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U.S. International Trade in Goods and Services
A Case Study
November 19, 2002
Stephen Buckles
Erin Kiehna
Bharath Subramanian
Vanderbilt University
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
Figure 1: Monthly Balance of Trade in Goods and Services
$0
-$5
Billions of dollars
-$10
-$15
-$20
-$25
-$30
-$35
-$40
1998
1999
2000
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
2001
2002
1600
Figure 2: Exports and Imports of Goods and Services
(Annual GDP 1970-2001)
Billions of Current U.S. Dollars
1400
1200
1000
800
600
400
200
Exports
Imports
0
1970
1975
1980
1985
1990
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
1995
2000
Figure 3: Exports and Imports of Goods and Services as a
Percentage of GDP (1970-2001)
16.0%
Percentage of Current Dollar GDP
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
2.0%
0.0%
1970
% Exports
% Imports
1975
1980
1985
1990
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
1995
2000
Figure 4: A Breakdown of Exports and Imports by Goods and
Services
100%
Goods Imported
Percentage of Exports or Imports
90%
80%
Goods Exported
70%
60%
50%
40%
Services Exported
30%
Services Imported
20%
10%
0%
1998
1999
2000
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
2001
2002
Figure 5A: Components of Exported Goods and Services
(2001 Annual Data)
Food, Feed and
Beverages
5%
Services
28%
Industrial Supplies
and Materials
16%
Capital Goods, not
Autos
34%
Other
3%
Consumer Goods
9%
Autos, Vehicles, Parts
and Engines
7%
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
Figure 5B: Components of Imported Goods and Services
(2001 Annual Data)
Food, Feed and
Beverages
4%
Services
16%
Other
4%
Consumer Goods
22%
Industrial Supplies
and Materials
21%
Capital Goods, not
Autos
25%
Autos, Vehicles, Parts
and Engines
15%
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
Figure 6: The Major Trading Partners of the U.S. in Goods in 2001
(all countries listed are in the top 10 for imports and/or exports)
Percentage of U.S. Exports
Percentage of U.S. Imports
25%
20%
15%
10%
5%
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C
er
la
et
h
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Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
Fr
an
nd
s
an
iw
Ta
Ko
re
a
h
So
ut
G
er
m
an
y
K
U
pa
n
Ja
ic
o
M
ex
an
a
da
0%
C
Percentage of U.S. Exports or U.S. Imports
30%
Table 1: Export and Import Data for September 2002
Changes in Exports for September (in Billions)
Changes in Imports for September (in Billions)
Category
Exports
Goods
Capital goods
Automotive...
Consumer goods
Industrial supplies
Food, Feed, Bev.
Other goods...
Services
Category
Imports
Goods
Capital goods
Automotive...
Consumer goods
Industrial supplies
Food, Feed, Bev.
Other goods...
Services
Change
-$0.3
$0.1
$0.2
-$0.1
$0.0
$0.0
$0.0
-$0.2
-$0.4
Total
$82.2
$58.3
$23.8
Copyright © National Council for Economic Education.
Reproduction for Educational Use is Granted
Change
-$0.6
-$0.5
-$0.1
$0.3
-$0.4
-$0.3
-$0.1
$0.1
-$0.1
Total
$120.2
$100.1
$20.0