18 USDOC,BEA,“U.S.International Economic Accounts:Concepts and M

127、ethods,”June 2022,11,1314.Chapter 1:Introduction U.S.International Trade Commission|21 Financial Services Providers and Foreign Persons into estimates of cross-border financial services imports and exports.19 The BEA collects and publishes survey-based statistics in two different ways.For cross-bord

128、er services trade,statistics are based on the type of service traded.For services supplied through affiliates,statistics are based on the affiliates primary industry.20 As a result,comparability at the sector level between statistics for cross-border trade and foreign affiliate sales is limited.For

129、example,a company like Walmart,Inc.a retail firm focusing on traditional brick-and-mortar retail and e-commercewould likely report cross-border trade data for different segments of its business,including insurance services,but will be classified as a retail service provider in its affiliate transact

130、ions.21 Thus,any foreign affiliate sales of insurance services could appear as retail services,rather than under the finance and insurance services category,in BEA affiliate transactions data.22 This report uses the latest available services trade data for each source described above.As of the date

131、of publication of this report,WTO cross-border trade in services data were available through 2022.Annual data on cross-border trade from the BEA were available through 2022(with preliminary data available for 2023);however,BEA data on affiliate transactions were available only through 2021.According

132、ly,data on market conditions for each specific industry covered in this report may span different years.U.S.Services Sector The U.S.services sector made up the largest share of the U.S.economy in 2022.In real value-added terms,U.S.private service-supplying industries contributed$15.8 trillion,or 81.

133、8 percent,to U.S.GDP.By comparison,goods-producing industries contributed$3.5 trillion,or 18.2 percent.23 Services-supplying industries also supplied the majority of full-time equivalent(FTE)employees in the U.S.economy in 2022,with private employment encompassing 82.1 percent,or 100.9 million FTE e

134、mployees.Goods-producing industries,by contrast,accounted for private employment of 17.9 percent,or 22 million FTE employees.19 With this update,the BEA has incorporated newly available and revised source data for 201921 and updated seasonal adjustments for 201721 for most statistical series.The BEA

135、 conducts Benchmark Surveys every five years to collect information from the entire populationor universeof services trading companies.The 2019 Benchmark Survey covered all U.S.financial services providers that engaged in financial services transactions with foreign persons.Estimates for 201521 fina

136、ncial services exports and imports and related taxes,which were previously based on both the 2014 Benchmark Survey and the quarterly surveys,have been replaced with estimates that are informed by the results of the 2019 Benchmark Survey.USDOC,BEA,“Annual Update of the U.S.International Transactions

137、Accounts,”July 2022,3.20 USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,251.See chapter 2 for further discussion of the ways that services trade data are classified,as well as information about sector-specific data collection and classification.21 Walmart offers healt

138、h care insurance for persons under 65,Medicare insurance,and pet insurance.Walmart Inc.,“Walmart Insurance Services,”accessed February 13,2024.22 Affiliate transactions are reported by industry rather than type of product,and the affiliate transaction data include ancillary services provided by firm

139、s in the agriculture,manufacturing,and mining industries.USDOC,BEA,“U.S.International Economic Accounts:Concepts and Methods,”June 2022,241.23 USDOC,BEA,Real Value Added by Industry,September 28,2023.Recent Trends in U.S.Services Trade:2024 Annual Report 22|www.usitc.gov Between 2018 and 2022,real v

140、alue added by private U.S.services-supplying industries increased by 11.2 percent,from$14.2 trillion to$15.8 trillion(figure 1.1),recording an average annual growth rate of 2.3 percent.By contrast,real value added attributable to private goods-producing industries was essentially flat during the sam

141、e period.The number of FTE employees in U.S.services-supplying industries increased by 4.0 percent from 2018 through 2022,whereas employment in goods-producing industries increased by 2.5 percent during the same period.24 Figure 1.1 Real value added by U.S.industry,201822 In trillions of dollars.Und

142、erlying data for this figure can be found in appendix B,table B.1.Source:USDOC,BEA,Real Value Added by Industry,September 28,2023.Note:Estimates are chained(inflation-adjusted)2017 dollars.Private goods-producing industries include agriculture,forestry,fishing,and hunting;mining;construction;and man

143、ufacturing.Private service-producing industries include utilities;wholesale trade;retail trade;transportation and warehousing;information;finance,insurance,real estate,rental,and leasing;professional and business services;educational services,health care,and social assistance;arts,entertainment,recr

144、eation,accommodation,and food services;and other services,except government services.Global Services Trade The United States was the worlds largest cross-border exporter of commercial services in 2022,supplying$900 billion(12.8 percent)of global services exports.Other leading services exporters were

145、 the United Kingdom(UK)(7.0 percent),China(6.0 percent),Germany(5.8 percent),and Ireland(5.0 percent);see figure 1.2.The United States was also the largest global importer of services,representing 10.3 percent($671.4 billion)of total cross-border services imports in 2022.Other leading importers of c

146、ommercial services included China(7.1 percent),Germany(7.0 percent),Ireland(5.7 percent),and the UK(4.8 percent);see figure 1.3.24 USDOC,BEA,table 6.5D,“Full-Time Equivalent Employees,by Industry,”September 29,2023.02468101214161820182019202020212022Trillion$Private goods-producing industries Privat

147、e services-producing industriesChapter 1:Introduction U.S.International Trade Commission|23 Figure 1.2 Global services:Cross-border exports of commercial services,by country,2022 In percentages.Underlying data for this figure can be found in appendix B,table B.2.Source:WTO,Statistics Database,Time S

148、eries on International Trade,“Trade in Commercial Services,”July 2023.Note:Exports of commercial services exclude public sector transactions.Because of difficulty measuring and reporting services trade data,total services exports do not equal total services imports.Because of rounding,figures may no

149、t add to 100 percent.United States 12.8%United Kingdom 7.0%China 6.0%Germany 5.8%Ireland 5.0%France 4.8%India 4.4%Singapore 4.1%Netherlands 3.8%Spain 2.4%All other countries 43.9%Export total:$7.0 trillionRecent Trends in U.S.Services Trade:2024 Annual Report 24|www.usitc.gov Figure 1.3 Global servi

150、ces:Cross-border imports of commercial services,by country,2022 In percentages.Underlying data for this figure can be found in appendix B,table B.3.Source:WTO,Statistics Database,Time Series on International Trade,“Trade in Commercial Services,”July 2023.Note:Imports of commercial services exclude p

151、ublic sector transactions.Because of difficulty measuring and reporting services trade data,total services exports do not equal total services imports.Because of rounding,figures may not add to 100 percent.U.S.Cross-Border Services Trade In 2022,the United States had a cross-border trade surplus of$

152、228.6 billion and was the largest net exporter of commercial services by a wide margin.In 2022,cross-border services exports increased by 15.7 percent to$900 billion,continuing a rebound started in 2021 from a COVID-19 pandemic-related low of$704.3 billion in 2020.U.S.imports of services increased b

153、y even more,25.7 percent to$671.4 billion in 2022,similarly extending a rebound from a 2020 low(figure 1.4).25 25 USDOC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July 6,2023.United States 10.3%China 7.1%Germany 7.0%Ireland 5.7%United Kingdom 4.8%France 4.4%Netherlands 4.1%Singapore 4.

