Page 116 - Economics

CONFIRMING PAGES

CHAPTER 5
87
The United States in the Global Economy
TABLE 5.2 Principal U.S. Exports and Imports of Goods, 2005 (in Billions of Dollars)
Exports Amount Imports Amount
Chemicals $68.6 Petroleum $251.6
Consumer durables 53.5 Automobiles 123.7
Agricultural products 52.9 Household appliances 97.1
Semiconductors 47.2 Computers 93.3
Computers 45.5 Metals 83.8
Generating equipment 33.2 Clothing 79.1
Automobiles 30.4 Consumer electronics 47.3
Aircraft 29.1 Generating equipment 43.1
Medical 27.6 Semiconductors 37.1
Telecommunications 25.6 Telecommunications 25.8
Source: Consolidated by authors from Department of Commerce data.

automobile, machine tool, and coal industries, among • The United States imports some of the same catego-
many others, sell significant portions of their output in in- ries of goods that it exports, specifically, automobiles,
ternational markets. Table 5.2 shows some of the major computers, semiconductors, and telecommunications
commodity exports and imports of the United States. equipment (see Table 5.2 ).
• As Table 5.3 shows, about half of U.S. export and im-
Trade Patterns The following facts will give you an port trade is with other industrially advanced coun-
overview of U.S. international trade: tries. The remainder is with developing countries,
• A trade deficit occurs when imports exceed exports. including members of the Organization of Petroleum
The United States has a trade deficit in goods. In Exporting Countries (OPEC).
2005, U.S. imports of goods exceeded U.S. exports of • Canada is the United States’ most important trading
goods by $782 billion. partner quantitatively. In 2005, 24 percent of U.S.
• A trade surplus occurs when exports exceed imports. exported goods were sold to Canadians, who in turn
The United States has a trade surplus in services provided 17 percent of the U.S. imports of goods
(such as transportation services and financial ser- (see Table 5.3 ).
vices). In 2005, U.S. exports of services exceeded • The United States has sizable trade deficits with
U.S. imports of services by $58 billion. China and Japan. In 2005, U.S. imported goods from

TABLE 5.3 U.S. Exports and Imports of Goods by Area, 2005*

Value, Value
Billions of Percentage Billions of Percentage
Exports to Dollars of Total Imports from Dollars of Total
Industrial countries $483 54 Industrial countries $ 770 46
Canada $212 24 Canada $291 17
Japan 53 6 Japan 138 8
European Union 183 20 Western Europe 308 18
Australia 15 2 Australia 7 1
Other 20 2 Other 26 2
Developing countries 410 46 Developing countries 904 54
Mexico 120 13 Mexico 171 10
China 42 5 China 244 15
OPEC countries 31 4 OPEC countries 125 7
Other 217 24 Other 364 22
Total $893 100 Total $1674 100
*Data are on an international transactions (balance of payments) basis and exclude military shipments.
Source: Survey of Current Business, April 2006.

mcc26632_ch05_084_103.indd 87 8/21/06 4:25:49 PM
8/21/06 4:25:49 PM
mcc26632_ch05_084_103.indd 87