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Ch 5 Global Trade [AP & Reg]

Japan has been a closed economy fewer choices higher

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Unformatted text preview: ’ apparel Men’s footwear New cars More­traded Products Five­year price change (percent) Women’s dresses Rice HH laundry equip. Less-traded Products Less-traded The U.S. trade deficit with China in 2007 was $256 B. Wal­Mart bought $20 B from China in 2007 & is their 8th largest trade partner. Top Chinese Imports Top Chinese Imports (percentage of all imports) 88% of all Radios 87% Christmas & festive items 83% Toys 70% Leather goods 67% Shoes 67% Handbags 65% Lamps and lights 64% Cases for cameras, eyeglasses, etc. 60% Drills, power tools 56% Household plastics 54% Sporting goods 53% Ceramic Kitchenware We import 54 million golf We balls from China each year. balls Japan – “Land of the $30 pizzas, $30 lipstick, $50 melons, Japan $100 jeans and $4,500 two­bedroom apts.” Japan has been a closed economy [fewer choices, higher prices] closed Item N.Y. Tokyo The Japanese paid $28 billion The Japanese paid $28 Shock Absorbers $228 $605 $605 per year in higher prices for Alternator $120 $600 $600 rice...
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