1. The International Trade Administration in the Department of Commerce keeps an
ID: 1226024 • Letter: 1
Question
1. The International Trade Administration in the Department of Commerce keeps an up-to-date
Web site with the easiest to access U.S. trade data. See http://tse.export.gov for their Trade Stats Express site. Data are also provided for state exports. (Everything you might want to know about these data series, and then some, is available on the Census Bureau’s Web site in their Foreign
Trade section. See http://www.census.gov/foreign-trade/guide/sec2.html for a complete description
of data, collection methods, measurement issues, and other background information.) Using the
Trade Stats Express page:
· What are the leading U.S. exports and imports in terms of value?
· Is there a pattern? That is, in what kinds of goods does it look like the United States might have a comparative advantage?
· Which trading partners are most important to the United States? This can be measured in terms
of total exports, total imports, or total exports plus imports.
· Which countries have the largest trade deficits and trade surpluses with the United States?
Explanation / Answer
Total trade (exports and imports) accounted for 30% of U.S. GDP in 2013.
• U.S. exports totaled a record $2.3 trillion in 2013, up 2.9% from 2012 and 44.0% from 2009 when the global crisis caused a worldwide drop in exports
• In 2013, exports were up $63.7 billion from 2012, with goods exports increasing by $31.1 billion and services exports increasing by $ 32.6 billion.
•The U.S. trade balance improved by $61.2 billion from 2012 to 2013, driven by the increase in both goods and services exports and a drop in goods imports.
Transportation also showed the largest dollar growth among goods exports in 2013, increasing by $16.9 billion or 7.0% from 2012
europe is the tradin partner
south and central america
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