Tuesday, July 28, 2009
[IWS] USITC: RECENT TRENDS in U.S. SERVICES TRADE 2009 [6 July 2009]
IWS Documented News Service
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
United States International Trade Commission (USITC)
Recent Trends in U.S. Services Trade, 2009 Annual Report.[6 July 2009]
http://www.usitc.gov/publications/332/pub4084.pdf
[full-text, 132 pages]
Abstract
Recent Trends in U.S. Services Trade, 2009 Annual Report focuses principally on
professional services (advertising, education, healthcare, and legal services), which provide
critical inputs to various goods and service industries, as well as specialized services directly
to individual consumers. The largest professional service firms in terms of revenue are
located in developed countries and offer their services across the globe through both crossborder
trade and affiliate transactions. The markets of many developing countries are
growing rapidly and offer larger professional service firms significant merger, acquisition,
and investment opportunities. U.S. services overall, and professional services in particular,
grew faster in 2007 in terms of contribution to gross domestic product, employment, and
cross-border exports than the average annual rate of the preceding five-year period. Services
supplied to foreign consumers by foreign-based affiliates of U.S. firms, including those in
professional services, also experienced recent strong growth.
Press Release 6 July 2009
USITC REPORTS STRONG U.S. PERFORMANCE IN GLOBAL SERVICES TRADE
United States Has World's Biggest Services Market and Remains Leading Services Exporter, Importer [6 July 2009]
http://www.usitc.gov/press_room/news_release/2009/er0706gg1.htm
U.S. service firms led the world in global services trade in 2007, reports the U.S. International Trade Commission (USITC) in its publication < http://www.usitc.gov/publications/332/pub4084.pdf> Recent Trends in U.S. Services Trade, 2009 Annual Report.
The United States remains the world's largest services market and also the world's leading exporter and importer of services, according to the report.
The ITC, an independent, nonpartisan, factfinding federal agency, compiles the report annually. The report presents a statistical overview of U.S. trade in services and highlights the service sectors and geographic markets that contributed substantially to recent services trade performance.
This year's report focuses primarily on professional services and includes separate chapters on advertising, education, healthcare, and legal services that analyze global competitive conditions in the industry, examine recent trade performance, and summarize efforts to remove sectoral trade impediments.
The 2009 report covers trade in services from 2002 to 2007. Highlights of the report follow.
* The United States continues to have the largest services trade surplus of any country in the world, and professional services were major contributors to the growing U.S. services surplus.
* Sales of services by U.S. parent firms' affiliates abroad continue to grow, reflecting the importance to many U.S. service sectors, including professional services, of expanding a commercial presence abroad.
* U.S. professional services' contribution to GDP in 2007 was large, reaching $1.7 trillion, or 17 percent of the U.S. private-sector GDP. Employment in U.S. professional service industries stood at about 25 million in that year.
* Several factors have created new opportunities for U.S. professional service suppliers in overseas markets. Economic growth in emerging economies such as China and India has spurred demand for professional services such as advertising and legal services as more local businesses seek to enter and compete in new markets. Technological advancements, such as the proliferation of the Internet and digital video and telecommunications equipment, have allowed healthcare service providers to reach more consumers at lower cost through telemedicine. Government policies that provide tax incentives and liberalize visa regimes have promoted foreign direct investment in local education systems.
* Unilateral efforts to liberalize impediments to services trade and reduce government intervention in the regulation of professional services continue to have a favorable impact on the expansion of professional services trade.
* The report includes a summary of the Commission's second annual services roundtable, which was held on December 4, 2008. The roundtable drew participation from services experts within industry, government, and academia. The discussion focused on the financial crisis of 2008, the prospects for liberalization under the World Trade Organization's General Agreement on Trade in Services, and other liberalization efforts.
Recent Trends in U.S. Services Trade, 2009 Annual Report (Investigation No. 332-345, USITC publication 4084, July 2009) is available on the USITC's Internet site at http://www.usitc.gov/publications/332/pub4084.pdf
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
_______________________________
Institute for Workplace Studies----------------- Professor Samuel B. Bacharach
School of Industrial & Labor Relations-------- Director, Institute for Workplace Studies
Cornell University
16 East 34th Street, 4th floor---------------------- Stuart Basefsky
New York, NY 10016 -------------------------------Director, IWS News Bureau
________________________________________________________________________
United States International Trade Commission (USITC)
Recent Trends in U.S. Services Trade, 2009 Annual Report.[6 July 2009]
http://www.usitc.gov/publications/332/pub4084.pdf
[full-text, 132 pages]
Abstract
Recent Trends in U.S. Services Trade, 2009 Annual Report focuses principally on
professional services (advertising, education, healthcare, and legal services), which provide
critical inputs to various goods and service industries, as well as specialized services directly
to individual consumers. The largest professional service firms in terms of revenue are
located in developed countries and offer their services across the globe through both crossborder
trade and affiliate transactions. The markets of many developing countries are
growing rapidly and offer larger professional service firms significant merger, acquisition,
and investment opportunities. U.S. services overall, and professional services in particular,
grew faster in 2007 in terms of contribution to gross domestic product, employment, and
cross-border exports than the average annual rate of the preceding five-year period. Services
supplied to foreign consumers by foreign-based affiliates of U.S. firms, including those in
professional services, also experienced recent strong growth.
