Facts About
Modern Manufacturing
Manufacturing Exports Are Not Enough to Sustain U.S. Economic Growth
The U.S. is a leading global trader, and exports in goods and services accounted for more than 10% of GDP over the last two decades, even achieving a 13% share in 2013—one of the largest shares since 1929.
Growing exports of goods and services have been a central driver of the economic recovery and contributed about half of the nation’s economic growth in the two years after the recession. Much of the rise in exports is a result of the global rebound from the depths of the recession, the depreciation of the dollar, and the soaring prices for commodities, including wheat, cotton, and petroleum products.
In the consumer-driven U.S. economy, consumer spending makes up about two-thirds of GDP. Excluding exports of services, agriculture, and minerals, exports in manufactures make up only 6% of the U.S. economy. The rebound in exports alone is not enough to bring the U.S. economy back to its pre-recession growth path.