154、0%India 3.8%Japan 3.2%All other countries 45.6%Import total:$6.5 trillionChapter 1:Introduction U.S.International Trade Commission|25 Figure 1.4 U.S.services:Cross-border exports and imports,201822 In billions of dollars.Underlying data for this figure can be found in appendix B,table B.4.Source:USD

155、OC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July 6,2023.In 2022,professional services continued to compose the largest share of both U.S.cross-border exports and imports of services.26 Cross-border exports of professional services during 2022 totaled$313.8 billion,or 34.9 percent of

156、total U.S.cross-border services exports,followed by financial services($190.4 billion;21.2 percent)and travel services($165.5 billion;18.4 percent);see figure 1.5.Professional services also represented the largest share of U.S.cross-border services imports,accounting for 24.8 percent($166.6 billion)

157、of such imports in 2022,followed by travel services($161.9 billion;24.1 percent)and financial services($117.2 billion;17.5 percent);see figure 1.6.26 For a comprehensive listing of the services that comprise the broader service categories of financial services,professional services,digital and elect

158、ronic services,and distribution services,see appendix C.$900.0 billion$671.4 billion01002003004005006007008009001,00020182019202020212022Billion$ExportsImportsRecent Trends in U.S.Services Trade:2024 Annual Report 26|www.usitc.gov Figure 1.5 U.S.services:Cross-border exports,by category,2022 In perc

159、entages.IP=Intellectual property.Underlying data for this figure can be found in appendix B,table B.5.Source:USDOC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July 6,2023.Note:Professional services are underreported because of the suppression of data for confidentiality.The“All other se

160、rvices”category includes these suppressed data.Because of rounding,figures may not add to 100 percent.Professional services 34.9%Financial services 21.2%Travel services 18.4%Digital and electronic services 14.2%Distribution services 7.2%Charges for the use of IP 2.9%All other services 1.4%Export tot

161、al:$900.0 billionChapter 1:Introduction U.S.International Trade Commission|27 Figure 1.6 U.S.services:Cross-border imports,by category,2022 In percentages.IP=Intellectual property.Underlying data for this figure can be found in appendix B,table B.6.Source:USDOC,BEA,table 2.1,“U.S.Trade in Services,b

162、y Type of Service,”July 6,2023.Note:Professional services are underreported because of the suppression of data.The“All other services”category includes these suppressed data.Because of rounding,figures may not add to 100 percent.In 2022,all U.S.services categories except one recorded a cross-border

163、trade surplus,with the largest surplus in professional services($147.1 billion),followed by financial services($73.2 billion)and digital and electronic services($31.6 billion).The distribution services category was the only category to register a deficit($49.3 billion).27 In 2022,Ireland was the lar

164、gest recipient of U.S.cross-border private services exports,totaling$84.3 billion,or 9.4 percent of total U.S.services exports.Other leading recipients of U.S.services exports included the UK($70.8 billion;7.9 percent),Canada($55.6 billion;6.2 percent),and Switzerland($41 billion;4.6 percent);see fi

165、gure 1.7.In 2022,the largest source of U.S.private services imports was the UK($72.6 billion;10.8 percent),followed by Canada($44.4 billion;6.6 percent)and Germany($38.8 billion;5.8 percent);see figure 1.8.28 27 USDOC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July 6,2023.28 USDOC,BEA,

166、table 2.2,“U.S.Trade in Services,by Type of Service,”July 6,2023;USODC,BEA,table 2.3,“U.S.Trade in Services,by Country or Affiliation,”July 6,2023.Professional services 24.8%Travel services 24.1%Financial services 17.5%Distribution services 16.9%Digital and electronic services 14.3%Charges for the u

167、se of IP 1.0%All other services 1.3%Import total:$671.4 billionRecent Trends in U.S.Services Trade:2024 Annual Report 28|www.usitc.gov Figure 1.7 U.S.services:Cross-border exports,by country,2022 In percentages.Underlying data for this figure can be found in appendix B,table B.7.Source:USDOC,BEA,tab

168、le 2.2,U.S.Trade in Services,by Type of Service,July 6,2023.Notes:Data for government goods and services not included elsewhere for Mexico,Switzerland,India,Bermuda,and South Korea are suppressed.As a result,data presented for those countries are total services trade,which is greater than their priv

169、ate services trade.Because of rounding,figures may not add to 100 percent.The BEA category“United Kingdom Islands,Caribbean”includes the following UK overseas territories:the British Virgin Islands,the Cayman Islands,Montserrat,and the Turks and Caicos Islands.Ireland 9.4%United Kingdom 7.9%Canada 6

170、.2%Switzerland 4.6%United Kingdom Islands,Caribbean 4.5%China 3.8%Germany 2.5%Japan 2.4%Mexico 2.4%All other countries 56.5%Export total:$900.0 billionChapter 1:Introduction U.S.International Trade Commission|29 Figure 1.8 U.S.services:Cross-border imports,by country,2022 In percentages.Underlying d

171、ata for this figure can be found in appendix B,table B.8.Source:USDOC,BEA,table 2.2,“U.S.Trade in Services,by Type of Service,”July 6,2023.Note:Data for government goods and services not included elsewhere for Mexico,Switzerland,India,Bermuda,and South Korea are suppressed.As a result,data presented

172、 for those countries are total services trade,which is greater than their private services trade.Because of rounding,figures may not add to 100 percent.Cross-Border Trade:Preliminary 2023 Data In addition to the cross-border trade data presented above for 2022,preliminary cross-border services trade

173、 data are also available for 2023.29 Preliminary data on U.S.cross-border services trade for 2023 show that total private services exports were 7.3 percent higher in 2023 compared to 2022(table 1.1).During this period,exports in most sectors experienced small growth.The most notable increase was in

174、travel and passenger fares,for which exports increased by 28.8 percent.Other sectors with the largest increases in exports during this period included telecommunications,computer,and information services(9.0 percent increase)and technical,trade-related,and other business services(7.6 percent increas

175、e).In contrast,sea transport services and other services,not included elsewhere(n.i.e.),saw decreases in exports between 2022 and 2023(7.3 percent and 0.9 percent,respectively).30 29 These data include more aggregated services categories than the individual distribution services categories presented

176、 in chapter 2 of this report.30 USDOC,BEA,table 3.1,“U.S.International Trade in Services,”March 21,2024.United Kingdom 10.8%Canada 6.6%Germany 5.8%Mexico 5.7%Japan 5.3%Switzerland 5.1%India 5.0%Bermuda 4.8%China 3.9%All other countries 47.0%Import total:$671.4 billionRecent Trends in U.S.Services Tr

177、ade:2024 Annual Report 30|www.usitc.gov Table 1.1 Total U.S.private cross-border services exports(preliminary),by category,202223 In billions of dollars.n.i.e.=not included elsewhere.Services category 2022 2023 Travel and passenger fares 165.5 213.1 Financial services 167.7 174.8 Professional and ma

178、nagement consulting services 143.6 145.7 Telecommunications,computer,and information services 66.2 72.2 Research and development services 57.8 58.3 Technical,trade-related,and other business services 43.9 47.2 Air transport(excludes passenger fares)36.2 36.6 Personal,cultural,and recreational servic

179、es 26.8 27.6 Insurance services 22.7 24.0 Sea transport 21.0 19.4 Other services,n.i.e.148.7 147.4 Total cross-border exports 900.0 966.1 Source:USDOC,BEA,table 3.1,“U.S.International Trade in Services,”March 21,2024.Preliminary data on U.S.cross-border services imports in 2023 also show moderate in

