As we look at the trade deficit and the competitiveness of U.S. exports, it is important to look at both products and services.
While U.S. manufacturing saw the impact of outsourcing of labor to cheaper markets, service exports have performed better over the past decade. In the future, economists will keep their eye on U.S. services such as consulting, intellectual property licensing, franchising, technical services, financial services, travel and education.
This ITA article on education provides insight into the important role that U.S. education plays in terms of global competitiveness. Brazil is a good example of the potential for U.S. education “exporters.”
The International Trade Administration (ITA) blog provides the latest news on U.S. Trade.
Re-blogged courtesy of Ray Hays, Member of District Export Council of AZ
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Braeden Young is an International Trade Specialist and Brazil Desk Officer within the International Trade Administration.
Brazil, which became the world’s sixth-largest economy last year, is bustling with activity. As Brazil ramps up preparations for hosting the 2014 FIFA World Cup and the 2016 Olympic Games, opportunity abounds for U.S. companies to support infrastructure development at sports venues, surrounding communities and commercial centers, and transportation hubs.
The recent discovery of new oil reserves off Brazil’s coast presents new opportunities in the oil and gas sector. U.S. firms have specialized expertise in deep water drilling and related services and are well-positioned to partner with Brazilian companies to help Brazil reach its objectives.
However, Brazil’s rise is marked not only by towering cranes and the roar of jackhammers, but also by smiling students and the scribbling of pencil on paper…
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