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home / study / business / economics / questions and answers / 1. the international trade administration in the ... 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? 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

Ans. The biggest components of U.S. imports and exports are oil and consumer goods

Comparative advantage is what a country is the best at producing, when compared to other countries, for the lowestopportunity cost. A country has a comparative advantage when it is better than any other country in producing something, AND it doesn't give up as much by producing it.

For example, oil-producing nations have a comparative advantage in chemicals. That's because the oil provides a cheap source of material for the chemicals when compared to countries without it. As a result, Saudi Arabia, Kuwait, and Mexico are competing with U.S. chemical production firms.

Their opportunity cost is low. They don't have to give up much to produce chemicals.

Trading Company or partners of United States ,its rank , export goods are as follows:

Export

66,827

Trade Deficts is a economic measure of negative balance of trade in which country's import exceed its exports. It representan outflow of domestic currencyto foreign markets

The United States has been running consistent trade deficits since 1976 due to high imports of oil and consumer products. In recent years, the biggest trade deficits were recorded with China, Japan, Germany and Mexico

Export

66,827

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