The U.S. Census Bureau and U.S. Bureau of Economic Analysis released their trade data for December 2008 yesterday, thus completing the picture for the year. Combined with agricultural data from the U.S. Department of Agriculture, it illustrates the ongoing importance of international trade to our economy, even as it stumbles.

• Despite a sharp decline in international trade during the final four months of the year, the United States set new records for exports in 2008. For the first two-thirds of 2008, trade provided a significant economic stimulus, partly countering the contraction seen in other sectors of the U.S. economy.

• The United States appears to have retained its title as the world's largest exporter (though it will be months until comparable international data are available). U.S. exports of goods and services grew by 12.0% in 2008 to $1.84 trillion, while imports increased 7.4% to $2.52 trillion.

• Exports are playing a larger role in the economy than ever before. Exports comprised a record 13.1% of U.S. GDP in 2008, up from 9.5% of GDP five years earlier (2003), and 5.3% 40 years ago (1968).

• The goods and services trade deficit was $677.1 billion in 2008, with high prices for imported oil and gas in the first half of the year accounting for a significant portion of the total. While large by international standards, this is the deficit's lowest level in dollar terms since 2004 and its lowest level as a percentage of GDP (4.7%) since 2003. In December 2008, the U.S. goods and services trade deficit ($39.9 billion) recorded its lowest monthly level since February 2003.

• The United States ran a trade surplus with nine of the 10 countries with which it has entered into free trade agreements (FTAs) in the past five years. The United States recorded a trade surplus in manufactured goods with all 14 countries with which it has implemented FTAs.

• The U.S. trade balance for manufactured goods improved by $60 billion in 2008. The U.S. trade balance for services and agricultural products improved by $25 billion and $18 billion, respectively.

• U.S. services exports hit a record $551.6 billion in 2008, up $54.4 billion (or 10.9%) from 2007. This led the United States to a record trade surplus in services at $144.1 billion, up $24.9 billion (or 20.9%) from 2007.

• Agricultural exports for 2008 reached a record $115.4 billion, and imports reached $80.5 billion, for a surplus of $35 billion.

• The largest export markets for U.S. goods in 2008 were Canada ($261.4 billion, up 5.0% from 2007), Mexico ($151.5 billion, up 11.4%), China ($71.5 billion, up 9.5%), Japan ($66.6 billion, up 6.2%), and Germany ($54.7 billion, up 10.2%).