Why are U.S. exports important?
In 2019, the U.S. had a trade deficit of $616.8 billion. This means the U.S. imported more than it exported. Such a large trade deficit can be harmful to the economy. It means U.S. businesses are not expanding in foreign markets and creating the jobs expansion generates. Commerce is improving the reach and quality of export assistance programs to speed the entry of American companies into new markets, create a healthier economy, and reduce the trade deficit.