Julia Wendling
2025-04-30 12:35:00
www.visualcapitalist.com
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 ($B) | -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.
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