Ranked: America’s Services Trade Balances
Ranked: America’s Services Trade Balances
America’s sizable goods trade deficits have dominated headlines lately, with Trump making them a cornerstone of his geopolitical agenda. Yet this narrow focus overlooks a critical part of the equation.
This visualization, created in partnership with the Hinrich Foundation, provides visual context to the substantial surpluses the U.S. earns from services, using data from the Bureau of Economic Analysis.
America’s Services Dominance
Before Trump’s second term, the U.S. had free trade agreements with 20 countries, including Canada and Mexico (through the USMCA), as well as Costa Rica, the Dominican Republic, Nicaragua, El Salvador, Honduras, and Guatemala (under CAFTA-DR), among others.
The U.S. maintains a consistent services surpluses with 16 of its 20 free trade partners (FTPs). The largest surpluses are with Canada ($34.9 billion), Singapore ($27.2 billion), Australia ($16.0 billion), South Korea ($10.7 billion), and Mexico ($2.5 billion).
| Country | Balance on goods and services ($B) | Balance on goods ($B) | Balance on services ($B) |
|---|---|---|---|
| 🇨🇦 Canada | -35.7 | -70.6 | +34.9 |
| 🇸🇬 Singapore | +30.1 | +3.0 | +27.2 |
| 🇦🇺 Australia | +33.8 | +17.8 | +16.0 |
| 🇰🇷 South Korea | -55.5 | -66.2 | +10.7 |
| 🇨🇱 Chile | +5.0 | +1.9 | +3.1 |
| 🇲🇽 Mexico | -179.0 | -181.5 | +2.5 |
| 🇨🇴 Colombia | +3.4 | +1.2 | +2.2 |
| 🇵🇪 Peru | +3.3 | +1.8 | +1.4 |
| 🇵🇦 Panama | +10.5 | +10.0 | +0.5 |
| 🇴🇲 Oman | +1.0 | +0.6 | +0.4 |
| 🇲🇦 Morocco | +3.6 | +3.5 | +0.1 |
| 🇯🇴 Jordan | -1.2 | -1.2 | -0.0 |
| 🇧🇭 Bahrain | -0.1 | +0.4 | -0.5 |
| 🇮🇱 Israel | -7.4 | -6.8 | -0.6 |
| CAFTA-DR countries | +3.7 | +10.0 | -6.3 |
| Total | -184.4 | -276.1 | +91.7 |
The top American service exports globally include travel, financial, and consulting services. The country also exports transportation and other personal services (such as health and education services).
The Big Picture
Even looking at the overall goods and services balance, the U.S. runs surpluses with many of its FTPs. Its largest surpluses are with Australia ($33.8 billion), Singapore ($30.1 billion), and Panama ($10.5 billion).
However, it does run some large deficits as well. The largest deficits are with Mexico (-$179.0 billion), South Korea (-$55.5 billion), and Canada (-$35.7 billion).
The War on Global Trade
America’s goods trade balance tells only half the story. If countries hit by Trump-era tariffs start viewing U.S. services surpluses as a national security concern, they could respond with retaliatory tariffs—posing serious risks to both U.S. and global economic growth.
-
Economy3 months agoVisualized: The Growing Opportunities in Global Trade Careers
Visual Capitalist has partnered with the Hinrich Foundation to explore the landscape of global trade and find out what students and trade professionals can do to…
-
AI2 months agoVisualized: All of the World’s Data
More data will be created, captured, and replicated in the next three years than in the rest of human history. But by how much?
-
Green3 months agoRanked: CO₂ Emissions Per Person in 30 Economies
CO₂ emissions are reshaping the flows of international trade. Which countries have the highest and lowest CO₂ emissions per capita?
-
Healthcare4 months agoMapped: Life Expectancy in Major Economies
Which countries have the highest and lowest life expectancies at birth?
-
Markets6 months agoRanked: Government Debt Across Major Economies
Based on data from the IMF’s World Economic Outlook, which countries have the highest and lowest government debt ratios?
-
Markets7 months agoRanked: The World’s Most Sustainable Economies in 2024
Based on the Hinrich Foundation’s 2024 Sustainable Trade Index, which economies are the most and least sustainable?
-
Oil and Gas12 months agoHow Oil Is Adding Fuel to Geopolitical Fragmentation
Which countries and regions decreased, banned, or increased Russian oil imports following the 2022 invasion of Ukraine?
-
Politics1 year agoThe Start of De-Dollarization: China’s Gradual Move Away from the USD
The de-dollarization of China’s trade settlements has begun. What patterns do we see in USD and RMB use within China and globally?
-
Politics1 year agoThe Bloc Effect: International Trade with Geopolitical Allies on the Rise
Rising geopolitical tensions are shaping the future of international trade, but what is the effect on trading among G7 and BRICS countries?
-
Green1 year agoRanked: Resource Dependency Across 30 Major Economies
High resource dependency in trade makes countries more susceptible to market fluctuations and climate change.
-
Misc1 year agoVisualizing the Global Education Gap
This graphic adds visual context to the global education gap, using data from 29 major economies.
-
Money2 years agoRanking the Credit Ratings of Major Economies
This graphic visualizes 30 country’s credit ratings, using data from the 2023 Sustainable Trade Index.
-
Economy2 years agoRanked: The World’s Most Sustainable Economies in 2023
The Sustainable Trade Index 2023 is an annual ranking of the world’s most sustainable economies. View this infographic to see the results.
-
Economy2 years agoVisualizing the Impact of the G20’s Corporate Subsidies
The Hinrich Foundation visualizes the impact of corporate subsidies by G20 nations between 2008 and Q1 2023.
-
Economy2 years agoEconomic Coercion: China’s Leverage in Trade
The Hinrich Foundation explores China’s use of economic coercion and the implications of its control over the solar energy sector.
-
Politics2 years agoRanking the Trade Policies of the G20
We analyze recent trade policies implemented by G20 members to determine whether they are liberalizing or harmful.
-
Green2 years agoGlobal Carbon Markets: Highlights from the Latest Report
We highlight key findings from the Hinrich Foundation’s latest report on carbon markets, produced in partnership with Visual Capitalist.
-
Green2 years agoRanked: Air Pollution by Economy
Which economies have hazy air, and which ones enjoy mostly clear skies? Find out in this geographic breakdown of air pollution levels.
-
Politics2 years agoMapped: Geopolitical Risk by Economy
Prior to invading Ukraine, Russia had one of the highest levels of geopolitical risk. How does geopolitical uncertainty vary around the world?
-
Economy2 years agoRanked: Harmful Tariffs by Economy
The U.S. has by far the most harmful tariffs, with nearly 5,000 in force. Which economy has the least tariffs?
-
Business2 years agoInterested in a Career in Global Trade?
Global trade is growing across regions and countries which is creating an explosion in new jobs and education opportunities.
-
Economy2 years agoIntroducing the 2022 Sustainable Trade Index
See which economies have the most sustainable trade policies in the Hinrich Foundation’s 2022 Sustainable Trade Index.
-
Economy3 years agoGlobal Trade Series: Fragmentation in the Digital Economy
In this infographic, we examine the current state of digital fragmentation and it’s implications on the world.
-
Economy3 years agoGlobal Trade Series: Asia’s Digital Economy
Asia’s digital economy is expanding quicker than ever, but cooperation between governments is needed to reduce barriers.
-
Economy3 years agoGlobal Trade Series: The Benefits of Free Trade
Free trade is a powerful engine for economic growth, but rising protectionism stands in the way. See what the data says in this infographic.