U.S. Exports of Dollar Banknotes (1970–2025)

U.S. most profitable “export” is not mineral fuels, machinery, airplanes, or vehicles—it is the U.S. dollar itself. By Q1 2025, U.S. currency held abroad reached $1.05 trillion, representing 45% of all U.S. currency in circulation. From 1970 to 2025, foreign-held U.S. banknotes grew at a 10.1% annual rate, rising from just $5.4 billion to more than a trillion, compared with 7.2% annual growth for total U.S. currency in circulation. The sharpest surge occurred between 2008 and 2021, when overseas holdings jumped by $700 billion. The historical peak came during the 2020 COVID-19 pandemic, with an unprecedented $121 billion (15%) increase in a single year. Since 2022, however, foreign demand for U.S. banknotes has plateaued, showing little change through 2025—a shift partly reflecting the rise of digital payment systems and cryptocurrencies.