U.S. Digital Economy Drives Record Exports in 2022
The U.S. digital economy has emerged as a significant driver of the nation's exports. In 2022, digitally-enabled services exports accounted for 2.5% of the U.S. GDP and over half of all U.S. services exports. This marks a substantial increase of 27.8% from $489.7 billion in 2017.
The growth of digital exports has been bolstered by cross-border data flows, which have reduced costs for small and medium enterprises and boosted overall exports. These exports encompass a wide range of services, including financial services, insurance, and professional consulting services.
Leading the charge are the 'Big Five' U.S. tech giants: Alphabet (Google), Amazon, Apple, Meta (Facebook, Instagram, WhatsApp), and Microsoft. They dominate global digital services and technology markets, driving international growth in digital exports.
Geographically, the Asia & Pacific region has shown robust growth, with U.S. digitally-enabled services exports reaching $140.8 billion in 2022, a 5.5% increase from 2021's $599 billion. Europe remains the strongest market, with $307 billion in exports in 2022.
In 2022, U.S. digitally-enabled services exports totaled $626 billion, demonstrating the significant role of the digital economy in the U.S. export landscape. As digital technologies continue to evolve, so too will the opportunities for U.S. businesses to engage in international trade.
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