Total exports

Total exports reached $2,606.4 billion in 2024, representing a 3.3% increase from the previous year. This growth reflects recovering global demand following supply chain normalization and improved international economic conditions. Strong performance in services exports, particularly in technology and financial services, has supported overall growth, while merchandise exports have benefited from competitive pricing and renewed manufacturing competitiveness. However, trade tensions and selective tariff policies continue to create headwinds for certain export categories.

Total exports have demonstrated resilience over the past five years, recovering from pandemic-induced disruptions to reach new highs. The period began with a sharp 13.1% decline to $2,145.3 billion in 2020 as global trade collapsed due to lockdowns, supply chain disruptions and reduced international demand. This represented the steepest annual decline in exports since the global financial crisis.

Recovery began in 2021 with exports rebounding to $2,284.3 billion, driven by pent-up global demand and economic reopening. The momentum continued through 2022 and 2023, with exports reaching $2,523.8 billion by 2023, surpassing pre-pandemic levels. This recovery was supported by strong demand for US agricultural products amid global food security concerns, robust technology exports and increased energy exports as domestic production capacity expanded.

The period highlighted the importance of services exports, which proved more resilient than goods exports during the crisis. Digital services, cloud computing and software exports experienced sustained growth as businesses worldwide accelerated digital transformation. Energy exports also became increasingly significant, with the U.S. emerging as a major liquefied natural gas exporter and benefiting from European demand diversification away from traditional suppliers.