Exports

Definition: Exports are the goods and services that are made in the U.S. and transmitted to foreigners. It doesn't matter what the good or service is or how it is sent. It can be shipped, sent by email, or hand-carried in personal luggage on a plane. If it is produced in the U.S. and sold to someone from a foreign country, it is an export. For example, tourism products and services are part of exports, even though they are sold to foreigners who are visiting here.(Source: Department of Commerce)

Exports are 12% of U.S. total economic output, but it could be larger. Only 1% of U.S. businesses export. Even so, the U.S. is the world's fourth largest exporter, after the EU, China and Germany.

Two-thirds of U.S. exports are material goods. The largest sub-category is capital equipment, such as computer equipment, semiconducters and medical equipment. The second largest is industrial machinery and equipment, including plastics, chemicals and petroleum products.

Overall, the U.S. exports less than it imports. That's because imports in consumer goods and automotive products far outweigh exports.

However, the U.S. does export more services than it imports.That's because of U.S. success in exporting intellectual property, such as technical information. The three largest export categories in services are royalties and license fees, travel services and financial services. For updated numbers, see U.S. Trade Deficit.(Article update November 22, 2010)