With all the talk of U.S. trade deficits, one tech sector is beginning to shine. Fueled by interest in digital transformation, American IT services firms are running a significant surplus, exporting software and digital services to foreign companies seeking to overhaul their business processes.
While the U.S. imported more manufactured technology goods in 2016 than it exported, it ran a trade surplus of $32 billion in technology services, according to recent analysis from technology trade association CompTIA.
“Technology services, including software development services, have accounted for a growing share of industry revenues and new job growth,” says Tim Herbert, CompTIA’s senior vice president of research and market intelligence. That’s a testament to both the expertise and brand strength of U.S. IT service providers and the increased demand for digital business transformation around the globe.