Download U.S. International Trade in Goods and Services A Case

U.S. International Trade
in Goods and Services
A Case Study
September 11, 2003
Stephen Buckles
Erin Kiehna
Vanderbilt University
Copyright © 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
-$45
1998
1999
2000
2001
Copyright © Council for Economic Education. Reproduction for
Educational Use is Granted
2002
2003
1600
Figure 2: Exports and Imports of Goods and Services
(Annual Data 1970-2002)
1400
Billions of Current U.S. Dollars
1200
1000
800
600
400
Exports
200
Imports
0
1970
1975
1980
1985
1990
Copyright © 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 (1970-2002)
16.0%
Percentage of Current Dollar GDP
14.0%
12.0%
10.0%
8.0%
6.0%
4.0%
% Exports
% Imports
2.0%
0.0%
1970
1975
1980
1985
1990
Copyright © 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%
90%
Goods Imported
80%
Percentage of Exports or Imports
70%
Goods Exported
60%
50%
40%
30%
20%
Services Exported
10%
Services Imported
0%
1998
1999
2000
2001
Copyright © Council for Economic Education. Reproduction for
Educational Use is Granted
2002
2003
Figure 5A: Components of Exported Goods and Services
(2003 to-date)
Food, Feed and
Beverages
5%
Services
30%
Other
3%
Industrial Supplies and
Materials
17%
Capital Goods, not Autos
34%
Consumer Goods
9%
Autos, Vehicles, Parts
and Engines
8%
Copyright © Council for Economic Education. Reproduction for
Educational Use is Granted
Figure 5B: Components of Imported Goods and Services
(2003 to-date)
Food, Feed and
Beverages
4%
Services
16%
Industrial Supplies
and Materials
21%
Other
3%
Consumer Goods
23%
Capital Goods, not
Autos
25%
Autos, Vehicles, Parts
and Engines
14%
Copyright © Council for Economic Education. Reproduction for
Educational Use is Granted
Figure 6: The Major Trading Partners of the U.S. in Goods
to-date in 2003
(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%
Copyright © Council for Economic Education. Reproduction for
Educational Use is Granted
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Percentage of U.S. Exports or U.S. Imports
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Table 1: Export and Import Data for July 2003
Changes in Exports for July (in Billions)
Changes in Imports for July (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
$1.7
$1.3
$0.6
$0.3
-$0.1
$0.4
$0.2
-$0.1
-$0.2
Total
$86.1
$60.5
$25.6
Copyright © Council for Economic Education. Reproduction for
Educational Use is Granted
Change
$2.0
$3.6
$0.0
-$0.1
$0.7
$1.0
$0.1
$0.0
$0.0
Total
$126.5
$105.8
$20.7