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In export-led growth (such as oil and early industrial goods), the balance of trade will shift towards exports during an economic expansion. [ citation needed ] However, with domestic demand-led growth (as in the United States and Australia) the trade balance will shift towards imports at the same stage in the business cycle.
Terms of trade (TOT) is a measure of how much imports an economy can get for a unit of exported goods. For example, if an economy is only exporting apples and only importing oranges, then the terms of trade are simply the price of apples divided by the price of oranges — in other words, how many oranges can be obtained for a unit of apples.
This is a list of countries by trade-to-GDP ratio, i.e. the sum of exports and imports of goods and services, divided by gross domestic product, expressed as a percentage, based on the data published by World Bank. The list includes sovereign states and self-governing dependent territories based upon the ISO standard ISO 3166-1.
The 30 largest trade partners of the United States represent 86.1 percent of U.S. exports, and 89.6 percent of U.S. imports as of 2024. These figures do not include services or foreign direct investment. In 2024, Canada is the largest trading partner of the United States, followed by Mexico and China. [1] [failed verification]
The sum of the imports of the states is lower than the value of the United States' total imports. The difference results from goods originating from states of origin, returned goods and goods with unidentified states of origin. Overall, Texas has the highest export rank, while the Northern Mariana Islands has the lowest export rank.
In economics, the Leontief's paradox is that a country with a higher capital per worker has a lower capital/labor ratio in exports than in imports.. This econometric finding was the result of Wassily W. Leontief's attempt to test the Heckscher–Ohlin theory ("H–O theory") empirically.
A product that is transferred or sold from a party in one country to a party in another country is an export from the originating country, and an import to the country receiving that product. Imports and exports are accounted for in a country's current account in the balance of payments. [3]
This represents GDP because all the production in an economy (the left hand side of the equation) is used as consumption (C), investment (I), government spending (G), and goods that are exported in excess of imports (NX). Another equation defining GDP using alternative terms (which in theory results in the same value [citation needed]) is