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Education exports strong
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December 11, 1996: 5:27 p.m. ET
Nation has huge advantage in teaching international students
From Correspondent Irv Chapman
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NEW YORK (CNNfn) -- While the U.S. trade deficit continues to balloon, hitting a record high at $48 billion, there is one export in which the country has a huge advantage -- education.
U.S. universities import five times more students then they ship out to study abroad. American classrooms are one of the few places where the country is firmly in the black -- by $8 billion.
That's the difference between what some half a million students from overseas spend on tuition, room and board, and what Americans spend to study internationally.
Twenty percent of overseas students study business management and consider it a terrific investment.
"In order to differentiate yourself and have a different line on your resume, you'd better come with an MBA from the U.S.," said Shira Ronan, an Israeli graduate student at New York University.
Another 30 percent of the visiting students study either engineering or the sciences, making their home countries formidable competitors. But there's an upside for the United States.
Richard Krasno, president of the Institute of International Education, said the students become good customers who prefer doing business in the States. (274K WAV) or (274K AIFF)
The education of international students is such a good deal for the U.S. that other English-speaking countries, like Australia and Britain, are beginning to compete for students. In addition, Japan is trying to lure more Asian students.
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