180、creases in sector-specific imports compared to 2022(table 1.2).Travel and passenger fares posted the largest growth in imports(33.0 percent),followed by professional and management consulting services(6.5 percent)and financial services(6.0 percent).Several import categories decreased,with the larges

181、t decreases in sea transport(41.6 percent),other services,not included elsewhere(n.i.e.)(13.0 percent),and air transport(4.8 percent).Table 1.2 Total U.S.private cross-border services imports(preliminary),by category,202223 In billions of dollars.n.i.e.=not included elsewhere.Services category 2022

182、2023 Travel and passenger fares 161.9 215.4 Professional and management consulting services 66.9 71.2 Financial services 57.7 61.2 Insurance services 59.5 58.4 Telecommunications,computer,and information services 53.6 55.5 Sea transport 76.3 44.6 Technical,trade-related,and other business services 3

183、7.5 37.9 Research and development services 33.6 33.6 Personal,cultural,and recreational services 29.6 31.3 Air transport(excludes passenger fares)30.4 29.0 Other services,n.i.e.64.2 55.9 Total cross-border imports 671.4 694.1 Source:USDOC,BEA,table 3.1,“U.S.International Trade in Services,”March 21,

184、2024.Affiliate Transactions Sales of services by the affiliates of U.S.companies abroad exceeded purchases within the United States from the affiliates of foreign companies in every year from 2017 through 2021,the last year for which such data are available.31 During this period,sales of U.S.affilia

185、tes abroad increased at an average annual rate of 5.2 percent from$1.5 trillion in 2017 to$2.0 trillion in 2021.Such sales dipped slightly in 31 For affiliate transactions,sales of services by U.S.affiliates abroad are treated as services exports,while purchases from the affiliates of foreign firms

186、in the United State are treated as services imports.Chapter 1:Introduction U.S.International Trade Commission|31 2020,likely because of COVID-19 pandemic-related effects.Similarly,purchases from the affiliates of foreign firms in the United States grew at an average annual rate of 3.5 percent from$1

187、.1 trillion in 2017 to$1.3 trillion in 2021.Like affiliate sales,affiliate purchases also declined slightly in 2020(figure 1.9).32 Figure 1.9 U.S.services:Affiliate sales and purchases,201721 In billions of dollars.Underlying data for this figure can be found in appendix B,table B.9.Source:USDOC,BEA

188、,table 4.1,“Services Supplied to Foreign Persons by U.S.MNEs Through Their MOFAs,”October 5,2023;table 5.1,“Services Supplied to U.S.Persons by Foreign MNEs,”October 5,2023.Note:MNEs=multinational enterprises.Sales by U.S.-owned foreign affiliates include services supplied by majority-owned foreign

189、affiliates of U.S.parent firms.Purchases from foreign-owned U.S.affiliates include services supplied by majority-owned U.S.affiliates of foreign parent firms.32 USDOC,BEA,table 4.1,“Services Supplied to Foreign Persons by U.S.MNEs,”October 5,2023;table 5.1,“Services Supplied to U.S.Persons by Foreig

190、n MNEs,”October 5,2023.05001,0001,5002,0002,50020172018201920202021Billion$Sales by U.S.-owned foreign affiliatesPurchases from foreign-owned U.S.affiliatesRecent Trends in U.S.Services Trade:2024 Annual Report 32|www.usitc.gov In 2021,distribution services accounted for the largest share of U.S.-ow

191、ned foreign affiliates sales,amounting to$575.5 billion,or 29.5 percent of total foreign affiliate sales,followed by financial services($341.7 billion;17.5 percent)and digital and electronic services($313.4 billion;16.1 percent);see figure 1.10.33 The top markets for the sales of services through U.

192、S.affiliates abroad were the UK($317.2 billion),Ireland($190.0 billion),and Canada($146.8 billion).34 Figure 1.10 U.S.services:Affiliate sales by U.S.-owned foreign affiliates,by industry,2021 In percentages.Underlying data for this figure can be found in appendix B,table B.10.Source:USDOC,BEA,table

193、 4.1,“Services Supplied to Foreign Persons by U.S.MNEs,”October 5,2023.Note:“Manufacturing”includes ancillary services provided by goods manufacturers.Other services include services supplied by majority-owned foreign affiliates of U.S.parent firms.Digital and electronic services,and professional se

194、rvices are underreported because of suppression of data.The“All other services”category includes suppressed data.MNEs=multinational enterprises;MOFAs=majority-owned foreign affiliates.Because of rounding,figures may not add to 100 percent.Purchases of services from affiliates in the distribution ser

195、vices sector accounted for the largest share of purchases from foreign-owned affiliates in the United States in 2021,with such purchases totaling$433.7 billion,or 32.8 percent of total foreign affiliate purchases.In that same year,financial services represented$223.1 billion(16.9 percent)of total af

196、filiate purchases,whereas digital and electronic services totaled$171.4 billion(13 percent);see figure 1.11.German companies with U.S.-based affiliates were the largest source of foreign affiliate purchases in 2021($196.3 billion),followed by UK-owned affiliates($172.2 billion)and Canadian-owned aff

197、iliates($165 billion).35 33 For a comprehensive listing of the services that compose the broader service categories of financial services,professional services,digital and electronic services,and distribution services,see appendix C.34 USDOC,BEA,table 4.1,“Services Supplied to Foreign Persons by U.S

198、.MNEs Through Their MOFAs,by Industry of Affiliate and by Country of Affiliate,”October 5,2023.35 USDOC,BEA,table 5.1,“Services Supplied to U.S.Persons by Foreign MNEs,”October 5,2023.Distribution services 29.5%Financial services 17.5%Digital and electronic services 16.1%Professional services 4.4%Ma

199、nufacturing 1.8%Mining 1.7%All other services 29.0%Sales by U.S.-owned foreign affiliates total:$2.0 trillionChapter 1:Introduction U.S.International Trade Commission|33 Figure 1.11 U.S.services:Purchases from foreign-owned U.S.affiliates,by industry,2021 In percentages.Underlying data for this figu

200、re can be found in appendix B,table B.11.Source:USDOC,BEA,table 5.1,“Services Supplied to U.S.Persons by Foreign MNEs,“October 5,2023.Notes:Digital and electronic services are underreported because of the suppression of data.The“All other services”category includes suppressed data.“Manufacturing”inc

201、ludes ancillary services provided by goods manufacturers.“Other”includes ancillary services provided in the mining,agriculture,and other sectors,as well as suppressed data.Beginning with the 2018 Recent Trends in U.S.Services Trade report,software publishing was reallocated from“Other Services”to“Di

202、gital and Electronic Services”to better reflect the industry composition.Therefore,digital and electronic services data in this report,and in all Recent Trends reports published in 2018 and later,cannot be directly compared with such data in USITC reports published before 2018.MNEs=multinational ent

203、erprises.Because of rounding,figures may not add to 100 percent.Distribution services 32.8%Financial services 16.9%Digital and electronic services 13.0%Professional services 10.7%Manufacturing 7.2%Mining 2.7%All other services 16.8%Purchases from foreign-owned U.S.affiliates total:$1.3 trillionRecen

