I talked yesterday about U.S. Service Exports without providing an Example or examples of what Service Exports are.I did a bit of Research and Found out that there are quite a few of things that are Considered Service Exports and many are suprising.
Information below from trade ready Website http://www.tradeready.ca/2016/trade-takeaways/service-exports-suddenly-important/
What counts as a service export?
The natural place to start is to clearly define what exactly a service export is, and is not. If people think of anything when they hear the term “service export,” they might think of construction services on large foreign infrastructure projects. Or maybe oil rig workers, or film stars and production crews on foreign sets. These are definitely some examples, but there’s a whole lot more where that came from. A service export is, very simply, any service provided by a resident in one country to people or companies from another.
Here are some broad categories of services that are exported from the North America every week: Financial Rents paid by a North American resident for property owned outside their home country
Converting British pounds to Canadian dollars for a British bank, or arranging the purchase of U.S. stocks for a foreigner
License and royalty fees paid to tax havens where large companies like Apple and many others have “parked” their intellectual property
Franchise support and know-how supplied to a foreign franchisee (think of McDonald’s providing its operating template to a franchise in China) Architects and engineers designing a project in Abu Dhabi (even if they never physically leave their offices in North America) Call center support provided to users from outside the country Tax advisors in North America providing advice to foreign companies A translation company in North America providing its services to clients in Europe Medical personnel based in the U.S. or Canada who read test results or compile medical reports about patients located in another country
Financial, benefit, HR, IT and management support provided by a company’s North American headquarters for the company’s foreign subsidiaries
Internet & Cloud-Based Software
Cloud service providers whose platform is used by companies based outside their home country Remotely accessing IT systems located outside North America
People-Based Service Delivery
A team of consultants traveling to a foreign destination to assist with an installation or trouble-shooting equipment
Geologists traveling to a foreign oil production site The breadth of service exports is enormous. But there’s still more.
Many services are “exported” but never cross any physical boundaries. This may sound confusing, but here are some examples: A local tailor creates a suit for a foreign visitor A foreign visitor books hotels, tours, and a rental car while visiting the U.S. or Canada A local dry cleaner launders and presses a foreigner’s shirt
All of these are considered exports because they are provided by a service provider in one country to an individual or company in another country.