U.S. Exports of Goods, Services Increased 12% in 2008

U.S. exports of goods and services grew by 12.0% in 2008 to $1.84 trillion, while imports increased 7.4% to $2.52 trillion.

In December 2008, the U.S. goods and services trade deficit ($39.9 billion) was the lowest monthly deficit since February 2003. This led to a 3.3% improvement in the annual goods and services deficit for 2008.

Exports comprised 13.1% of U.S. GDP in 2008. To put in historical terms, exports were 9.5% of U.S. GDP five years earlier (2003), and 5.3% 40 years ago (1968).

Source: International Trade Administration (U.S. Department of Commerce)