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For example, in 2011 there were 9.7 million jobs supported by exports, nearly 15% more than in 2010. [4] Benefits from free trade agreements (FTA) with Chile, Singapore, Australia, Morocco, and South Korea for the U.S. economy are estimated in $4 billion, $17 billion, $19 billion, $6 billion and $30 billion, respectively. [5]
The trade-to-GDP ratio is an indicator of the relative importance of international trade in the economy of a country. It is calculated by dividing the aggregate value of imports and exports over a period by the gross domestic product for the same period. Although called a ratio, it is usually expressed as a percentage.
OECD (Organisation for Economic Cooperation and Development) 29.11%: 29.36%: 58.47%: 0.99: 2023: Notes: Imports of goods and services represent the value of all goods and other market services received from the rest of the world. Exports of goods and services represent the value of all goods and other market services provided to the rest of the ...
Trump initially promised during his campaign to institute a 10-20% tariff on all imports, and as high as 60% on goods from China. Economists worry that his tariff plan will raise the prices of ...
Economic theory generally shows higher trade barriers raise consumer prices and negatively impact economic output and income, according to the Tax Foundation, a nonpartisan tax policy nonprofit.
Country Imports (millions of $) . Year United States 3,375,948 2022 European Union [n 1] 2,743,745 [3]: 2022 China 2,706,601 2022 Germany 1,571,057 2022 Japan 898,099 ...
The U.S. imports approximately 60% of its fresh fruit and 40% of its fresh vegetables. And among the countries of origin for those products, Mexico is the biggest contributor — meaning U.S ...
The first list includes estimates compiled by the International Monetary Fund's World Economic Outlook, the second list shows the World Bank's data, and the third list includes data compiled by the United Nations Statistics Division. The IMF's definitive data for the past year and estimates for the current year are published twice a year in ...