Global demand for tech products and services that help companies modernize operations and pursue digital business transformation projects are leading to an explosion of tech exports, according to a Wednesday report from CompTIA. In 2017 alone, exports of US tech products grew by nearly $10 billion, reaching an estimated $322 billion.
Tech exports also directly supported some 805,000 jobs–or nearly 14% of all US jobs–in 2016, the most recent year of available data, the report found. Firms exporting tech products were responsible for about 70% of the jobs, while those providing services represented about 30%, the report found.
“Tech is one of the largest sectors for exports in the U.S. economy,” Elizabeth Hyman, executive vice president for public advocacy at CompTIA, said in a press release. “Exports account for approximately $1 out of every $4 generated in the U.S. tech industry. For many tech bellwethers, exports account for an even higher percentage of sales, with some companies generating more than half of their revenue overseas.”
SEE: IT jobs 2018: Hiring priorities, growth areas, and strategies to fill open roles (Tech Pro Research)
The tech sector was second only to the transportation and motor vehicles category in terms of dollar value and percentage of manufactured goods and products exported from the US in 2017, according to the report. Exports of transportation products totalled an estimated $278 billion, while tech product exports garnered $208 billion. Meanwhile, exports of tech services totalled an estimated $114 billion in 2014, second only to travel services ($204 billion).
Tech product exports rose 3% in 2017, led by growth in semiconductors and computer equipment, the report found. Exports of tech services have increased by more than 6% year-over-year since 2007, led by R&D and IT services.
The largest state exporters of tech products were Texas, California, Florida, Oregon, and Illinois, while the largest exporters of tech services were California, Washington, Massachusetts, New York, and Texas, the report found.
Exports also directly supported about 10% of US tech sector services jobs, the report found. “The numbers show that there is room for growth in areas such as supply chain integration and delivering of services globally,” Hyman said in the release.
Building a slide deck, pitch, or presentation? Here are the big takeaways:
- Exports of US tech products and services grew by nearly $10 billion in 2017, to an estimated $322 billion. — CompTIA, 2018
- US tech exports directly supported about 805,000 jobs in 2016. — CompTIA, 2018