February 7, 2023 6:07PM # Checking in on the Death of Globalization™ By [Scott Lincicome](https://www.cato.org/people/scott-lincicome) --- SHARE The U.S. trade data for calendar year 2022, [released today](https://www.census.gov/foreign-trade/statistics/highlights/index.html) by the Census Bureau, [again](https://www.cato.org/commentary/its-end-globalization-we-know-it-thats-probably-fine-part-1) [show](https://www.cato.org/commentary/its-end-globalization-we-know-it-thats-probably-fine-part-2) 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: ![20220207_Lincicome_2022 trade real](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/0dc21424-1a93-4152-9245-77232e83ca29.jpg) 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*: ![20220207_Lincicome_2022 trade nominal](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/ac0ab2fb-9b78-4aab-b945-126b6cd46e38.jpg) 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: ![20220207_Lincicome_2022 trade share GDP](https://infogram-thumbs-1024.s3-eu-west-1.amazonaws.com/40fd9498-984a-496e-8e5e-7c4f8172d375.jpg) 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. ##### Related Tags [Economics](https://www.cato.org/economics), [Trade Policy](https://www.cato.org/trade-policy) [![Creative Commons License](/build/cato_2020/images/creative-commons.svg)](http://creativecommons.org/licenses/by-nc-sa/4.0/) This work is licensed under a [Creative Commons Attribution-NonCommercial-ShareAlike 4.0 International License](https://creativecommons.org/licenses/by-nc-sa/4.0/).