U.S. manufacturers export more than $60 billion in goods every month. Exports from the United States have increased by 57 percent over the past 10 years, with manufacturing responsible for nearly two-thirds of total exports. By comparison, agricultural exports account for just 5 percent of the total.
One of the main reasons for American manufacturers’ increased global engagement is the transformation into market economies of many developing nations, which now consume nearly half of U.S. exports.
Developing nations tend to import capital equipment and intermediate products, the kind of products in which U.S. manufacturers are most competitive. A decline in exports was one of the chief reasons for the 2001 manufacturing recession. From a highpoint of $771 billion in 2000, manufactured exports fell to $681 billion in 2002.
A realignment of exchange rates led to a depreciation of the U.S. dollar in 2004-2005 and has made U.S. products more price competitive, helping to boost exports to over $900 billion in 2005.
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