For the United States and the global economy, tourism and travel are the unsung heroes of the international trade story. Tourism brings 80 million visitors to the United States every year and accounts for 10 percent of all U.S. exports. Globally, tourism is the third-largest sector in international trade. Above all, tourism and travel promote trade in international understanding and global goodwill.
An architect’s style and skill doesn’t always win the day when competing in overseas markets for services. Some trade policies are like scaffolding protecting local professionals, but some trade rules offer support beams that enable global talent to build the vibrant cityscapes of today and tomorrow.
Tencent and Alibaba are names you need to know. They are leaders among China’s five Big Tech firms. They are growing fast and starting to rival American giants Apple, Amazon, Alphabet, Microsoft, and Facebook. Whoever among these giants acquires the most consumer information on habits, preferences, spending patterns, and financial behaviors stands to win in our growing global digital economy.
At some point between the start of the Thanksgiving holiday and Cyber Monday, did you reach for your credit card or use another secure payment system like PayPal to make a purchase online? You’re in good company: 259 million Americans routinely buy online. Last year, internet sales in China on “Single’s Day” reached $25.3 billion — $6 billion more than what Americans purchased online over the entire Thanksgiving weekend. In the future, the whole world just might be cashless.
Today’s biggest trade trends in 8 colorful and easy-to-share charts. Topics include world’s largest importers and exporters, China’s explosive growth, Japanese investment in the United States, global oil flows, and more.
Holding your wedding in an exotic foreign destination offers local vendors, from the receptionist in a tourist eco-lodge, to the caterer, local guide services, bands, and the travel agencies that booked transportation for the wedding party, the opportunity to become services exporters in global trade.
Whether you’re in need of a new dental crown, a facelift, fertility treatments, or a new heart valve, there are doctors and hospitals around the world who would gladly treat you, exporting their health services by offering top-of-the-line facilities with the newest technology, Western-trained doctors, comfortable stays, and reasonable bills.
Since its creation in 1990, the U.S. H-1B visa program has enabled American employers to hire highly-skilled foreign workers when native-born talent is in short supply. As many as 1 in 4 physicians in the United States are foreign-trained and they are much more likely than their American counterparts to serve in areas with higher poverty and lower educational levels.
The super powers of the materials in our jeans, suits, and mattresses require textile innovation, something at which American researchers, engineers, and designers in the textile industry excel.
Sports fans around the world have so many new platforms and formats to enjoy premium sporting events, that income from the sale of broadcasting and media rights far surpasses revenue from ticket sales in most sports. Unlike in football, the rules of this game are still being written.