The U.S. trade data for calendar year 2022, released today by the Census Bureau, again show that the much-ballyhooed Death of Globalization has been greatly exaggerated. In fact, inflation-adjusted U.S. trade in goods — imports and exports — set records last year:

The nominal value of U.S. trade in goods and services (not adjusted for inflation) also set records, as total trade almost reached $7 trillion:

And trade as a share of the U.S. economy (GDP), while not hitting an all-time high, has now rebounded to pre-pandemic levels:

Of course, past performance doesn’t necessarily guarantee future results, but — so far, at least — if the United States is de-globalizing, it sure has a funny way of showing it.