U.S. exports of technology products and services rebounded in 2021 with a gain of $32.6 billion representing a 9.8% year-over-year increase. Exports of technology products encompassing hardware, semiconductors and components totaled $222.6 billion representing 61% of 2021 export volumes. Exports of technology services encompassing IT, cloud, software, R&D and related totaled an estimated $142.6 billion representing the remaining 39% of 2021 trade volumes.
During Q1 2022 imports and exports of tech products experienced a notable jump. Despite ongoing reports of global supply chain stresses, the data indicates many markets have found a way to work through these challenges.
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The ratio of tech product exports to tech services exports has held steady over the past 5 years. Because of the increasingly integrated nature of technology whereby hardware, infrastructure, software, data and services work in concert to meet business objectives, there tends to be some blurring of lines between categories. While the U.S. does run a deficit with tech product exports, it runs a surplus with tech services exports whereby buyers from around the world seek the expertise of U.S. firms in areas such as cloud computing, software, cybersecurity and managed services.
The top 20 markets for U.S. tech product exports account for 84% of total U.S. tech product exports. The largest overseas buyers of U.S. tech products include Mexico, Canada, China, Netherlands and Germany.
Overall the top 20 states account for 87% of total U.S. tech products exports. All 50 states and the District of Columbia are exporters of tech products and services. The states with the largest dollar volume of tech exports include Texas, California, Oregon, Florida and New York. Given the sizeable volume of U.S. tech product and services exports it follows that international trade directly supports many U.S. tech industry jobs.
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