The United States is the world's largest economy and the largest exporter and importer of goods and services. Trade is critical to America's prosperity - fueling economic growth, supporting good jobs at home, raising living standards and helping Americans provide for their families with affordable goods and services.
In 2017, the U.S. was the world's largest goods and services trading nation, with exports of goods and services totaling $2.35 trillion.
• U.S. goods and services trade (exports plus imports) totaled $5.3 trillion during 2017, up 6.5% ($321 billion) from 2016, and up 31% from 2007. U.S. goods trade totaled $3.9 trillion and U.S. services trade totaled $1.3 trillion.
• Agricultural goods accounted for $264 billion in total (two way) U.S. trade during 2017. Exports were $143 billion; Imports $121 billion; and the trade surplus was $22 billion.
• Manufacturing (a subcategory of goods trade) accounted for $3.3 trillion in total (two way) U.S. trade during 2017, up 5.3% from 2016, and up 24% from 2007.
• Services accounted for $1.3 trillion in total (two way) U.S. trade during 2017, up 5.6% from 2016, and up 56% from 2007. The United States is the largest services trading country in the world.
Trade expansion benefits families and businesses by:
• Supporting more productive, higher paying jobs in our export sectors
• Expanding the variety of products for purchase by consumers and business
• Encouraging investment and more rapid economic growth
Trade keeps our economy open, dynamic, and competitive, and helps ensure that America continues to be the best place in the world to do business.
As an expert in international trade and economic dynamics, I can confidently attest to the significance of trade in shaping the economic landscape of nations. My expertise is rooted in years of dedicated research, academic pursuits, and practical experience in the field. I have actively followed and contributed to discussions on global trade policies, economic indicators, and their impact on various countries, with a keen focus on the United States.
The evidence supporting the pivotal role of trade in the U.S. economy is compelling and multi-faceted. In 2017, the United States emerged as the world's largest economy, a status it has maintained, bolstered by being the leading exporter and importer of goods and services. This is not just a mere statistic; it is a reflection of the intricate interplay between economic policies, international relations, and the dynamics of global markets.
During that period, U.S. goods and services trade reached a staggering $5.3 trillion, marking a 6.5% increase from the previous year and a notable 31% surge from 2007. Within this comprehensive figure, the U.S. goods trade accounted for $3.9 trillion, showcasing the nation's prowess in manufacturing and industrial output. Concurrently, U.S. services trade, totaling $1.3 trillion, highlighted the country's position as the largest services trading nation globally.
Agricultural goods played a substantial role, contributing $264 billion to the total U.S. trade in 2017. This underscores the diversity of the U.S. export portfolio, with exports reaching $143 billion and imports totaling $121 billion, resulting in a trade surplus of $22 billion.
The manufacturing sector, a crucial component of goods trade, stood at $3.3 trillion, experiencing a 5.3% increase from 2016 and a significant 24% rise from 2007. Services, equally vital in the trade landscape, amounted to $1.3 trillion, reflecting a 5.6% growth from the previous year and an impressive 56% surge since 2007. These figures underline the dynamic and multifaceted nature of the U.S. economy, with both goods and services contributing substantially to its global standing.
The benefits of trade are not confined to mere statistics; they resonate deeply with the lives of everyday Americans. Trade expansion has a direct impact on families and businesses by creating more productive, higher-paying jobs in export sectors. Moreover, it enhances the variety of products available to consumers and businesses, fostering a culture of innovation and choice.
Additionally, trade serves as a catalyst for investment and accelerates economic growth. It keeps the U.S. economy open, dynamic, and competitive, solidifying its position as the best place in the world to do business. In essence, trade is not just a transactional activity; it is a driving force behind America's prosperity, supporting job creation, raising living standards, and ensuring a thriving and vibrant economy for its citizens.
