U.S TRADE STATISTICS

Contents

Introduction4

Discussion6

Oil Import8

Automotive Vehicle, Parts, and Engines9

Pharmaceutical Products10

Exports11

Automobile Vehicles, Parts, and Engines11

Fuel Oil11

Petroleum and Other Products12

Trade Deficit12

Research Methodology13

Conclusion13

References15

U.S Trade Statistics

Research Statement

The following paper analyses the trade statistics of United States by highlighting the major imports, exports, and trade balance.

Introduction

Since the end of World War 2 United States has focused on developing strategies to lead the global economies. They have been enjoying a super power status not only in terms of arms weapons and in terms of military affairs but economically as well. They have been able to achieve global success in almost every economical area. To study the economical situation and more carefully the trade situation we are required to have an understanding of the policies and change of policies of United States related to that matter (Duffield, 2008).

Majority of the postwar period U.S occupied a leading position in several export markets. This was due to the super power status and constancy of the U.S. economy. In addition, to note is the fact that their automobile industry was not affected by the war, and American accomplishments in the growth of technology and technical methods of production in manufacturing. However, since the seventies, gap between the export competitiveness of the United States and other countries began to decline. Moreover, the infringement of steadiness in oil prices, world recession, and the rise of the dollar against other currencies during the seventies inflicted a negative impact on the state of the U.S. trade balance. However, in eighties and nineties trade deficit of the United States extended. This was due to the reason that in America the propensity to buy foreign goods on a scale ever surpassed the demand for American commodities in other countries (Lau and Xiong, 2006).

In eighties and nineties, the growing trade deficit in the United States has led to a decrease in political support for trade liberalization by the U.S. Congress. During these years, Lawmaking authorities of the U.S measured a broad array of protectionist offers, which helped in initiating many American industries that turned out incapable within similar industries in other countries. Moreover, Congress was indisposed to offer the president a relaxation in negotiating new agreements to have an open trade with other countries. To aggravate the issues further, after the cold war, Americans have imposed a number of trade sanctions against countries that, violated the accepted norms of conduct on human rights, terrorism, drug trafficking and who were involved in development of weapons of mass destruction.

Nevertheless, things were still progressing steadily for American trade as their exports were on a high node compared to the imports in nineties. However, the recent boom of China and the already well established Japan caused some setbacks for the American trade. Their imports went on to increase and exports went on to decrease. Consumers of American market, which comprises of people settling from various communities, prefer imported goods from other countries (Feenstra et.al, 1998). Furthermore, many countries regard American manufactured goods as expensive and prefer goods from other ...