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207、).Bureau of Economic Analysis(BEA).“How Are BEAs Statistics on the Activities of U.S.Multinational Enterprises(MNEs)Affected by the Complex Corporate Structures of MNEs,”January 23,2020.https:/www.bea.gov/help/faq/1402.U.S.Department of Commerce(USDOC),Bureau of Economic Analysis(BEA).“The Basics of

208、 How International Services Are Supplied and Received by the United States.”International Services,October 19,2022.https:/apps.bea.gov/scb/issues/2022/10-october/1022-international-services-supply-types.htm.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).“Real Value Added by Indus

209、try,”September 28,2023.https:/apps.bea.gov/iTable/?reqid=150&step=2&isuri=1&categories=gdpxind&_gl=1*yluslj*_ga*Mjg0ODU2NzYyLjE3MDc1MzExMjc.*_ga_J4698JNNFT*MTcwNzUzMTE2MC4xLjAuMTcwNzUzMTE2MC42MC4wLjA.#eyJhcHBpZCI6MTUwLCJzdGVwcyI6WzEsMiwzXSwiZGF0YSI6W1siY2F0ZWdvcmllcyIsIkdkcHhJbmQiXSxbIlRhYmxlX0 xpc3

210、QiLCIxIl1dfQ=U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).“Real Value Added by Industry,”December 21,2023.https:/apps.bea.gov/iTable/iTable.cfm?reqid=150&step=2&isuri=1&categories=gdpxind.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).Table 2.1.“U.S.Trade in

211、 Services,by Type of Service,”July 6,2023.https:/apps.bea.gov/iTable/iTable.cfm?ReqID=62&step=1.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).Table 2.2.“U.S.Trade in Services,by Type of Service and by Country or Affiliation,”July 6,2023.https:/apps.bea.gov/iTable/iTable.cfm?ReqI

212、D=62&step=1.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).Table 2.2.“U.S.Trade in Services,by Type of Service and by Country or Affiliation,”July 6,2023.https:/apps.bea.gov/iTable/iTable.cfm?ReqID=62&step=1.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).Table

213、 3.1.U.S.International Trade in Services,”December 20,2023.https:/apps.bea.gov/iTable/?reqid=62&step=6&isuri=1&tablelist=51&product=1.Chapter 1:Introduction U.S.International Trade Commission|35 U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).Table 4.1.“Services Supplied to Foreig

214、n Persons by U.S.MNEs Through Their MOFAs,by Industry of Affiliate and by Country of Affiliate,”October 5,2023.https:/apps.bea.gov/iTable/iTable.cfm?ReqID=62&step=1.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).Table 5.1.“Services Supplied to U.S.Persons by Foreign MNEs Through

215、Their MOUSAs,by Industry of Affiliate and by Country of UBO,”October 5,2023.https:/apps.bea.gov/iTable/iTable.cfm?ReqID=62&step=1.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).“Table 6.5D.Full-Time Equivalent Employees,by Industry,”September 29,2023.https:/apps.bea.gov/iTable/iT

216、able.cfm?reqid=19&step=2#reqid=19&step=2&isuri=1&1921=survey.U.S.Department of Commerce(USDOC).Bureau of Economic Analysis(BEA).“U.S.International Economic Accounts:Concepts and Methods,”June 2022.https:/www.bea.gov/international/concepts_methods.htm.Walmart.“Walmart Insurance Services.”Accessed Feb

217、ruary 13,2024.https:/ Trade Organization(WTO).“Basic Purposes and Concepts.”Accessed January 11,2023.https:/www.wto.org/english/tratop_e/serv_e/cbt_course_e/c1s3p1_e.htm.World Trade Organization(WTO).“FATS-Sales by Service Sector(Outward).”WTO STATS.Accessed January 4,2023.https:/stats.wto.org/.Worl

218、d Trade Organization(WTO).“Trade in Commercial Services.”WTO STATS.Accessed February 5,2024.https:/stats.wto.org/.World Trade Organization(WTO).World Trade Statistical Review 2022.August 31,2022.https:/www.wto.org/english/res_e/booksp_e/wtsr_2022_c4_e.pdf.Recent Trends in U.S.Services Trade:2024 Ann

219、ual Report 36|www.usitc.gov Chapter 2:Financial Services U.S.International Trade Commission|37 Chapter 2 Financial Services Overview A well-developed financial services sector is essential to the global economy and commerce.It promotes economic efficiency,lowers the cost of transactions,directs savi

220、ngs to economically productive activities,and facilitates international trade.Thus,the financial services sector provides the economic infrastructure necessary for a modern economy to function.36 The financial services sector comprises a broad range of financial services providers.They are responsib

221、le for facilitating monetary transactions;lending to consumers and firms;mobilizing and managing savings;providing liquidity in debt and equity capital markets;37 advising and underwriting corporate finance transactions;and developing instruments that manage risk.Generally,these providers are includ

222、ed within two main categories:financial intermediaries and direct finance institutions.Financial intermediaries include deposit-taking entities like banks,thrifts,and savings institutions.Other financial intermediaries are nonbank entities,such as insurance,leasing,and investment companies.Both type

223、s of financial intermediaries facilitate flows of funds between individuals or entities with excess funds and borrowers who need funds.Direct finance institutions,mainly brokerage and securities firms,operate in capital markets by facilitating direct transactions between the providers and users of f

224、unds,mainly by underwriting and selling bonds and equities.38 This report focuses primarily on the banking,insurance,and securities industries.39 Financial services consumers encompass a broad spectrum of individuals,businesses,and governments,each with unique needs and preferences.Household consume

225、rs use financial services to finance the purchase of goods and services,manage their wealth and savings,and mitigate risk via insurance products.Commercial enterprises rely on a wide range of financial products that manage cash flow,raise capital,facilitate transactions,and mitigate risk.Advances in

226、 digital technology have broadened both household and business consumer bases by expanding convenience and accessibility in financial services.40 The globalization of financial markets led to an increase in cross-border transactions,attracting consumers who require international banking services,for

227、eign exchange solutions,and investment opportunities beyond their domestic markets.41 36 World Bank,“Financial Sector,”accessed March 1,2024;SF Fed,“Please Explain How.Economic Performance,”January 1,2005.37 Financial services firms that provide liquidity to debt and equity capital markets are known

228、 as“market makers.”Citadel Securities,“What Is a Market Maker?,”accessed December 7,2023.For more information on market-making services,see box 2.1.38 Dobson,Financial Services and International Trade Agreements,in A Handbook of International Trade in Services,2008,28990.39 For a listing of the serv

229、ices that financial services comprise,see appendix C.40 Czmer et al.,“The Future of Banks:A$20 Trillion Opportunity,”December 20,2022.41 JPMorgan Chase,“Three Megatrends Disrupting the Cross-Border Payments Landscape,”October 6,2021.Recent Trends in U.S.Services Trade:2024 Annual Report 38|www.usitc

230、.gov Cross-Border Exports and Imports Looking at cross-border trade,BEA data on financial services encompass banking services(financial management,financial advisory,custody services,credit card services,and other credit-related services);insurance services(direct insurance,reinsurance,and auxiliary

231、 insurance);and securities services(securities brokerage,underwriting).The broad financial services category also covers securities lending,electronic funds transfer,and other related services.In 2022,U.S.cross-border exports of financial services,totaling$190.4 billion,represented 21.2 percent of a

