U.S. Digital Services Exports Surge to $626 Billion, Boosting GDP by 2.5%
U.S. digitally-enabled services exports, encompassing sectors like insurance, finance, telecom, and IT, surged in 2022, contributing 2.5% to the nation's GDP. These exports, valued at $626 billion, accounted for over half of all U.S. services exports. The digital economy's growth is not limited to tech companies but also supports traditional export industries.
The U.S. saw a 5.5% increase in earnings from digitally-enabled services exports, rising from $599 billion in 2021 to $626 billion in 2022. Europe remained the strongest market, with exports reaching $307 billion. The Americas followed with $157.1 billion, while the Asia & Pacific region contributed $140.8 billion.
Over the past five years, these exports have grown by 27.8%. The top export markets for U.S. digital services in 2022 are believed to include the European Union, Canada, and the United Kingdom, although explicit data was not provided.
The U.S. digital services sector's robust performance in 2022, with exports making up 2.5% of GDP, underscores its significance in the national economy. The continued growth and diversification of these exports, particularly in Europe and the Americas, signal a strong outlook for the sector.
