We have previously reported on the true facts about the U.S. Government Debt.  Now in an effort to present researched data on manufacturing and trade, we have compiled a brief overview of U.S. exports.  Due to disinformation and misinformation, it’s not hard to find a inaccurate information on this topic, but its more of a challenge to actually find out the truth.   What may come as a surprise to many is the fact that the U.S. is the world’s largest exporter of goods and services

Based upon research of statistics from the WTO, The UN, and the International Trade Administration:

In 2010, the United States exported approximately $1.837 trillion in goods and services.  Below is a breakdown of those goods and services in general categories:

U.S. Export Statistics for 2010

• Manufactured goods:  86.1% of all exports by the United States in 2010 were manufactured products, such as: machinery and equipment, industrial supplies, non-auto consumer goods, motor vehicles and parts, aircraft and parts, medical instruments, electronics, computers, telecommunications equipment, industrial machinery, semiconductors, other consumer goods, etc.
• Agricultural Commodities:  5.3% of U.S. exports are classified as agriculture, which can also include farm equipment, but is primarily comprised of corn, soybeans, cotton, Barley, wheat, apples, oranges, Oats, meat, poultry, prepared foods, etc.
• Fuels:  Last year, the United States became a net exporter of fuels.  2.1% of U.S exports were classified as fuels, including oil, natural gas, coal, etc.
• Other goods exports:  6.5% of U.S. exports are classified as “other goods” and include medical technology, services, software, copper, wood, etc.

 Source: NAICS basis. Census Bureau, Foreign Trade Division.

Depending on where you get your information, you may believe that the United States neither makes or exports anything.  Obviously, that is completely inaccurate and nothing could be further from the truth.  People often assume that because we “import” more than we export, that we don’t export anything.  Its important therefore to also be reminded that when a U.S. company has a product assembled in China or elsewhere, when it comes back into the United States, it is classified as an import – despite the fact that the product may literally have just been assembled outside our borders.

Share of global product exports, 2010

• China = 10.4%
• United States = 8.4%
• Germany = 8.3%
• Japan = 5.1%
• Netherlands = 3.8%
• France = 3.4%
• Korea = 3.1%
• Italy = 2.9%
• Belgium = 2.7%
• United Kingdom = 2.7%
• Hong Kong  = 2 6%
• Russian Federation  = 2.6%
• Canada =  2.5%
• Singapore =  2.3%

 Share of global commercial services exports, 2010

• United States = 14.1%
• Germany = 6.3%
• United Kingdom = 6.2%
• China = 4.6%
• France = 3.8%
• Japan = 3.8%
• Spain = 3.3%
• Singapore = 3.0%
• Netherlands = 3.0%
• India = 3.0%
• Hong Kong = 2 9%
• Italy = 2.6%
• Ireland = 2.6%
• Korea = 2.2%

 Top five, total share of global exports, products and services:

• United States = 22.5%
• China = 15%
• Germany = 14.6%
• Japan  = 8.9%
• United Kingdom = 8.9%

Source: World Trade Organization, International Trade Statistics 2010

To help put U.S. export data in perspective, in 2001, U.S. Exports totaled $1 Trillion.  In 2010 they were close to $1.837 Trillion and in 2011, they were approximately $2.1 trillion.

What about China? 

China is a manufacturing heavyweight and there was much press two years ago that China surpassed the United States as the world’s biggest exporter.  That is inaccurate.  China exports slightly more than the United States in “manufactured goods,” but the “Made in China” label skews that because a large percentage of what is “made” in China is actually only assembled there for American companies.  In fact, 88.5% of U.S. consumer spending is actually on U.S. made goods.  In terms of exports of services and non-durable goods, China exports just 4.6%, compared with the U.S.’s 14.1%.  In 2010, China’s exports were reported as $1.581 trillion, compared with the U.S. export total of approximately $1.837 trillion.

In the instant information age, the challenge we all face is reliability and thoroughness.  A news organization picks up on the buzz that “China has surpassed the United States as the world’s biggest exporter” and they immediately run with it – if they dug just a tad deeper, they would discover that the stat they are splashing all across their website, front page and TV screen…is not the full and true story. 

Read our story “Facts On U.S. Debt,” published on December 13, 2011