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U.S. International Trade in Goods and Services A Case Study October 18, 2002 Stephen Buckles Erin Kiehna Bharath Subramanian Vanderbilt University Copyright National Council on Economic Education. Reproduction for Educational Use is Granted Figure 1: Monthly Balance of Trade in Goods and Services $0 -$5,000 Millions of dollars -$10,000 -$15,000 -$20,000 -$25,000 -$30,000 -$35,000 -$40,000 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 800 600 400 200 Exports 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% Services Exported 30% Services Imported 20% 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) 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 on 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 on 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% a ce hi n C er la et h N Copyright National Council on 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 August 2002 Changes in Exports for August (in Billions) Changes in Imports for August (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 -$1.1 -$1.1 -$0.4 -$0.3 -$0.1 $0.1 -$0.3 $0.0 $0.1 Total $81.9 $58.0 $23.9 Copyright National Council on Economic Education. Reproduction for Educational Use is Granted Change $2.3 $2.2 -$0.3 $0.2 $1.1 $1.1 $0.0 $0.1 $0.2 Total $120.3 $100.3 $20.1