Calculate the values of exports, imports, and
Explanation of Solution
Table-1 shows the values of exports, imports, and balance of trade of the top five trading partners of the U S in 2014 below:
Table-1
Country | Exports(in dollar) | Imports ( in dollar) | BOT (in dollar) |
Can | 374,864 | 384,428 | −9,564 |
Chi | 167,207 | 482,323 | −315,116 |
Mex | 270,721 | 320,889 | −50,168 |
Jap | 114,712 | 167,916 | −53,205 |
Germ | 77.823 | 156,986 | −79,163 |
The value of the exports and imports of different products will vary.
In the case of Can, they export and import the same products with the US, such as fuel, vehicle, and machinery.
Chi imports mainly agricultural items from the US and exports of furniture, toys, machinery, clothes to the US.
Mex exports and imports the same products with the US, such as fuel, vehicle, and machinery.
Jap exports and imports the same products with the US, such as medical instruments, aircraft, and machinery.
Germ exports machinery, vehicle, and pharmaceutical products to the US and imports aircraft, machinery, medical instruments, and pharmaceutical products from the US.
Exports: Exporting is the process of sending goods and services from one country to another country as part of the trade transaction.
Imports: Importing is the process of implementing goods and services from one country to another country as part of the trade transaction.
Balance of trade: The balance of trade shows the difference between the exports and imports in a country.
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Chapter 20 Solutions
Principles of Microeconomics (12th Edition)
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