232、ll U.S.cross-border services exports,a 2 percent decline in value from 2021.Collectively,several United Kingdom(UK)Caribbean territories(the British Virgin Islands,the Cayman Islands,Montserrat,and the Turks and Caicos Islands),were the destination for 25.7 percent of U.S.financial services exports

233、in 2022(figure 2.1).42 U.S.financial services exports to the UK Caribbean territories likely consist of financial transactions services,brokerage,and other financial management services.43 The Cayman Islands,for instance,reportedly offers favorable regulations,streamlined company registration proced

234、ures,and zero percent taxation rates for most types of income,including earned income and corporate income.44 Other leading destinations for U.S.exports of financial services include the UK(14.3 percent),Canada(6.3 percent),Japan(4.5 percent),and Luxembourg(3.7 percent);see figure 2.1.42 This report

235、 will refer to the British Caribbean islands and territories as the“UK Caribbean territories”or“UK Caribbean islands”to remain consistent with BEA services terminology.Bermuda is a UK overseas territory;the BEA presents transactions with Bermuda separately from the UK to allow for more granular geog

236、raphic detail.For more detail on BEA country classifications,see USDOC,BEA,“Guide to Reporting Countries on BEA Surveys,”accessed March 1,2024.43 Campbell,“Offshore Financial Centres in the Caribbean,”In Money Laundering,Terrorist Financing,and Tax Evasion,2021,1164;Fichtner,“The Cayman Conundrum,”N

237、ovember 11,2017.CIMA,“Regulated Sectors,”accessed February 13,2024.44 Dunne,“Doing Business in Cayman Islands,”accessed February 12,2024.Chapter 2:Financial Services U.S.International Trade Commission|39 Figure 2.1 Financial services:U.S.cross-border exports,by country,2022 In percentages.Underlying

238、 data for this figure can be found in appendix B,table B.12.Source:USDOC,BEA,table 2.2,“U.S.Trade in Services,by Type,”July 6,2023.Note:Financial services as defined in this report is composed of data from both the insurance services and financial services categories as defined by the U.S.Bureau of

239、Economic Analysis(BEA).The BEA category“United Kingdom Islands,Caribbean”includes the following UK Caribbean territories:the British Virgin Islands,the Cayman Islands,Montserrat,and the Turks and Caicos Islands.The BEA lists Bermuda,one of the UK overseas territories,as a separate category.Because o

240、f rounding,figures may not add to 100 percent.In 2022,U.S.cross-border imports of financial services increased by 6.6 percent to$117.2 billion compared to 2021 and accounted for 17.5 percent of total U.S.cross-border services imports.Top sources of cross-border imports in 2022 included Bermuda(26.5

241、percent),the UK(20.1 percent),the UK Caribbean territories(10 percent),Switzerland(6.6 percent),and Canada(4.5 percent);see figure 2.2.45 Overall,the United States recorded a cross-border financial services trade surplus of$73.2 billion in 2022,because U.S.cross-border exports of financial services

242、exceeded imports of these same services by a wide margin.45 USDOC,BEA,table 2.3,“U.S.Trade in Services,by Country or Affiliation,”July 6,2023.Imports from Bermuda are primarily insurance services;exports to the UK Caribbean territories are primarily noninsurance financial services.United Kingdom Isl

243、ands,Caribbean 25.7%United Kingdom 14.3%Canada 6.3%Japan 4.5%Luxembourg 3.7%Ireland 3.2%Australia 3.0%Bermuda 3.0%Germany 2.4%China 2.4%All other countries 31.6%Export total:$190.4 billionRecent Trends in U.S.Services Trade:2024 Annual Report 40|www.usitc.gov Figure 2.2 Financial services:U.S.cross-

244、border imports,by country,2022 In percentages.Underlying data for this figure can be found in appendix B,table B.13.Source:USDOC,BEA,table 2.2,“U.S.Trade in Services,by Type of Service,”July 6,2023.Note:Financial services as defined in this report is composed of data from both the insurance services

245、 and financial services categories as defined by the U.S.Bureau of Economic Analysis(BEA).The BEA category“United Kingdom Islands,Caribbean”includes the following UK Caribbean territories:the British Virgin Islands,the Cayman Islands,Montserrat,and the Turks and Caicos Islands.The BEA lists Bermuda,

246、one of the UK overseas territories,as a separate category.Because of rounding,figures may not add to 100 percent.In 2022,banking services accounted for the largest share of U.S.exports of financial services(66.4 percent),followed by securities services(21.6 percent),and insurance services(11.9 perce

247、nt);see figure 2.3.By contrast,insurance services accounted for the largest share(50.8 percent)of U.S.cross-border imports of financial services,followed by banking services(38.3 percent)and securities services(10.9 percent);see figure 2.4.Bermuda 26.5%United Kingdom 20.1%United Kingdom Islands,Cari

248、bbean 10.0%Switzerland 6.6%Canada 4.5%Germany 4.0%Japan 2.6%France 2.5%Australia 2.2%Hong Kong 2.1%All other countries 19.1%Import total:$117.2 billionChapter 2:Financial Services U.S.International Trade Commission|41 Figure 2.3 Financial services:U.S.cross-border exports,by industry,2022 In percent

249、ages.Underlying data for this figure can be found in appendix B,table B.14.Source:USDOC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July 6,2023.Note:Financial services as defined in this report is composed of data from both the insurance services and financial services categories as def

250、ined by the U.S.Bureau of Economic Analysis(BEA).Because of rounding,figures may not add to 100 percent.Figure 2.4 Financial services:U.S.cross-border imports,by industry,2022 In percentages.Underlying data for this figure can be found in appendix B,table B.15.Source:USDOC,BEA,table 2.1,“U.S.Trade i

251、n Services,by Type of Service,”July 6,2023.Note:Financial services as defined in this report comprise data from both the insurance services and financial services categories as defined by the U.S.Bureau of Economic Analysis(BEA).Because of rounding,figures may not add to 100 percent.Banking 66.4%Sec

252、urities 21.6%Insurance 11.9%Export total:$190.4 billionInsurance 50.8%Banking 38.3%Securities 10.9%Import total:$117.2 billionRecent Trends in U.S.Services Trade:2024 Annual Report 42|www.usitc.gov Foreign Affiliate Sales46 In 2021,the latest year for which data were available,sales of financial ser

253、vices by U.S.-owned foreign affiliates abroad totaled$341.7 billion,whereas purchases of such services from foreign-owned affiliates in the United States were$223.1 billion.During 2021,securities services accounted for the largest share of U.S.-owned foreign affiliate sales(55.4 percent),followed by

254、 insurance services(19.9 percent);see figure 2.5.Insurance services represented the largest share of purchases from foreign-owned U.S.affiliates(37.6 percent);securities services were the second-largest share of affiliate purchases(37.4 percent);see figure 2.6).Figure 2.5 Financial services:Sales by

255、 U.S.-owned foreign affiliates,by industry,2021 In percentages.Underlying data for this figure can be found in appendix B,table B.16.Source:USDOC,BEA,table 4.1,“Services Supplied to Foreign Persons by U.S.MNEs Through Their MOFAs,by Industry of Affiliate and by Country of Affiliate,October 5,2023.No

256、te:MNEs=multinational enterprises;MOFAs=majority-owned foreign affiliates.46 For the purposes of this report,affiliate sales and purchases of financial services encompass the following BEA categories:Finance and insurance services,including depository credit intermediation(banking)and insurance carr

