Overview of U.S. trade Data is 2000 2002 recently available and complete 2003 sometimes available but expect revisions All of these charts and graphs are in the binder – don’t need to copy info Can update from links on each page in the binder Purpose here is just to get a general overview of what we trade and with whom

Trade Choices You have $1,000 to spend and your alternatives are to: Purchase one U.S. made television and one U.S. made bicycle. or Purchase one Chinese made television, one Korean made bicycle and two cases of French wine. Use the $1,000 for investment in the stock of a Canadian company. Which do you choose to do?

Voluntary Trade Creates Wealth

Apples and Oranges Apple price $.70/lb Orange Price $.70/lb Washington Rancher 20 acres yields Apples 50 bu/acre Oranges 1bu/acre Florida Rancher Apples 2bu/acre Oranges 40 bu/acre

U.S. GDP and Trade Nominal $$ billions Year GDP Total Exports Total Imports 2005 1,093 1,286 2,000 2008 14,418 1,841 2,550 2009 1,583 1,966 2010 14,964 1,853 2,348 2011 15,517 2,127 2,675 2012 16,155 2,218 2,755 2013 16,691 2,293 2014 17,393 2,376 2,866 2015 18,036 2,261 2,761 www.bea.gov

U.S. Exports and Imports Imports Exports Bea.gov

Top Trading Partners 2015 Data are goods only, in billions of dollars Rank Country Exports Imports Total Trade Percent of Total Trade Total, All Countries 1,504.9 2,241.1 3,746.0 100.0% 1 China 116.2 481.9 598.1 16.0% 2 Canada 280.3 295.2 575.5 15.4% 3 Mexico 236.4 294.7 531.1 14.2% 4 Japan 62.5 131.1 193.6 5.2% 5 Germany 49.9 124.1 174.1 4.6% 6 Korea, South 43.5 71.8 115.3 3.1% 7 United Kingdom 56.4 57.8 114.2 3.0% 8 France 30.1 47.6 77.7 2.1% 9 Taiwan 25.9 40.7 66.6 1.8% 10 India 21.5 44.7 66.3 Bea.gov

Trade with Canada, 2015 in billions of dollars 1-Digit SITC Commodity Exports Imports 0 Food and Live Animals 21.4 21.5 1 Beverages and Tobacco 2.0 0.9 2 Crude Materials, Inedible, except Fuels 6.5 11.9 3 Mineral Fuels, Lubricants and Related Materials 21.2 74.7 4 Animal and Vegetable Oils, Fats and Waxes 0.4 1.6 5 Chemicals and Related Products 31.3 27.1 6 Manufactured Goods Classified Chiefly by Material 34.4 38.2 7 Machinery and Transport Equipment 124.1 92.1 8 Miscellaneous Manufactured Articles 28.4 14.1 9 Commodities and Transactions, N.C.E. 19.8   * TOTAL * 280.0 302.1 tse.export.gov

Trade with Mexico, 2015 in billions of dollars 1-Digit SITC Commodity Exports Imports 0 Food and Live Animals 14.0 18.7 1 Beverages and Tobacco .5 4.4 2 Crude Materials, Inedible, except Fuels 8.0 1.4 3 Mineral Fuels, Lubricants and Related Materials 18.5 13.9 4 Animal and Vegetable Oils, Fats and Waxes 0.6 0.1 5 Chemicals and Related Products 26.3 6.0 6 Manufactured Goods Classified Chiefly by Material 31.3 19.5 7 Machinery and Transport Equipment 111.4 188.7 8 Miscellaneous Manufactured Articles 18.2 32.9 9 Commodities and Transactions, N.C.E. 7.2 11.4 * TOTAL * 236.3 297.5 tse.export.gov

Trade with China, 2015 in billions of dollars 1-Digit SITC Commodity Exports Imports 0 Food and Live Animals 7.5 5.9 1 Beverages and Tobacco 0.3 0.07 2 Crude Materials, Inedible, except Fuels 24.2 2.2 3 Mineral Fuels, Lubricants and Related Materials 0.5 4 Animal and Vegetable Oils, Fats and Waxes 0.4 0.06 5 Chemicals and Related Products 13.8 16.7 6 Manufactured Goods Classified Chiefly by Material 5.0 57.5 7 Machinery and Transport Equipment 52.3 255.5 8 Miscellaneous Manufactured Articles 9.4 159.0 9 Commodities and Transactions, N.C.E. 1.0 4.9   * TOTAL * 116.1 502.6 tse.export.gov

Export of Goods by Principle End-Use Category 2015

Imports of Goods by End-Use Category 2015

.U.S. Services Exports 2015

U.S. Service Imports 2015

Sources of U. S. Imports 2015

Destination of U.S. Exports 2015

www.ic.gc.ca/eic/site/cis-sic.nsf/eng/h_00029.html#it2 Kenneth Leonard PhD Foundation for Teaching Economics

NAFTA NAFTA 20 Years After: Neither Miracle nor Disaster

U. S. Goods Trade Balance With Other Nations, 2015 ($US - billions) Country Exports Imports Trade Balance Canada 280 295 -15 Mexico 236 294 -58 China 116 442 -326 Japan 62 131 -69 Germany 50 124 -74 South Korea 43 72 -29 UK 56 57 -3 France 30 47 -17 Taiwan 26 41 http://www.census.gov/foreign-trade/balance/

Goods & Services exports 2,280,194 Goods & Services imports -2,756,586 U.S. Balance of Payments 2013 ($ millions) Current Account -400,254 Goods & Services exports 2,280,194 Goods 1,561,835; Services 687,410 Goods & Services imports -2,756,586 Goods -2,294,453; Services -462,134 Net Transfers -123,516 Net Income Payments 199,654 Capital Account +400,254 U.S. Owned Assets Abroad -644,763 Other investment Foreign Owned Assets in the U.S. 1,017,669 Statistical Discrepancy 30.008 http:bea.gov

International Comparisons of Hourly Compensation Costs in Manufacturing