Exporting is the life blood of the U.S. economy. When more money flows into the country than flows out, the nation flourishes. When more money flows out than flows in, the economy struggles.
Up until 1970, the U.S. was a net export nation. That year, it sold almost $57 billion worth of goods and services overseas, and imported only $54 billion worth of goods and services, creating a net export value of almost $3 billion.
Since 1970, however, the U.S. has been a net importing nation, with the gap becoming larger almost every year through 2006. That year, which represented the peak of the gap, the nation exported not quite $1.5 trillion worth of goods and services, but imported $2.2 trillion, a deficit of over $700 billion.
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