257、iers and related activities,and rental and leasing services(except real estate).Securities 55.4%Insurance 19.9%Rental and leasing(except real estate)13.4%Banking 11.3%Total:$341.7 billionChapter 2:Financial Services U.S.International Trade Commission|43 Figure 2.6 Financial services:Purchases from f

258、oreign-owned U.S.affiliates,by industry,2021 In percentages.Underlying data for this figure can be found in appendix B,table B.17.Source:USDOC,BEA,table 5.1,“Services Supplied to U.S.Persons by Foreign MNEs,”October 5,2023.Note:MNEs=multinational enterprises.Because of rounding,figures may not add t

259、o 100 percent.Financial Services by Sector:Background,Definitions,and Trade Trends This section provides background on the banking,insurance,and securities industries.They are represented in both cross-border trade and affiliate transactions data above.Rental and leasing(except real estate)are inclu

260、ded only in affiliate transactions data.This section also presents international trade data for these subsectors of financial services.A special topic section at the end of this chapter gives background on the rise in global inflation and interest rates since 2021 and the impact that it had on both

261、subsectors.More focused discussions of recent developments and trends in several of these subsectors are described in chapters 3 and 4.Additional detail on services tradeincluding data on the industry composition of U.S.services trade with major trading partners,and data on U.S.trade in services ind

262、ustries not covered in this reportis available in the interactive tables accompanying this report.47 Banking Services The banking industry provides a variety of services,including deposit-taking,lending,and fee-based services.48 Banks are generally categorized into three segments:retail banks,commer

263、cial banks,and 47 Interactive charts and alternative text are available at:https:/www.usitc.gov/publications/industry_econ_analysis_332/2024/recent_trends_us_services_trade_2024_annual_report.48 Fee-based banking services include financial management and transaction services,advisory services,custod

264、y services,credit card services,and other credit-related services.Insurance 37.6%Securities 37.4%Banking 17.4%Rental and leasing(except real estate)7.5%Total:$223.1 billionRecent Trends in U.S.Services Trade:2024 Annual Report 44|www.usitc.gov investment banks.Retail and commercial banks are disting

265、uished by their target consumerseither individual customers(retail banks)or businesses(commercial banks)and provide traditional services like deposit-taking,providing loans,transaction services,and credit cards.Investment banks generally provide securities-related services like underwriting,dealing,

266、and brokerage to companies and institutional investors.This section focuses on the retail and commercial banking industry,while investment banking is covered in the securities sections of this chapter.According to industry sources,global banking revenues increased at an average annual rate of 0.8 pe

267、rcent during 201823,reaching$2.8 trillion despite a steep decline in 2020 from pandemic-related effects(figure 2.7).49 Figure 2.7 Global banking revenues,201823 In trillions of dollars.Underlying data for this figure can be found in appendix B,table B.18.Source:IBISWorld,Global Commercial Banks,Sept

268、ember 2023,60.Note:Totals include revenues for retail and commercial banking services;revenues for 2023 are estimates.Geographically,North America accounted for about 30 percent of global banking services revenue in 2022(the most recent year available),the largest share by geographic region.North As

269、ia and Europe were the next largest,each with shares of about 25 percent.50 In terms of assets,China was the global banking leader in 2022 with$47.2 trillion,followed by the United States($30.3 trillion),Japan($17.7 trillion),and the UK($16.9 trillion).51 The top four global banks in 2023,measured b

270、y total revenue,were Wells Fargo(12 percent of global banking revenue),JPMorgan Chase(8.7 percent),Bank of America(8.1 percent),and Industrial and 49 Estimates of revenues include retail and commercial banking services.Global Commercial Banks,September 2023.50 North Asia includes China,Japan,and Sou

271、th Korea.IBISWorld,Global Commercial Banks,September 2023,36.51 Financial Stability Board,Global Monitoring Report on Non-Bank Financial Intermediation 2023,December 18,2023.2.602.652.702.752.802.852.90201820192020202120222023Trillion$Chapter 2:Financial Services U.S.International Trade Commission|4

272、5 Commercial Bank of China(3.9 percent);see table 2.1.Overall,the share of global banking revenues generated by these four firms increased from 10.5 percent in 2022 to 32.8 percent in 2023,reportedly boosted by technology improvements that reduced costs and expanded operations for large banks as a r

273、esult of economies of scale.52 Table 2.1 Top four global banks by revenue,2023 In billions of dollars,percentages,and trillions of dollars.Bank Country Global revenue (billion$)Global revenue share(%)Total assets as of 2022(trillion$)Wells Fargo United States 338.9 12 1.9 JPMorgan Chase United State

274、s 246.7 8.7 3.7 Bank of America United States 229.4 8.1 3.1 Industrial and Commercial Bank of China China 110.3 3.9 5.7 Source:IBISWorld,Global Commercial Banks,September 2023,47;Khan et al.,The Worlds 100 Largest Banks,2023,April 26,2023.52 IBISWorld,Global Commercial Banks,September 2023.Recent Tr

275、ends in U.S.Services Trade:2024 Annual Report 46|www.usitc.gov Box 2.1 Recent Additions to BEA Financial Services Trade Data In June 2020,BEA added estimates of financial intermediation services indirectly measured(FISIM)and market-making services to its financial services trade data to address cove

276、rage gaps.a FISIM quantifies deposit-taking and lending services provided by banks for which no explicit charges are made.Financial institutions generate revenue in part by charging higher interest rates for the loans that they provide than the interest rate that they pay depositors,as well as by ch

277、arging explicit fees for banking services such as electronic transfers and credit card services.However,banks charge nonbank customers a higher interest rate for loans and pay nonbank customers a lower interest rates for their deposits than they would other financial firms.The difference between the

278、 rates that banks charge other banks,known as the reference rate,b and what they charge nonbank customers is considered the implicit charge for the services that firms provide nonbank customers,such as record keeping,safekeeping,payment processing,risk management,advice,and liquidity(the ability to

279、access cash whenever they need it).c In the context of international trade,the U.S.exports FISIM when U.S.banks make loans and hold deposits for foreign customers,and imports FISIM when foreign banks make loans or hold deposits for U.S.customers.d Market-making services are a type of securities serv

280、ice that involves buying and selling securities.Earnings from market-making services are measured as the margins on buying and selling both equity and debt securities.Typically,financial firms earn revenue by using a bid-ask spread(buying securities at a slightly lower rate and selling them at a sli

281、ghtly higher rate)when they facilitate customer transactions.e Financial firms can charge direct and explicit fees for providing brokerage services.They can also earn revenue via implicit service fees when they complete debt and equity transactions on behalf of their customers.Firms that provide the

282、se types of services are considered“market-makers”and take on some risk when they hold an asset after it is purchased but before it is sold.These firms make profits with a bid-ask spread as compensation.f In the context of international trade,the U.S.exports a market-making service when a U.S.dealer

283、 provides debt and equity transactions to a foreign resident,and it imports a market-making service when a foreign dealer provides those transactions to a U.S.resident.The BEA had not recorded implicit services fees prior to 2020.It now estimates market-making services dating to 2006,and FISIM datin

