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23MeierPP05_18e - Chapter 5 Chapter 5 The United States in...

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Unformatted text preview: Chapter 5 Chapter 5 The United States in the Global Economy INTERNATIONAL TRADE INTERNATIONAL TRADE Terms Terms • Exports • Imports • Net Exports • Balance of trade surplus • Balance of trade deficit TRADE PATTERNS TRADE PATTERNS United States United States • Volume of trade • Percentage of GDP • Trading partners • Major exports • Major imports VOLUME OF TRADE VOLUME OF TRADE United States United States • Exports (2000 dollars) 1975 - $225 billion 2007 - $1410 billion • Imports (2000 dollars) 1975 - $227 billion 2007 - $1965 billion PERCENTAGE OF GDP PERCENTAGE OF GDP United States United States • Exports (2000 dollars) 1975 - 4.8% 2007 - 12 % • Imports (2000 dollars) 1975 - 5% 2007 - 17% TRADING PARTNERS TRADING PARTNERS United States United States • • Canada Canada is the leading trading partner is the leading trading partner of the U.S. (by country; considering of the U.S. (by country; considering exports and imports together) exports and imports together) 22% of exports; 16% of imports 22% of exports; 16% of imports • • About half of U.S. trade is with About half of U.S. trade is with industrial countries; about half with industrial countries; about half with developing countries, including OPEC developing countries, including OPEC MAJOR U.S. EXPORTS - 2007 MAJOR U.S. EXPORTS - 2007 • Chemicals • Agricultural products • Consumer durables • Semiconductors • Aircraft • Fuels and lubricants • Automobiles • Computers • Generating equipment • Medical equipment MAJOR U.S. IMPORTS - 2005 MAJOR U.S. IMPORTS - 2005 • Petroleum • Automobiles • Metals • Household appliances • Computers • Consumer electronics • Clothing • Chemicals • Generating equipment • Aircraft MACRO BENEFITS OF TRADE...
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23MeierPP05_18e - Chapter 5 Chapter 5 The United States in...

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