AI Data Insight
The US real service imports annual growth rate fell significantly from 7.5% in 2024 to 3.5% in 2025, hitting a three-year low. This cooling was mainly due to the impact of the Q4 government shutdown and the entry into effect of new trade tariffs, leading to a significant cooling in demand for travel and transport services at the end of the year. The market is closely watching the consumption catch-up effect in early 2026.