When headlines talk about tariffs or trade imbalances, the focus is almost always on goods – things like vehicles, electronics, or raw materials. But there’s another side to the trade equation that often gets overlooked: services. From financial consulting to travel spending, services make up a growing share of U.S. international trade. In fact, while the U.S. had a massive goods trade deficit in 2024, it posted a $312 billion surplus in services. At Stone Oak Wealth, we help clients pay attention to the broader picture – because healthy trade includes more than just what we ship overseas.
Tariffs and concerns about the U.S. trade deficit focus on trade in goods, so the importance of trade in services is often overlooked. In 2024, trade in services accounted for 27% of all U.S. international trade (including exports and imports). Whereas the U.S. had a deep trade deficit in goods of $1.2 trillion, it had a surplus in services of $312 billion. Top services exports included business services; spending by foreign travelers in the United States; financial services; charges for use of intellectual property; and telecommunication, computer, and information services.
The chart below shows a breakdown of trade with our six top trading partners. With four of these partners, a services surplus helped mitigate the goods deficit. The U.S. had a surplus in both categories with the United Kingdom, and a deficit in both categories with Germany.
Source: U.S. Bureau of Economic Analysis, 2025
The bottom line is this: while goods may dominate the headlines, services play a key role in balancing our trade books and showcasing U.S. economic strengths. Whether it’s intellectual property, technology, finance, or tourism, the U.S. continues to be a global leader in service exports. As you review your own financial strategy, it’s important to understand the bigger forces at play – and we’re here to help you connect the dots.
In the Word
For where your treasure is, there your heart will be also.
Matthew 6:21
Our priorities reveal our hearts. If our treasure is tied only to wealth, success, or possessions, then our hearts will be too. But when we anchor our treasure in eternal values – faith, family, generosity, and legacy – our lives reflect a deeper purpose that money can never buy.
As you plan and prepare for the future, remember that true wealth isn’t just measured in assets, but in the values you pass down and the impact you leave behind.
At Stone Oak Wealth, we help align your financial journey with what matters most – so your treasure and your heart move in the same direction.
Sources: Broadridge Investment Management Solutions
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