Calculate the values of exports, imports, and balance of trade .

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Answer 1

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

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.

Economics Concept Introduction

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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Students have asked these similar questions

Scroll down to "U.S. Trade in Goods and Services by Selected Countries and Areas, 1999 - Present" and download those spreadsheets. https://www.bea.gov/data/intl-trade-investment/international-trade-goods-and-services Using Table 1, to which three nations (not areas or regions) did the U.S. export the highest dollar value of goods and services in 2021? Using Table 1, to which three nations (not areas or regions) did the U.S. export the highest dollar value of goods and services in 2017?

What is a trade deficit? a) When a country exports more goods than it imports b) When a country's imports and exports are balanced c) When a country imports more goods than it exports d) When a country has no international trade

A Senator announces his past support for protectionism. “The U.S. trade deficit must be reduced, but import quotas only annoy our trading partners. If we subsidize U.S. exports instead, we can reduce the deficit by increasing our competitiveness.” Using a three-panel diagram from Chapter 19 in the Mankiw textbook, show the effects of an export subsidy on U.S. net exports, national saving, domestic investment, net capital outflows, the interest rate, and the real exchange rate. Do you agree with the senator?

Answer 2

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

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.

Economics Concept Introduction

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 3

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

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.

Economics Concept Introduction

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 4

Question

Definition Definition Difference in value of a country's net exports and net imports for goods and services in a given period. A positive balance of trade is called a surplus and coincides with more net cash inflows into a country; a negative balance of trade deficit is a deficit and results in net cash outflows. A balance of trade surplus or deficit doesn't necessarily indicate a positive or negative situation for a country.

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

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.

Economics Concept Introduction

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.

Want to see more full solutions like this?

Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

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.

Economics Concept Introduction

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.

Answer 6

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Expert Solution & Answer

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.

Economics Concept Introduction

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.

Answer 7

Chapter 20, Problem 1.1P

To determine

Calculate the values of exports, imports, and balance of trade.

Answer 8

Expert Solution & Answer

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.