U.S. Trade in Services: Trends and Policy Issues

January 22, 2020

Trade in “services” refers to a wide and growing range of economic activities. These activities include transport, tourism, financial services, use of intellectual property, telecommunications and information services, government services, maintenance, and other professional services from accounting to legal services. Compared to goods, the types and volume of services that can be traded are limited by factors such as the requirement for direct buyer-provider contact, and other unique characteristics such as the reusability of services (e.g., professional consulting) for which traditional value measures do not account. In addition to services as independent exports, manufactured and agricultural products incorporate and depend on services, such as research and development or shipping of intermediate or final goods. As services account for 71% of U.S. employment, U.S. trade in services, both services as exports and as inputs to other exported products, can have a broad impact across the U.S. economy.

Spotlight

City of Murphy, Tx

Small city in the eastern part of the Dallas Ft. Worth Metroplex in Collin County. Murphy is a fast-growing community with a history that goes back to the early 1900s. Murphy is located in southern Collin county, within the Dallas/Fort Worth metroplex. Situated midway between Plano and Wylie on FM 544, Murphy is two miles (3 km) south of the famous Southfork Ranch. Its borders enclosing only 3.8 square miles (9.8 km2), Murphy shares borders with Plano, Richardson, Wylie, Sachse, and Parker. It is approximately 20 miles (32 km) from downtown Dallas and about 30 miles (48 km) from D/FW Airport.

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