As measured by a percentage of the entire economic output:

Question

Quizplus · Accepted Answer

The United States has a relatively large economy, so even though it engages in a substantial amount of foreign trade, the percentage of its economic output that comes from foreign trade is lower than it is for many smaller countries that depend more heavily on trade. For example, according to data from the World Bank, in 2019 the value of all goods and services produced in the United States (GDP) was about $21.4 trillion, and the value of its exports was about $2.5 trillion, or about 11.6% of GDP. In contrast, for Singapore, a much smaller country that relies more heavily on trade, the value of all goods and services produced was about $372.1 billion, and the value of its exports was about $541.4 billion, or about 145.4% of GDP.

As Measured by a Percentage of the Entire Economic Output