June 23, 2006
News Release 06-061
Inv. No. 332-345
Contact: Peg O'Laughlin, 202-205-1819


The U.S. service sector accounted for 83 percent of gross domestic product and 85 percent of employment in the private sector in 2004, reports the U.S. International Trade Commission (ITC or Commission) in its publication Recent Trends in U.S. Services Trade, 2006 Annual Report.

U.S. service firms are preeminent in global services trade, according to the report, and experienced a 13 percent growth in sales of services abroad by foreign-based affiliates of U.S. firms in 2003.

The ITC, an independent, nonpartisan, factfinding federal agency, compiles the report annually (no report was published in 2005). The report presents a statistical overview of U.S. trade in services and provides analyses of five service industries, examining cross-border exports, imports, and trade balances; services provided to U.S. and foreign consumers by multinational firms' overseas affiliates; and the competitive conditions affecting the global market for these services. In 2006, the industry-specific chapters cover air transportation, banking and securities, education, insurance, and legal services. The report also presents a chapter on U.S. services trade with China and a special topic chapter that estimates tariff rate equivalents (TREs) for barriers to trade and investment in commercial banking services in 50 countries.

Following are highlights of the 2006 report:

Recent Trends in U.S. Services Trade, 2006 Annual Report (Investigation No. 332-345, USITC publication 3857, June 2006) may be obtained from the ITC Internet site (www.usitc.gov), by calling 202-205-2000, or by writing the Office of the Secretary, U.S. International Trade Commission, 500 E Street SW, Washington, DC 20436. Requests may also be made by fax to 202-205-2104.

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