284、g to 1999.g a The BEA updated its financial services data after USITCs Recent Trends 2020 report on financial services was published.These data are found in BEA International Transactions table 3.1 and International Services table 2.1.FISIM is also found in BEA International Transactions table 4.1 a

285、s interest in“Other investment income.”USDOC,BEA,table 3.1,“Table 3.1 U.S.International Trade in Services,”March 29,2024;USDOC,BEA,table 2.1,“Table 2.1 U.S.Trade in Services,by Type of Service,”July 6,2023;USDOC,BEA,table 4.1,“Table 4.1 U.S.International Transactions in Primary Income,”March 29,2024

286、.Telles Jr.,Martinez,and Peck,“Annual Update of the U.S.International Transactions Accounts,”July 2020.b The reference rate is based on the five-year Treasury rate.c Reinsdorf,Measurement of Implicitly-Priced Output of Commercial Banks,March 2011.d The BEA considers banks to be the primary producers

287、 of FISIM in the context of international trade;it does not estimate FISIM if no transacting parties are banks or if both transacting parties are banks.Telles Jr.,Martinez,and Peck,“Annual Update of the U.S.International Transactions Accounts,”July 2020.e Telles Jr.,Martinez,and Peck,“Annual Update

288、of the U.S.International Transactions Accounts,”July 2020.f After the 2008 global financial crisis,many governments adopted new regulations to strengthen market-makers and reduce their risk of becoming illiquid,though such regulations may have increased the costs of market-makers services.Beau,Marke

289、t-Making and Proprietary Trading,November 2014,2.g Telles Jr.,Martinez,and Peck,“Annual Update of the U.S.International Transactions Accounts,”July 2020.Cross-Border Trade U.S.cross-border exports of banking services grew at an average annual rate of 5.3 percent from$103 billion in 2018 to$126.5 bil

290、lion in 2022.Imports of banking services also grew,increasing at an average annual rate of 9.6 percent from$31.1 billion in 2018 to$44.9 billion in 2022(figure 2.8).Chapter 2:Financial Services U.S.International Trade Commission|47 Figure 2.8 Banking:U.S.cross-border exports and imports,201822 In bi

291、llions of dollars.Underlying data for this figure can be found in appendix B,table B.19.Source:USDOC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July 6,2023.Affiliate Transactions During the period examinedfrom 2017 through 2021both U.S.affiliate sales abroad and purchases of foreign ba

292、nking services in the United States declined.Sales of banking services by affiliates of U.S.companies in foreign countries declined at a gradual average annual rate of 2.9 percent,from$43.4 billion in 2017 to$38.6 billion by the end of 2021.Similarly,purchases from affiliates of foreign firms in the

293、 United States fell at an average annual rate of 5.9 percent,from$49.5 billion in 2017 to$38.8 billion in 2021(figure 2.9).$126.5 billion$44.9 billion02040608010012014020182019202020212022Billion$ExportsImportsRecent Trends in U.S.Services Trade:2024 Annual Report 48|www.usitc.gov Figure 2.9 Banking

294、:U.S.affiliate sales and purchases,201721 In billions of dollars.Underlying data for this figure can be found in appendix B,table B.20.Source:USDOC,BEA,table 4.1,“Services Supplied to Foreign Persons by U.S.MNEs,”October 5,2023;USDOC,BEA,table 5.12,“Services Supplied to U.S.Persons by Foreign MNEs,”

295、October 5,2023.Note:MNEs=multinational enterprises.Insurance Services The insurance industry plays an integral role in the global economy by enabling individuals and businesses to manage risk.In general,the insurance industry can be grouped into four main segments:life,property and casualty(P&C),rei

296、nsurance,and auxiliary services.53 Typically,insurers underwrite a wide variety of individual and commercial risksthat is,they accept liability and guarantee payment in the case of insured lossby selling life and P&C products.Firms in the insurance sector also provide other services,such as reinsura

297、ncetransactions in which a reinsurance company agrees to cover all or part of the losses,loss-adjustment,or both of a primary insurerand marine,aviation,and transport insurance,which covers goods in transit.Auxiliary services include insurance brokerage,in which companies sell and service insurance

298、policies.54 Firms in the insurance sector generate net income through collected premiums and investment income,minus claims paid to policyholders.Insurance encourages economic activity in several ways.First,it mitigates the risk of project failures for business owners,encouraging investment and addi

299、tional economic activity.Second,insurance can mitigate the financial impact of supply chain disruptions.55 Third,insurance increases the volume of investable funds by pooling the premiums of small investors,encouraging the development of stable 53 P&C insurance is often called nonlife insurance outs

300、ide the United States(outside,nonlife insurance includes health insurance;in the United States,private health insurance is a separate category and not generally included in data on cross-border trade in insurance services).54 NAIC,“Glossary of Insurance Terms,”accessed February 9,2024.55 Weisbart,Ho

301、w Insurance Drives Economic Growth,June 2018,1015.Chapter 2:Financial Services U.S.International Trade Commission|49 capital markets.56 Insurance can also encourage preferred social behavior by offering insured parties discounts for low-risk behavior,such as safe driving.57 The United States continu

302、es to be the largest market for insurance,accounting for 43.7 percent of the value of global premiums in 2022.The next largest markets were China(10.3 percent),the UK(5.4 percent),and Japan(5.0 percent).The United States and China saw 8.6 percent and 0.2 percent growth,respectively,from 2021,when mo

303、st other major markets saw decreases,including the UK(2.8 percent),Japan(15.1 percent),and France(10.7 percent).Conversely,India and Brazil saw substantial premium growth of 6.5 percent and 20.7 percent,respectively,in 2022.58 Cross-Border Trade U.S.exports of insurance services grew at an average a

304、nnual rate of 4.4 percent,from$19.1 billion in 2018 to$22.7 billion in 2022.Imports of these same services increased by 31.8 percent,from$43.8 billion in 2018 to$57.7 billion in 2020,but grew very gradually thereafter,increasing at an average annual rate of only 1.5 percent over the next two years,t

305、o$59.5 billion by the end of 2022(figure 2.10).56 CCMC,“The Role of Insurance Investment in the U.S.Economy,”2019,5.57 U.S.News&World Report,“How Do Those Car Insurance Tracking Devices Work?,”accessed March 1,2024.Forty-eight U.S.states require some form of auto insurance although they vary in type

306、(e.g.,collision,comprehensive,medical payments coverage,personal injury protection,among others),minimum-liability coverage requirements,and cost.Robinson and Mitchner,“Why Is Car Insurance Mandatory?,”December 27,2023.58 Casanova Aizpun et al.,“Sigma 3/2023 I World Insurance,”July 10,2023,15.Recent

307、 Trends in U.S.Services Trade:2024 Annual Report 50|www.usitc.gov Figure 2.10 Insurance:U.S.cross-border exports and imports,201822 In billions of dollars.Underlying data for this figure can be found in appendix B,table B.21.Source:USDOC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July

308、6,2023.Affiliate Transactions Insurance services supplied by affiliates of U.S.companies in foreign countries grew at a gradual average annual rate of 3 percent,from$60.4 billion in 2017 to$68.1 billion in 2021.By contrast,purchases of insurance services from U.S.affiliates of foreign firms experien

309、ced significant fluctuation during the period examined,rising by 31.3 percent to$89.2 billion in 2018,before declining by 25.5 percent over the next two years.In 2021,however,such purchases jumped by 26.3 percent to$83.9 billion(figure 2.11).$22.7 billion$59.5 billion01020304050607020182019202020212

