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

U.S. International Trade in Goods and Services
A Case Study
March 19, 2002
Stephen Buckles
Erin Kiehna
Vanderbilt University
Copyright National Council on Economic Education.
Reproduction for Educational Use is Granted
Figure 1: Monthly Balance of Trade in Goods and Services
250000
Billions of 1996 dollars
200000
150000
100000
50000
Imports
Exports
0
1998
1999
2000
Copyright National Council on 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
Exports
200
Imports
0
1970
1975
1980
1985
1990
Copyright National Council on 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 on 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%
30%
Services Exported
20%
Services Imported
10%
0%
1998
1999
2000
Copyright National Council on Economic Education.
Reproduction for Educational Use is Granted
2001
2002
Figure 5A: Components of Exported Goods and Services
(2001 Annual Data)
Figure 5B: Components of Imported Goods and Services
(2001 Annual Data)
Food, Feed and
Beverages
5%
Food, Feed and
Beverages
4%
Services
16%
Services
28%
Other
3%
Industrial Supplies
and Materials
16%
Capital Goods, not
Autos
34%
Other
4%
Consumer Goods
22%
Consumer Goods
9%
Industrial Supplies
and Materials
21%
Capital Goods, not
Autos
25%
Autos, Vehicles, Parts
and Engines
15%
Autos, Vehicles, Parts
and Engines
7%
Copyright National Council on Economic Education.
Reproduction for Educational Use is Granted
Table 1: Export and Import Data for January 2002
Changes in Exports for January (in Billions)
Changes in Imports for January (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
-$0.1
-$0.2
$0.2
$0.2
-$0.4
-$0.2
$0.1
-$0.3
$0.0
Total
$77.9
$54.8
$23.1
Copyright National Council on Economic Education.
Reproduction for Educational Use is Granted
Change
$3.7
$4.0
$1.2
-$0.5
$1.4
$0.8
$0.1
-$0.1
$0.8
Total
$99.1
$88.9
$17.6
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%
Copyright National Council on Economic Education.
Reproduction for Educational Use is Granted
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Percentage of U.S. Exports or U.S. Imports
30%