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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 na C hi an ce Fr s N et he rla nd an Ta iw ea K or So ut h er m an y G U K Ja pa n M ex ic o 0% C an ad a Percentage of U.S. Exports or U.S. Imports 30%