Total trade value

Total trade value reached $6,246.4 billion in 2024, representing a 4.4% increase from the previous year. This growth reflects robust economic activity with both exports and imports contributing to expanded trade volumes. Strong domestic demand has supported import growth across consumer goods and capital equipment, while improving global economic conditions have bolstered export performance in key sectors including technology services and agricultural products. The continued recovery from pandemic-related disruptions has normalized trade flows and restored confidence in international commerce.

Total trade value has demonstrated remarkable resilience over the past five years, recovering from significant pandemic disruptions to reach new highs. The period began with a sharp 10.8% decline to $4,954.1 billion in 2020 as global economic lockdowns severely disrupted international commerce. This represented the steepest annual decline in trade activity since the global financial crisis, affecting both import and export flows across all major sectors.

Recovery commenced in 2021 with trade rebounding to $5,505.1 billion, driven by economic reopening and pent-up demand. The momentum persisted through 2022, with trade reaching $5,953.5 billion as supply chains normalized and businesses restocked inventories. This period saw unprecedented volatility in commodity prices and shipping costs, which influenced trade values even as physical volumes fluctuated.

The post-pandemic period highlighted several structural shifts in trade patterns, including accelerated digitalization of services trade, supply chain diversification efforts and increased focus on critical goods sourcing. Geopolitical tensions also influenced trade relationships, with companies pursuing nearshoring and friendshoring strategies that affected traditional trade flows. Despite these disruptions, the fundamental growth trajectory of US international trade remained intact, supported by the economy's continued integration with global markets.