Press Release 6 July 2009
USITC REPORTS STRONG U.S. PERFORMANCE IN GLOBAL SERVICES TRADE
United States Has World's Biggest Services Market and Remains Leading Services Exporter, Importer [6 July 2009]
http://www.usitc.gov/press_room/news_release/2009/er0706gg1.htm
U.S. service firms led the world in global services trade in 2007, reports the U.S. International Trade Commission (USITC) in its publication < http://www.usitc.gov/publications/332/pub4084.pdf> Recent Trends in U.S. Services Trade, 2009 Annual Report.
The United States remains the world's largest services market and also the world's leading exporter and importer of services, according to the report.
The ITC, an independent, nonpartisan, factfinding federal agency, compiles the report annually. The report presents a statistical overview of U.S. trade in services and highlights the service sectors and geographic markets that contributed substantially to recent services trade performance.
This year's report focuses primarily on professional services and includes separate chapters on advertising, education, healthcare, and legal services that analyze global competitive conditions in the industry, examine recent trade performance, and summarize efforts to remove sectoral trade impediments.
The 2009 report covers trade in services from 2002 to 2007. Highlights of the report follow.
* The United States continues to have the largest services trade surplus of any country in the world, and professional services were major contributors to the growing U.S. services surplus.
* Sales of services by U.S. parent firms' affiliates abroad continue to grow, reflecting the importance to many U.S. service sectors, including professional services, of expanding a commercial presence abroad.
* U.S. professional services' contribution to GDP in 2007 was large, reaching $1.7 trillion, or 17 percent of the U.S. private-sector GDP. Employment in U.S. professional service industries stood at about 25 million in that year.
* Several factors have created new opportunities for U.S. professional service suppliers in overseas markets. Economic growth in emerging economies such as China and India has spurred demand for professional services such as advertising and legal services as more local businesses seek to enter and compete in new markets. Technological advancements, such as the proliferation of the Internet and digital video and telecommunications equipment, have allowed healthcare service providers to reach more consumers at lower cost through telemedicine. Government policies that provide tax incentives and liberalize visa regimes have promoted foreign direct investment in local education systems.
* Unilateral efforts to liberalize impediments to services trade and reduce government intervention in the regulation of professional services continue to have a favorable impact on the expansion of professional services trade.
* The report includes a summary of the Commission's second annual services roundtable, which was held on December 4, 2008. The roundtable drew participation from services experts within industry, government, and academia. The discussion focused on the financial crisis of 2008, the prospects for liberalization under the World Trade Organization's General Agreement on Trade in Services, and other liberalization efforts.
Recent Trends in U.S. Services Trade, 2009 Annual Report (Investigation No. 332-345, USITC publication 4084, July 2009) is available on the USITC's Internet site at http://www.usitc.gov/publications/332/pub4084.pdf
______________________________
This information is provided to subscribers, friends, faculty, students and alumni of the School of Industrial & Labor Relations (ILR). It is a service of the Institute for Workplace Studies (IWS) in New York City. Stuart Basefsky is responsible for the selection of the contents which is intended to keep researchers, companies, workers, and governments aware of the latest information related to ILR disciplines as it becomes available for the purposes of research, understanding and debate. The content does not reflect the opinions or positions of Cornell University, the School of Industrial & Labor Relations, or that of Mr. Basefsky and should not be construed as such. The service is unique in that it provides the original source documentation, via links, behind the news and research of the day. Use of the information provided is unrestricted. However, it is requested that users acknowledge that the information was found via the IWS Documented News Service.
Stuart Basefsky
Director, IWS News Bureau
Institute for Workplace Studies
Cornell/ILR School
16 E. 34th Street, 4th Floor
New York, NY 10016
Telephone: (607) 255-2703
Fax: (607) 255-9641
E-mail: smb6@cornell.edu
****************************************
# posted by SBasefsky : 10:41 AM
