International trade is becoming increasingly important to the U.S. economy. Since 1987, exports have grown from less that 7% of GDP to more than 11%, while imports as a share of output have expanded 3 percentage points. The U.S. trade deficit narrowed through 1991, but has generally widened ever since.
Suggested citation: “Foreign Trade,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-02, pp. 10-11, 02.01.1996.