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Key Facts about the US in the international economy

An Executive Summary:
  • Trade Deficit: When the value of a country's imports > the value of it's exports (expenditures on imports > income from exports)
    • ie. US imports of goods > US exports of goods by $782 billion in 2005
  • Trade Surplus: When the value of a country's exports > the value of it's imports (expenditures on imports < income from exports)
    • ie. US exports of services > US imports of services by $58 billion in 2005
  • Principle Exports:The main goods that a country exports
    • ie. for the US: chemicals, consumer durables, agricultural products, semiconductors, and computers.
  • Principle Imports: The main goods a country imports
    • ie. for the US:petroleum, automobiles, household appliances, computers, metals.

  • Canada is the US's most important trading partner, quantitatively, the US exports more to Canada than the US imports from Canada.
  • US has a big trade deficit with China of $202 billion (in 2005).
  • US is the world leader in the combined volume of exports and imports
  • International trade links world economies b/c changes in economic conditions in one country can quickly affect another. (See Blog)
  • The U.S. dependence on foreign oil is reflected in its trade with members of OPEC.
  • Currently, the U.S. provides about 9 percent of the world's exports.
  • Exports of goods and services make up about 11 percent of total U.S. output, which is much lower than the percentage of services in many other nations.
  • China has become a "major" international trader, also its US's second most important trading partner. Other Asian economics are also active in international trade.
  • International trade (and finance) link world economies. Through trade, changes in economic conditions in one place can quickly affect other places.
  • International trade is often at the center of debates over economic policy.



Latest page update: made by MondGu , Apr 29 2008, 1:58 PM EDT (about this update About This Update MondGu Edited by MondGu

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