Analysis of the Foreign Trade Statistics: Imports & Exports

 Analysis of The Foreign Trade Statistics: Imports & Exports

James M. Smith

California Intercontinental University

Introduction

         We are going to take a look at the leading exports and imports from the United States and how their value relates to the overall success of the Unites States economy. We will also assess which countries contribute the most to helping sustain the export market for the United States and create a thriving economy.  The United States has countries that are in debited to them, and we will look which ones have the largest deficits and trade surpluses with the United States (Trade Statistics Express, 2015).

Guide to Foreign Trade Statistics

        When looking at the information embedded in the Guide to Foreign Trade Statistics, it’s a little overwhelming to many people when first researching through its content. This guide is excellent for helping you understand and select the correct information needed to answer your trade questions (Trade Statistics Express, 2015).

        This guide is set up in an outline type structure, and will allow you to select any field that you need information on taking you to that section instantly. Once on the section that you have selected the site will explain the part that you have selected so that everyone will understand the information that you are trying to access (Trade Statistics Express, 2015).

Imports and Exports

        Imports and exports may seem a little ordinary regarding how much it affects our everyday lives. The truth is, these two terms have a profound influence on the consumer and the economy in which it influences. In our markets today, the need to be interlinked is greater than ever, especially with global economies and trade (Guide to Foreign Trade Statistics, 2015).

        Consumers see some of their favorite products in their local stores from all over the world. Little do they know that these items are imports and exports from other countries from all over the globe, and they help provide more choices to consumers that help them manage budgets for their household. If there are too many imports about exports, then this can cause some disruption in the countries trade balance and cause the currency to devalue. Now, the value of a countries currency is one of the largest determinants of the country’s performance (Guide to Foreign Trade Statistics, 2015).

Effects on the economy

        When countries are looking at calculating the gross domestic product for an economy’s annual GDP. The formula represents several factors such as consumer spending, capital investments, and government expenditures all respectively. This method also takes into account the imports and exports within the country (Gerber, 2011). 

        At any time, exports exceed imports, the net exports figure would be positive, indicating that the country consists of a trade surplus. Now, if the exports are lower or less than the imports, then the net exports would be negative, and the country would have a trade deficit (Gerber, 2011). 

Leading exports and imports

        Now that we understand the import and export concepts let’s look at some of the leading imports and exports in dealing with the United States. This information from ITA or the International Trade Administration governed by the U.S. Department of Commerce.

        Under this site, you can access the past and current information based on trading, exports, and imports from all over the globe. The following information in this paper was used from the 2014 exports to the world of HS total all merchandise page on ITA. This information can be visually observed in (Fig. 1).

        Once on the website and the information is pulled up you will see charts, and listings all color coded by product, value, and percent. This percent is to total sales of imports and exports on the global trading market. The leading imports and exports by value are the category listed as all others. This section is color coded pink, and with a total amount of $1,293,032,037,721 with a total percentage of 79.8% (Trade Statistics Express, 2015).

        The second leading import and exports are color coded purple, and with a total value of $113,071,132,505 with a total percentage of 7%. The third primary import and exports are color coded blue, and with a full amount of $110,011,780,157 with a total percentage of 6.8%.

        The first import and export was color coded pink and was engines, and parts civilian aircraft. The second leading import and export was color coded purple and consisted of oil (not crude) from petrol & Bitum mineral, etc. (Trade Statistics Express, 2015).

        Many people feel that the United States is the richest country in the world when in fact it’s only the second richest country in the world. The United States exports to the rest of the world an astounding $219.6 billion in machines, engines, pumps and other mechanical devices. Another top export the electronic equipment with around $172 billion and oil at $157.2 billion. There are many other areas the United States makes money on for exportation of goods to other countries (Trade Statistics Express, 2015).

        These exports are some of the fastest changing exports in 2014 which was artificial fur, which was up by 101.7% that leads to an estimated $583.1 million. Dairy sales such as eggs, honey, is up around $6.2 billion. Now, depending on which country the United States is selling to will also change which products are selling high or low. Take, for example, the United States sales to Japan exports in the estimated amount of $67 billion, which would account for about 4.1% of its overall exports (Trade Statistics Express, 2015).