310、022Billion$ExportsImportsChapter 2:Financial Services U.S.International Trade Commission|51 Figure 2.11 Insurance:U.S.affiliate sales and purchase,201721 In billions of dollars.Underlying data for this figure can be found in appendix B,table B.22.Source:USDOC,BEA,table 4.1,“Services Supplied to Fore

311、ign Persons by U.S.MNEs,”October 5,2023;USDOC,BEA,table 5.1,“Services Supplied to U.S.Persons by Foreign MNEs,”October 5,2023.Note:MNEs=multinational enterprises.Securities Services Securities services firms raise capital and liquidity for firms and sovereign borrowers(arranging share and bond issue

312、s)and advise on and underwrite mergers and acquisitions(M&A)deals and other corporate finance transactions.59 They also provide brokerage services activities(such as securities sales and trading),invest on behalf of clients,operate trading platforms,and provide financial advice.60 The largest firms

313、in this segment are investment banks,which had combined global revenue of$342.7 billion in 2022.U.S.firms are key global players,with JPMorgan Chase,Citigroup,Goldman Sachs,and Morgan Stanley together making up 41 percent of the global market in 2022.61 The U.S.share of global investment banking has

314、 increased since the global financial crisis in 2008,as European-based banks have become less prominent.62 While investment banks typically provide a variety of the securities services described above,other firms specialize in particular investment activities,such as creation of diversified mutual f

315、unds,long-term investments,and trading platforms operations.Table 2.2 shows the activities conducted by the most common types of securities services providers and examples of U.S.firms in each category.59 This includes market-making services as discussed in box 2.1.60 Wooldridge,“What to Know About

316、Investment Banking,”accessed December 6,2023;SEC,What Is a Broker Dealer?,accessed January 16,2024.61 IBISWorld,Global Investment Banking&Brokerage,September 2023,11,50.62 Deloitte Center for Financial Services,2023 Banking and Capital Markets Outlook,2022,6,46.$68.1 billion$83.9 billion010203040506

317、070809010020172018201920202021Billion$Services supplied by U.S.firms foreign affiliatesServices supplied by U.S.affiliates of foreign firmsRecent Trends in U.S.Services Trade:2024 Annual Report 52|www.usitc.gov Table 2.2 Securities services providersactivities and examples Type of provider Major act

318、ivities U.S.firm examples Investment banks Raise capital and liquidity,advise on and underwrite mergers and acquisitions,conduct broker-dealer and market-making activities,provide financial advice.May also participate in other securities segments described below.JPMorgan Chase&Co.;Citigroup Inc.;The

319、 Goldman Sachs Group,Inc.;Morgan Stanley Mutual funds Pool money from many investors and create portfolios of securitiessuch as stocks,bonds,and short-term debtin which investors can buy shares.Funds are typically diversified across companies and industries,highly liquid,and affordable for small inv

320、estors.The Vanguard Group,Inc.;BlackRock,Inc.;Fidelity Investments Hedge funds Make investments on behalf of institutional investors,such as pension funds and insurance companies,and high-income individuals.More flexible in their investment strategies than mutual funds.Bridgewater Associates,LP;Rena

321、issance Technologies LLC Private equity Make investments on behalf of institutional investors and high-income individuals,focusing on long-term investments(10 years or longer).Blackstone,Inc.;Apollo Global Management,Inc.Market-makers Engage directly in the buying and selling of securities and provi

322、de liquidity by facilitating instant securities transactions on behalf of other companies.Make money in the“spread”between the price bid to buy and the asking price for securities.Citadel Securities LLC;Virtu Financial Inc.;Jane Street Group,LLC Retail investment platforms Platforms on which individ

323、uals can buy and sell a range of funds,stocks,bonds,and other securities for their own portfolios.Robinhood Markets,Inc.;Webull Financial LLC;The Charles Schwab Corporation Sources:Benson,“11 Best Stock Apps of January 2024,”January 2,2024;Baldridge,“Top 10 Hedge Funds Of January 2024,”December 1,20

324、23;IBISWorld,Global Investment Banking&Brokerage,September 2023,11,50.Liberto,“Investment Platforms Explained,”February 19,2021;Detrixhe,“Citadel Securities Gets Almost as Much Trading Volume as Nasdaq,”February 5,2021;Baldridge,“Top 10 U.S.Private Equity Firms of January 2024,”December 1,2023;Citad

325、el Securities,“What Is a Market Maker?,”accessed December 7,2023;SEC,“Private Equity Funds,”accessed December 7,2023;SEC,Investor Bulletin:Hedge Funds,February 2013;Cheema,“15 Biggest Mutual Fund Companies In The World,”March 29,2023;SEC,“Mutual Funds,”accessed December 7,2023.Wooldridge,“What to Kn

326、ow About Investment Banking,”accessed December 6,2023.Cross-Border Trade U.S.exports of securities services were essentially flat during 2018 and 2019 before surging by more than 35 percent to$45.6 billion by the end of 2021.In 2022,however,exports of securities services recorded a decline of 9.6 pe

327、rcent to$41.2 billion.Imports of securities services,by contrast,increased at a steady average annual rate of 5.9 percent from$10.2 billion in 2018 to$12.8 billion in 2022(figure 2.12).Chapter 2:Financial Services U.S.International Trade Commission|53 Figure 2.12 Securities:U.S.cross-border exports

328、and imports,201822 In billions of dollars.Underlying data for this figure can be found in appendix B,table B.23.Source:USDOC,BEA,table 2.1,“U.S.Trade in Services,by Type of Service,”July 6,2023.Affiliate Transactions Sales of services by foreign-based affiliates of U.S.firms in the securities sector

329、 increased at a relatively consistent rate of 7.7 percent a year from$140.7 billion in 2017 to$189.1 in 2021.Purchases from U.S.-based affiliates of foreign companies in this sector grew steadily at an average annual rate of 8.2 percent from$60.8 billion in 2017 to$83.5 billion in 2021(figure 2.13).

330、$41.2 billion$12.8 billion0510152025303540455020182019202020212022Billion$ExportsImportsRecent Trends in U.S.Services Trade:2024 Annual Report 54|www.usitc.gov Figure 2.13 Securities:U.S.affiliate sales and purchases,201721 In billions of dollars.Underlying data for this figure can be found in appen

331、dix B,table B.24.Source:USDOC,BEA,table 4.1,“Services Supplied to Foreign Persons by U.S.MNEs,”October 5,2023;USDOC,BEA,table 5.1,“Services Supplied to U.S.Persons by Foreign MNEs,”October 5,2023.Note:MNEs=multinational enterprises.Rental and Leasing Services(Except Real Estate)Rental and leasing se

332、rvices(except real estate)includes firms that rent or lease tangible goods such as automobiles,computers,consumer goods,and industrial machinery and equipment.The subsector includes firms that are engaged in renting or leasing consumer goods and equipment and firms that are engaged in leasing machin

333、ery and equipment,often used for business operations.63 Affiliate Transactions Sales of rental and leasing services by the foreign affiliates of U.S.firms declined at an average annual rate of 5.4 percent,from$57.2 billion in 2017 to$45.8 billion in 2021.By contrast,purchases of rental and leasing services from U.S.affiliates of foreign companies grew at an average of 10.3 percent a year from$11.4