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U.S. International Trade Commission COMMISSIONERS Deanna Tanner Okun, Chairman Charlotte R. Lane Daniel R. Pearson Shara L. Aranoff Irving A. Williamson Dean A. Pinkert Robert B. Koopman Acting Director of Operations Karen Laney Director, Office of Industries Address all communications to Secretary to the Commission United States International Trade Commission Washington, DC 20436 U.S. International Trade Commission Washington, DC 20436 www.usitc.gov Recent Trends in U.S. Services Trade 2010 Annual Report Investigation No. 332-345 Publication 4163 June 2010 This report was prepared principally by Project Leader Samantha Brady [email protected] Deputy Project Leader Erick Oh [email protected] Principal Authors Chapter 1 Jennifer Powell [email protected] Isaac Wohl [email protected] Chapter 2 Cynthia Payne [email protected] Jennifer Powell [email protected] Chapter 3 Lisa Ferens Alejandro [email protected] Chapter 4 Erland Herfindahl [email protected] Chapter 5 Jennifer Powell [email protected] Chapter 6 Matthew Reisman [email protected] Chapter 7 Isaac Wohl [email protected] Chapter 8 Eric Forden [email protected] Chapter 9 Dennis Luther [email protected] Chapter 10 Tamar Asadurian [email protected] Primary Reviewers Laura Bloodgood and Heidi Colby-Oizumi Special Assistance from Joann Peterson, Monica Reed, and Patricia M. Thomas Under the direction of Richard W. Brown, Chief, Services Division [email protected] ABSTRACT Recent Trends in U.S. Services Trade, 2010 Annual Report focuses principally on infrastructure services (banking, electricity, insurance, retailing, securities, and telecommunications), which are consumed by every firm irrespective of economic sector. The largest infrastructure service firms are located in developed countries and offer their services globally through cross-border trade and affiliate transactions. Economic growth in developing countries around the world continues to create new opportunities for expansion and investment by infrastructure service firms. The financial crisis that began in 2007 has affected the operations of most infrastructure services to some degree, although the largest effects were experienced by the banking and securities industries. Nonetheless, trade in U.S. services continued to grow in 2008, albeit slower than in previous years, and services supplied to foreign consumers by foreign affiliates of U.S. firms also demonstrated steady growth in 2007. i PREFACE This report is the thirteenth in a series of annual reports on recent trends in U.S. services trade that the U.S. International Trade Commission (the Commission or USITC) has published under investigation no. 332-345. The Commission also publishes an annual companion report under this investigation number on U.S. merchandise trade, titled Shifts in U.S. Merchandise Trade. These annual reports are the product of an investigation instituted by the Commission in 1993 under section 332(b) of the Tariff Act of 1930 (19 U.S.C. 1332(b)).1 A significant amount of the information contained in this recurring report reflects basic research that requires the Commission’s staff to maintain a proficient level of trade and industry expertise. The knowledge, industry contacts, and analytic skills developed in the compilation of this report are vital to enabling the Commission to provide expert analysis of multiple service industries on a timely basis. The Commission has found such expertise to be essential in its statutory investigations and in apprising its varied customer base of global industry trends, regional developments, and competitiveness issues. In recent years, the Commission has published several reports on the services sector in addition to the Recent Trends series. These reports include Property and Casualty Insurance Services: Competitive Conditions in Foreign Markets (USITC Publication 4068, March 2009), Renewable Energy Services: An Examination of U.S. and Foreign Markets (USITC Publication 3805, October 2005), Logistic Services: An Overview of the Global Market and Potential Effects of Removing Trade Impediments (USITC Publication 3770, May 2005), Air and Noise Pollution Abatement Services: An Examination of U.S. and Foreign Markets (USITC Publication 3761, April 2005), and Remediation and Nature and Landscape Protection Services: An Examination of U.S. and Foreign Markets (USITC Publication 3727, October 2004). 1 On August 27, 1993, on its own motion and pursuant to section 332(b) of the Tariff Act of 1930 (19 U.S.C. 1332(b)), the USITC instituted investigation no. 332-345, Annual Reports on U.S. Trade Shifts in Selected Industries. On December 20, 1994, the Commission on its own motion expanded the scope of this report to include more detailed coverage of service industries. Under the expanded scope, the Commission publishes two annual reports, Shifts in U.S. Merchandise Trade and Recent Trends in U.S. Services Trade. Services trade is presented in a separate report in order to provide more comprehensive and timely coverage of the sector’s performance. The current report format was developed by the USITC in response to Congressional interest in establishing a systematic means of examining and reporting on the significance of major trade developments, by product, and with leading U.S. trading partners, in the services, agriculture, and manufacturing sectors. iii ABBREVIATIONS AND ACRONYMS ASEAN Association of Southeast Asian Nations BEA Bureau of Economic Analysis CDO Collateralized Debt Obligation CMBS Commercial Mortgage-backed Securities CPC Central Product Classification EIA Electricity Information Administration EIU Economist Intelligence Unit ETF Exchange Traded Fund FDI Foreign Direct Investment FDIC Federal Deposit Insurance Corporation FLC Foreign Legal Consultant FTA Free Trade Agreement GATS General Agreement on Trade in Services GDP Gross Domestic Product IEA International Energy Agency IMF International Monetary Fund IPO Initial Public Offering M&A Merger and Acquisition MiFiD Markets in Financial Instruments Directive NAICS North American Industry Classification System OECD Organization for Economic Co-operation and Development P&C Property and Casualty SME Small and Medium Enterprise SWF Sovereign Wealth Fund v TARP Troubled Asset Relief Program TRIA Terrorism Risk Insurance Act USDOC U.S. Department of Commerce USITC U.S. International Trade Commission USTR Office of the United States Trade Representative VoIP Voice over Internet Protocol WTO World Trade Organization vi CONTENTS Page Abstract i Preface .................................................................................................................................... iii Abbreviations and acronyms................................................................................. v Executive summary ....................................................................................................... xiii Chapter 1: Introduction ............................................................................................ 1-1 Scope .................................................................................................................................... 1-1 Data and organization ............................................................................................................. 1-1 The U.S. services sector.......................................................................................................... 1-2 Global services trade............................................................................................................... 1-3 U.S. trade in services .............................................................................................................. 1-3 Cross-border trade............................................................................................................. 1-5 Affiliate transactions......................................................................................................... 1-9 Bibliography ........................................................................................................................... 1-11 Chapter 2: Infrastructure services overview............................................ 2-1 Gross domestic product, employment, salaries, and labor productivity ................................. 2-2 U.S. trade in infrastructure services........................................................................................ 2-7 Bibliography ........................................................................................................................... 2-10 Chapter 3: Banking services .................................................................................. 3-1 Summary................................................................................................................................. 3-1 Introduction............................................................................................................................. 3-1 Competitive conditions in the global banking services market .............................................. 3-2 Demand and supply factors............................................................................................... 3-4 Impact of the financial crisis and economic downturn ........................................................... 3-8 Trade trends............................................................................................................................ 3-9 Cross-border
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