Facts About
Modern Manufacturing
Manufacturing’s Substantial Share of U.S. Exports Is Declining
The U.S. exported an average of $132 billion of goods per month in 2013. Annual exports increased from $649 billion in 2000 to $1,580 billion in 2013, or by 143%. Manufactured goods still dominate total U.S. exports, but the share declined from 58% in 2000 to 52% in 2013. During this period, the share of mineral fuels increased from 1% to 6%.
A breakdown reveals that capital goods represented 45% of total manufactured exports in 2013, while consumer goods and vehicles made up 16% and 13%, respectively. Advanced technology products such as aerospace equipment ($115 billion in exports), information and communications equipment ($93 billion), and electronics ($42 billion) accounted for 27%.
U.S. exports of manufactured goods were down sharply in 2008 as a result of the global recession, but have made a significant recovery since 2009. Over the following five years, exports in manufactured goods grew at a 12% annual rate on average, although the growth moderated to a single-digit pace in 2012 and 2013.